Borqs’s Subsidiary Holu Hou Energy Signed an Agreement for $20 Million to Bring Renewable Energy to Key Hawaiian Cultural and Sporting Facility

Rhea-AI Summary

Borqs Technologies, Inc. (BRQS) has announced a significant agreement through its subsidiary Holu Hou Energy LLC to deliver a renewable energy generation and storage system to Honokea Villages. This project will provide over 3 MW of photovoltaic power and over 4 MWh of energy storage, sufficient to fully power the facility's operations. Estimated at nearly $20 million, the construction is set to commence in 2023 under a 20-year power purchase agreement. This contract is part of the $49.8 million in signed contracts disclosed for Q2 2022.

Positive

• Secured a $20 million contract for renewable energy system.
• Project includes over 3 MW of PV generation and over 4 MWh of energy storage.
• Construction begins in 2023 under a 20-year power purchase agreement.
• Part of $49.8 million in contracts announced for Q2 2022.

Negative

• None.

SANTA CLARA, Calif., July 15, 2022 (GLOBE NEWSWIRE) -- 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 majority owned solar energy storage systems subsidiary, Holu Hou Energy LLC (“HHE”), has signed agreement with Honokea Villages to deliver a major renewable energy generation and storage system to Honokea’s planned ecological sports training and Hawaiian Cultural facility in their “ahupua’a”, or local community. The development will have Olympic calibre training facilities for surfing, sport climbing, kayaking, beach volleyball, and more, and will serve as tool to celebrate athletics in Hawaii.

The renewable energy system will feature over 3 MW of PV generation and over 4 MWh of energy storage, enough to power 100% of the operations of the facility, and will be financed under a 20-year power purchase agreement, or PPA. The system provided by HHE will begin construction in 2023 and its value is estimated at nearly $20M. This project is included in the $49.8 million of Q2 2022 signed contracts announced earlier this month.

Honokea Villages was co-founded by Brian Keaulana in 2011 to address the need for Hawaiian Surf Culture to be incorporated into, what was at the time, the fledgling surf park industry. Now 11 years later there are 100+ surf parks being planned around the world with names like Kelly Slater and in places as foreign as Switzerland. “Honokea aims to ensure Hawaiian Culture is incorporated into every aspect of the planning of the family destination: excellence in sports, sustainability, arts and culture. It’s a place for the whole family that’s truly designed to benefit our community in as many ways as possible especially on our side of the island,” says Keaulana.

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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, LLC
Holu 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 Information
This 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 Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
www.borqs.com

FAQ

What contract has Borqs Technologies signed for renewable energy?

Borqs Technologies has signed a $20 million contract with Honokea Villages for a renewable energy generation and storage system.

When will construction of the renewable energy system start?

Construction of the renewable energy system is set to begin in 2023.

What capacity will the renewable energy system have?

The renewable energy system will feature over 3 MW of photovoltaic generation and over 4 MWh of energy storage.

How does this project impact Borqs Technologies' financials?

The project is part of $49.8 million in signed contracts announced for Q2 2022, enhancing Borqs' revenue prospects.