SANTA CLARA, Calif., July 29, 2022 (GLOBE NEWSWIRE) — Borqs Technologies, Inc. (Nasdaq: 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 solar energy subsidiary, Holu Hou Energy LLC (“HHE”), a provider of design to service solar plus energy storage systems, including a breakthrough energy-sharing product for the Residential and Multi-Dwelling Unit residential building markets, announces that it has signed a $2.5M sale agreement and contract for construction of a renewable energy and energy storage system at the Mahana multi-family residential property located in Barbers Point.
The Kalaeloa area has historically experienced high electricity rates and thus has been a target for introduction of renewable energy over the last several years. Under the agreement, HHE will construct what is a 2nd Phase to the Mahana property, bringing the total amount of solar there to approximately 640kW. In addition, the expansion at Mahana will incorporate 1.1 MWh / 284 kW of energy storage, which in addition to serving the needs of the residents, will also participate in the Hawaii Battery Bonus Program approved by the Hawaii Public Utility Commission in June 2021.
The former Naval Air Station Barbers Point was closed in 1999. Since that time the Barbers Point area and Kalaeloa has been a major target for redevelopment by State and private parties, including grid infrastructure and housing improvements. The Mahana Phase 2 installation is contracted under a 20-year power purchase agreement (PPA) that HHE has sold to a 3rd Party Financial Investor.
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 s oftware, 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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