Borqs’ Solar Energy Storage Business Unit Anticipates Benefitting from High Fossil Fuel Price Environment
Borqs Technologies (Nasdaq: BRQS) is a global provider of 5G wireless and IoT solutions, recently acquiring Holu Hou Energy (HHE), a solar energy storage company. With fossil fuel prices exceeding $100/barrel, Borqs anticipates growth in its clean energy segment, particularly in the U.S. residential market. HHE is working on multiple solar projects in Hawaii and plans to expand into the continental U.S. in 2022, aligning with President Biden's climate goals. Borqs aims to reduce carbon emissions and enhance pricing efficiencies compared to fossil fuels.
- Acquisition of Holu Hou Energy positions Borqs to leverage high fossil fuel prices.
- Expansion into solar energy storage aligns with climate initiatives and market demand.
- Experienced management team at HHE is actively working on solar projects.
- Risks related to achieving projected revenues from new business activities.
- COVID-19 pandemic impact on supply chain could affect operations and results.
SANTA CLARA, Calif., March 09, 2022 (GLOBE NEWSWIRE) -- 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. Recently, the oil price has extended to well over
Borqs’ recently acquired Holu Hou Energy (HHE) is engaged in the innovative solar energy storage business, and is poised to benefit from such high fossil fuel energy prices due to expected pricing efficiencies compared to fossil fuels. Borqs is committed to building a sustainable business that can reduce carbon emission and offers cost efficient clean energy solutions to the U.S. residential market. HHE’s experienced management team and staff are currently working industrially on multiple solar projects in Hawaii, and plan to enter into the continental U.S. market in 2022.
President Joe Biden has made climate a focus of his administration and called for a carbon-free power sector by 2035. In reality, fossil fuels still power most of the planet, while renewable resources like solar and wind only contribute a small percentage of global energy capacity. Borqs is positioned to grow its clean energy business in the long run in the U.S. and globally.
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.
Borqs recently acquired controlling interests in a solar energy storage systems company in the U.S.
Forward-Looking Statements and Additional Information
This 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 Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
FAQ
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