Borqs Technologies Wins Solar Plus Energy Storage Contract in Oahu, Hawaii Partnering with a State Agency, the Hawaii Green energy Infrastructure Authority (HGIA)
May 18 2022 - 09:00AM
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 plus energy storage systems subsidiary Holu Hou Energy LLC
(HHE) has partnered with a State Agency, the Hawaii Green Energy
Infrastructure Authority (HGIA) and won a contract to supply solar
plus energy storage systems to Kunia Village affordable housing
community on the island of Oahu. This is a milestone in the
Company’s strategy in transforming into the renewable energy
industry, specifically serving the Multi-Unit Residential Buildings
(MURB) market.
Kunia Village includes 135 housing units, a
church, an administration building, a former store, and a gymnasium
where the residents have the opportunity to reduce their
electricity bill by enrolling into usage of the electricity
generated by the project under a leasing arrangement set up by HHE
and HGIA. Under the arrangement, HHE and HGIA have created a 3rd
party lease program leveraging HGIA’s Green Energy Market
Securitization (“GEMS”) financing product, whereby the community
members can enroll in the energy savings program. Each unit will
have solar generation as well as a HoluPower energy storage system.
The design and installation will be performed by HHE, an approved
contractor for HGIA financed projects. The GEMS program was created
by the State in 2014 to facilitate Hawaii’s transition to renewable
energy and meeting its target of 100% of energy from renewable
sources by
2045. https://gems.hawaii.gov/learn-more/about-us/
This initial project brings installation sales
of about $30,000 per unit; other projects for the MURB market that
the Company has in its pipeline can reach up to $130 million in the
State of Hawaii alone over the next two years. HHE is now offering
installations in California.
To view a video clip of HHE’s installation, go
to https://drive.google.com/file/d/1uJzVTQ0AdN9c2HDGtbBumpsp4PS2mofb/view?usp=drive_web
Hawaii Governor David Ige and the Hawaii Green
Infrastructure Authority (HGIA) launched its Green Energy Money
$aver (GEM$) On-Bill Program in April 2019. GEM$ is an on-bill
repayment program aimed to help renters, low-to-moderate income
households, nonprofits, and small businesses save on their electric
utility bills by financing eligible clean energy improvements.
Participating Hawaiian Electric Companies (HECO) customers can
conveniently pay back the cost of installing a solar photovoltaic
(PV), solar water heater, or other eligible clean energy
improvements through their monthly utility bill, with no upfront
costs. The program is available to all 460,000 Hawaiian Electric
Companies (HECO) customers, or approximately 95 percent of Hawaii’s
population. https://www.eesi.org/obf/case-study/hawaii
Holu Hou Energy LLC (HHE), a provider of design
to service solar plus energy storage systems, including a
breakthrough product for the MURB market which has plenty of
opportunities in both Northern and Southern California.
With proprietary technology to allow sharing of power at the
DC level, HHE’s systems allow significant savings in hardware
installation among the multiple residents. The Company intends to
provide bids for multiple-units residential buildings installation
in other states, beginning with California.
Kunia Village is the second major installation
for HHE that addresses this challenge. In 2021, the company
commissioned a solar plus storage system at the 134 unit Koa’e
Workforce Housing complex in Koloa, Kauai.
The Holu Hou Energy HoluPower energy storage
system is a complete, integrated product, including a
state-of-the-art 9.6kW hybrid inverter that can control two 13kWh
(usable) storage batteries and 4 PV strings. The system includes
the power electronics and autotransformer that enable smooth
transition between off-grid and on-grid. It also includes an energy
controller and software app operated in conjunction with the HHE
Cloud computing platform for command, control and
communications.
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
About Hawaii Green Infrastructure
AuthorityHawaii Green Infrastructure Authority (HGIA) is a
state agency, attached to the state Department of Business,
Economic Development and Tourism (DBEDT), which administers the
Green Energy Market Securitization (GEMS) Financing Program. The
GEMS Program is intended to create market driven public-private
partnerships that will open access to financing for more Hawaii
customers and democratize access to clean energy.
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.
Forward-Looking Statements and
Additional InformationThis press release may include
“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 are 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 may not truly describe
the financial conditions, 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
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