Borqs Technologies, together with its Subsidiary, Holu Hou Energy, Will Develop and Deliver EV Charger and Smart Home Products
March 30 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. Borqs and its recently acquired
subsidiary, Holu Hou Energy LLC in the U.S. (“HHE”), will jointly
develop and deliver smart products for the EV and smart home
markets, starting with HHE branded EV charger and generator. These
new products will be integrated with HHE Smart Load Panel in its
solar energy + battery solution.
The HHE Smart Load Panel gives homeowners
complete integrated control of major home loads and solar and
battery energy supply to enable the lowest possible cost of energy.
This will become more critical as utility rate structures get more
complex and net-metering programs are eliminated. The HHE Smart
Load Panel is a “platform” that will grow in capability over time,
including enabling “load learning” and automatic optimization for a
given residence in the future.
According to Allied Market Research, the
electric vehicle charger market size was valued at $3.8 billion in
2019, and is projected to reach $25.5 billion by 2027, registering
a CAGR of 26.8% from 2020 to 2027.
https://www.alliedmarketresearch.com/electric-vehicle-charger-evc-market
Borqs and HHE will collaborate in the design and
delivery of peripheral products that will become part of the HHE
clean energy total solution along with its residential and
commercial solar energy storage systems, and producing additional
revenue streams.
Leveraging on the experience in IoT and supply
chain from Borqs, and the expertise in solar energy and electricity
storage from HHE, the synergy can reduce cost and time to market in
developing products for the exciting integrated EV charger
business. With all major nations rolling out policies promoting
transportation electrification and setting ambitious goals in
reducing carbon emission, we anticipate this strategic direction
will benefit the company in the years to come.
We will continue to update our investor
community with progresses in our product and business development
endeavor in the EV charger business.
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.
About Holu Hou Energy LLCHolu
Hou Energy LLC, a Delaware limited liability company, brings
state-of-the-art energy storage systems to the Single-Family
Residential, Multi-Family Residential and Commercial building
markets. With operations in California, Hawaii, Wisconsin and
Shanghai, HHE engineers proprietary storage system and software and
control platform solutions. The HHE team is made up of renewable
energy industry veterans, engineering and deploying energy storage
systems that enable greater energy independence.
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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