Borqs Technologies Solar Energy Subsidiary Gets Rapid Market Traction for Participation in Hawaiian Electric Battery Bonus Program for ESG
June 08 2022 - 9:00AM
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
Company’s subsidiary, Holu Hou Energy LLC’s (HHE) with its leading
energy storage systems for single-family residential,
multi-dwelling unit residential and commercial applications will
play a major role in the Battery Bonus Program introduced by
Hawaiian Electric Company (HECO), the Hawaiian utility. The program
was announced in July 2021 for customers on Oahu and will be
utilized to assist HECO in meeting the electricity need from
residents during high load periods of the day. A Maui bonus program
has also recently been announced.
As part of the Company’s ESG strategy, HHE will
actively participate in Hawaii’s Battery Bonus Program.
For early adopters, once our customer’s system is enrolled and the
battery is installed and operational, HECO will issue a one-time
cash payment for $5,525 and provide monthly credits totalling about
$4,000 over the 10-year life of the program. This
arrangement will be a great motivating factor for customers to use
HHE’s solar plus energy storage system. Also, HHE’s system, by
virtue of its high-power battery and hybrid inverter, can deliver
more energy to the Battery Bonus Program than competitor solutions.
For example, a customer using a HHE battery system will earn $2,000
more in total than with a battery from one the best-known solar
brands. At present, HHE has enrolled 210kW of energy storage at
Single-Family Residences, 57.6kW of storage in Multi-Dwelling
Units, and 324kW at commercial sites. The company is targeting a
total of between 8 to 13MW of energy storage through the life of
the program.
The Hawaii Public Utility Commission approved an
Emergency Demand Response Program (“EDRP") in June 2021 to address
the immediate need to mitigate possible resource shortfalls
following the September 2022 retirement of the coal fired
electricity plant on Oahu, which supplied about 12% of the state's
total net generation in 2019. It is a bold stroke by the State of
Hawaii to directly replace retired coal assets with distributed
generation and storage. The delay of construction of multiple
utility scale photovoltaic and storage projects created the urgency
for Battery Bonus Program.
On June 6, the White House announced waiving
tariffs on solar panels from four Southeast Asian countries
including Cambodia, Malaysia, Thailand and Vietnam for two years.
This action demonstrates the current administration’s resolve on
fighting the climate change and inflation, benefiting consumers
overall for cheaper prices to adopt solar energy.
HHE, the Company’s solar subsidiary, has
propriety technology to allow sharing of power at the direct
current (DC) level which allow significant savings in hardware
installation among the multiple residents as compared to single
family users. Our energy-sharing model can greatly
increase ROI for multi-dwelling unit property owners while reducing
hardware installation costs. To view a video clip of a HHE’s recent
installation, go
to https://www.youtube.com/watch?v=kakbynGM-fQ
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 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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