Borqs Technologies wins Solar Plus energy storage contract
SANTA CLARA, Calif., May 18, 2022 (GLOBE NEWSWIRE) — Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs” or the “Company”), a global provider of 5G wireless, Internet of Things (IoT) and innovative clean energy, with global operations in the United States, 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 provide solar energy storage systems and the affordable housing community of Kunia Village on the island of Oahu. This is an important step in the Company’s strategy to transform into a renewable energy industry, specifically serving the MURB market.
Kunia Village includes 135 housing units, a church, an administration building, a former store and a gymnasium where residents have the opportunity to reduce their electricity bill by signing up to use the electricity generated by the project in the under a rental agreement set up by HHE and HGIA. As part of this agreement, HHE and HGIA have created a 3rd party rental program leveraging HGIA’s Green Energy Market Securitization (“GEMS”) financing product, through which community members can enroll in the energy savings program. Each unit will have solar generation as well as a HoluPower energy storage system. Design and installation will be performed by HHE, an approved contractor for HGIA-funded projects. The GEMS program was established by the state in 2014 to facilitate Hawaii’s transition to renewable energy and achieve its goal of 100% energy from renewable sources by 2045. https://gems.hawaii. gov/learn-more/about-us/
This initial project brings installation sales of approximately $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 now offers facilities in California.
To view a video clip of HHE 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 rebate program to help renters, low-income households, nonprofits, and small businesses save on their electricity bills by financing qualifying clean energy upgrades. Customers of participating Hawaiian Electric Companies (HECO) can easily reimburse the cost of installing a solar photovoltaic (PV) system, solar hot water heater or other qualifying clean energy upgrades through their bill monthly utility bill with no upfront cost. The program is available to the 460,000 Hawaiian Electric Company (HECO) customers, or approximately 95% of Hawaii’s population. https://www.eesi.org/obf/case-study/hawaii
Holu Hou Energy LLC (HHE), a design provider to service solar energy and energy storage systems, including a breakthrough product for the MURB market that offers many opportunities in the north and south of the California. Using proprietary technology to share power at the DC level, HHE’s systems provide significant savings in hardware installation among multiple residents. The Company intends to submit bids for the installation of multi-unit residential buildings in other states, beginning with California.
Kunia Village is the second major facility for HHE that takes up this challenge. In 2021, the company commissioned a solar storage plus system at the 134-unit Koa’e Workforce Housing complex in Koloa, Kauai.
The Holu Hou Energy HoluPower energy storage system is a complete and integrated product, including a state-of-the-art 9.6 kW hybrid inverter that can control two 13 kWh storage batteries (usable) and 4 PV strings. The system includes power electronics and auto-transformer that allow a smooth transition between off-grid and on-grid. It also includes an energy controller and software application working in conjunction with the HHE Cloud computing platform for command, control and communications.
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware company, brings state-of-the-art renewable energy and energy storage systems to the single-family residential, multi-unit and commercial building markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE designs proprietary storage system and control platform solutions, including groundbreaking “HHE Energy Share” technology that is critical to the development of the energy market. multi-unit residential dwellings. HHE is an essential partner for investors and asset owners seeking ESG solutions. For more information visit www.holuhou.com
About the Hawaii Green Infrastructure Authority
Hawaii Green Infrastructure Authority (HGIA) is a state agency, attached to the State Department of Business, Economic Development, and Tourism (DBEDT), that administers the Green Power Market Securing Funding Program ( GEMS). The GEMS program aims to create market-driven public-private partnerships that will open access to financing to more Hawaiian 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 by leveraging its strategic relationships with its chipset partners as well as its extensive software and IP portfolio. Borqs unique strengths include its Android and Android Wear licenses which have enabled the company to develop a software IP library covering chipset software, Android enhancements, domain-specific usage and system performance optimization, tailored to large and low volume customized products, and is also currently developing 5G products for phones and hotspots. The Company acquired control of the shares of the solar energy storage system entity, Holu Hou Energy LLC, in October 2021.
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