SANTA CLARA, Calif., July 01, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. BRQS "Borqs", or the "Company"))), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the U.S., India and China, today announced that its majority owned solar energy storage systems subsidiary, Holu Hou Energy LLC ("HHE"), has signed with developers and property owners for nine solar plus energy storage projects in the State of Hawaii totalling $49.8 million, as of the last day of Q2, 2022. Eight of the nine projects are on the island of Oahu, and one on Hawaii island. Implementation of these projects will start as early as Q3 of 2022 and be completed within 2023. All of these customers are purchasing HHE unique energy storage systems, including its fully differentiated solar plus storage system with Energy Share technology for multi-dwelling unit residential applications. The unique HHE's Energy Share technology enables 25% more delivered energy with 50% fewer batteries and fully opens the previously untapped Multi-Dwelling Unit property market.
Proclaims Pat Chan, Founder and CEO of Borqs: "With such solid results from our marketing efforts in Q2, we are on track to sign onto over $140 million of contracts this year surpassing our previous forecast of $128 million. This demonstrates our ESG strategy can achieve a rather aggressive growth path. We are truly thrilled that HHE's uniqueness is increasingly recognized by the renewable energy market. These recent signed contracts in Q2 testified for the customers' awareness of the HHE advantages and that we have a competitive edge over with many brands that are much more well-known than us. This is the tip of the iceberg, I believe the market will welcome our technological advances over the competition when more and more prominent clients are entrusting HHE with their energy storage needs. There is a lot more to come from Hawaii in the coming quarters and we are excited about the potentials in California as well."
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, LLC
Holu 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 Information
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