Borqs Subsidiary Signs Agreement to Provide Solar + Energy Storage Systems to Commercial and Residential Property in Hawaii
20 Setembro 2022 - 10:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless, Internet of Things (IoT)
solutions, and innovative clean energy, today announced its solar
energy storage subsidiary, Holu Hou Energy LLC (HHE), a company
that offers state-of-the-art renewable energy and energy storage
systems to the Single-Family Residential, Multi-Dwelling Unit
Residential and Commercial building markets, has signed a power
purchase agreement (PPA) with Kapolei Diversified Properties, LLC
to deliver energy to Luhauola, a new mixed-use development in
Kapolei, on the island of Oahu, Hawaii. The property includes
10,000 square feet of commercial space, plus outdoor dining for
local food establishments. The residential portion of the property
includes 29 workforce housing rental apartments.
Luhauola Artist Rendering
Holu Hou Energy will construct the Solar +
Energy Storage system utilizing its market leading HoluPower
Residential Energy Storage System, combined with the Residential
and Commercial scale solar generation. The contract is valued at
several million dollars and includes 200KW of PV and 500KWh of
energy storage. The system will be placed into service in 2023.
“Our products and services are improving the
lives of customers every day by delivering cheaper, cleaner and
more reliable electricity, including to those living in
Multi-Dwelling Unit residential housing,” stated Brad Hansen, CEO
of Holu Hou Energy. “We look forward to building on our Hawaii
leadership position and bringing this same energy independence to
markets like California in the near future. The cost of utility
electricity in Hawaii has risen by about 60% over the last
18-months, with residential rates being at a historical high of
around $0.50/kWh. Reliance on fuel oil for a significant part of
Hawaii’s power generation means that these unprecedented rates are
not likely to abate soon. HHE brings the most safe and productive
solar and energy storage solutions to customers, including to those
in income brackets not historically able to have their energy needs
met by renewables.”
U.S. Energy Information Administration data
shows oil generated about two-thirds of Hawaii’s electricity in
2021. That makes Hawaii the most petroleum-dependent state.
“In July of this year, HHE signed agreement with
Honokea Villages to deliver a major renewable energy generation and
storage system to Honokea’s planned ecological sports training and
Hawaiian Cultural facility in their “ahupua’a”, or local community.
The development will have Olympic calibre training facilities for
surfing, sport climbing, kayaking, beach volleyball, and more, and
will serve as tool to celebrate athletics in Hawaii. The renewable
energy system will feature over 3 MW of PV generation and over 4
MWh of energy storage, enough to power 100% of the operations of
the facility, and will be financed under a 20-year power purchase
agreement, or PPA. The system provided by HHE will begin
construction in 2023 and its value is estimated at nearly $20M.
This project is included in the $49.8 million of Q2 2022 signed
contracts announced earlier this month,” stated Pat Chan, CEO of
Borqs Technologies, “ESG is becoming increasingly imperative in
this global energy crisis. Global warming and dependence on fossil
fuel continue to affect the economy and people’s everyday life. Our
Holu Hou Energy subsidiary is on track to executing an exciting
business plan to grow its market share in Hawaii, one of the states
with the highest electricity prices in the U.S., and is actively in
discussions with potential customers in California, which is
expected to be more than 30 times bigger than the market in Hawaii
merely based on residential electricity usage.”
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products, and is also currently in development of 5G products for
phones and hotspots. The Company acquired controlling shares of the
solar energy storage system entity, Holu Hou Energy LLC, in October
2021.
About Holu Hou Energy, LLCHolu
Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art
renewable energy and energy storage systems to the Single-Family
Residential, Multi-Dwelling Unit Residential and Commercial
building markets. With operations in California, Hawaii, Wisconsin
and Shanghai, HHE engineers proprietary storage system and control
platform solutions, including a breakthrough “HHE Energy Share”
technology that is key to development of the Multi-Dwelling Unit
Residential housing market. HHE is a vital partner for investors
and asset owners that are seeking ESG solutions. For more
information, visit www.holuhou.com.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
Sandra DouVice President of Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/626c9ab7-b53f-44da-a236-5a79159085fb
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