Borqs’ Solar Energy Storage Business Unit Anticipates Benefitting from High Fossil Fuel Price Environment
March 09 2022 - 9:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”)
is a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, with operations in
the U.S., India and China. Recently, the oil price has extended to
well over $100/barrel due to geo-political tensions. The fossil
fuel energy prices, including crude oil, coal and natural gas, are
expected to stay high in the foreseeable future.
Borqs’ recently acquired Holu Hou Energy (HHE)
is engaged in the innovative solar energy storage business, and is
poised to benefit from such high fossil fuel energy prices due to
expected pricing efficiencies compared to fossil fuels. Borqs is
committed to building a sustainable business that can reduce carbon
emission and offers cost efficient clean energy solutions to the
U.S. residential market. HHE’s experienced management team and
staff are currently working industrially on multiple solar projects
in Hawaii, and plan to enter into the continental U.S. market in
2022.
President Joe Biden has made climate a focus of
his administration and called for a carbon-free power sector by
2035. In reality, fossil fuels still power most of the planet,
while renewable resources like solar and wind only contribute a
small percentage of global energy capacity. Borqs is
positioned to grow its clean energy business in the long run in the
U.S. and globally.
To learn more about Borqs’ solar business unit,
please visit https://www.holuhou.com.
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. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
a solar energy storage systems company in the U.S.
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 “expects”, “believes”, “anticipates”,
“intends”, “estimates”, “predicts”, “seeks”, “may”, “might”,
“plan”, “possible”, “should” 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
revenues 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
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