Borqs’ Subsidiary, Holu Hou Energy (HHE), Launches Next-Generation HoluPower xP Energy Storage System

Rhea-AI Summary

Borqs Technologies, Inc. (Nasdaq: BRQS) announced the launch of its next-generation HoluPower xP energy storage system through its subsidiary, Holu Hou Energy (HHE). This system is designed to meet the energy needs of Multi-Dwelling Units economically, utilizing its unique EnergyShare technology. The global energy storage market is expected to see a 15-fold growth by 2030, with installations reaching 411 gigawatts. HHE aims to expand its presence from Hawaii to California and other U.S. markets, positioning itself as a leader in innovative renewable energy solutions.

Positive

• Launch of the next-generation HoluPower xP energy storage system.
• Positioning as a leader in the Hawaiian market with plans to expand into California.
• Unique EnergyShare technology addresses energy needs economically for Multi-Dwelling Units.
• Projected 15-fold growth in the global energy storage market by 2030, indicating strong market potential.

Negative

• None.

• Global energy storage market is projected to grow 15-fold by 2030.
  
  
• The 2nd Generation HoluPower-series energy storage system is the first and only system capable of economically addressing the Multi-Dwelling Unit Residential market through EnergyShare.
  
  
• HHE is a uniquely positioned leader in the Hawaiian market and is now entering California and the virtually untapped market in the United States.
  

SANTA CLARA, Calif., Nov. 04, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless, Internet of Things (IoT) solutions, and innovative clean energy, today announced its subsidiary, Holu Hou Energy (HHE), has rolled out its next generation HoluPower xP energy storage system.

The HoluPower xP building on the leading attributes of the HoluPower series product, specifically delivers:

• A much safer lithium ion battery chemistry, having greater inherent resiliency against overtemperature and overcharging than some major brands that use less stable, more flammable and higher toxicity chemistries.
• More system power - enough power to enable homes to operate their appliances during an outage the same way they would if they had utility power.
• Greater system modularity – each system can support four strings of PV and up to four 8.2kWh battery modules. Multiple systems can be connected together in a sharing link for even greater capacity.
• Higher power for each battery module, a very important attribute for locations where battery subsidies and bonus programs exist.
• Energy control through the HHE Modular Energy Control platform.
• Integrated home load control so both renewable energy supply and load/usage can be scheduled or optimized real time with one another.
• Standard wired internet connection, with optional WiFi or cellular communications.
• Better system conversion efficiency compared to “AC Battery” systems, like those from Tesla.
• Faster installation times with an almost 50% reduction in wiring terminations.
• The industry’s only single-family Residential energy storage system economically viable for unlocking the Multi-Dwelling Unit Residential market.

Holu Hou Energy made history in the renewable energy systems market with the 2nd Generation HoluPower-series energy storage for its solar system. The product is the first system capable of economically addressing the Multi-Dwelling Unit Residential market through EnergyShare, a unique application and advantage, enabling networked systems to share excess generation behind their respective utility meters. This has been a game-changer for improving the project economics for the MDU market, including for low-income housing, rental property units and Home Owners Association managed properties. EnergyShare enables more energy to be delivered to load, and fewer batteries needing to be installed than the standard approach of unit-by-unit installation.

Holu Hou Energy continues to deliver innovative capabilities that enable customers to achieve a higher level of energy independence. HHE is a uniquely positioned leader in the Hawaiian market and is now entering California and the virtually untapped market in the United States.

According to a recent research report by BloombergNEF (BNEF), the global energy storage installations are projected to reach a cumulative 411 gigawatts (or 1,194 gigawatt-hours) by the end of 2030, 15 times the 27GW/56GWh of storage that was online at the end of 2021. The anticipated accelerated growth of the US market follows the passage of the Inflation Reduction Act in August 2022. Besides the United States, other largest power markets in the world such as the EU, China and India have all passed legislation that incentivizes energy storage deployments.

Ref. link:
https://about.bnef.com/blog/global-energy-storage-market-to-grow-15-fold-by-2030/

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.

To view a video clip of a recently completed HHE Multi-Unit Residential project go to: https://www.youtube.com/watch?v=kakbynGM-fQ

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 “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 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 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.
IR@borqs.com   
www.borqs.com

FAQ

What is the HoluPower xP energy storage system announced by Borqs Technologies?

The HoluPower xP is a next-generation energy storage system designed to economically service Multi-Dwelling Units through the unique EnergyShare technology.

How much is the global energy storage market expected to grow by 2030?

The global energy storage market is projected to grow 15-fold by 2030, reaching a total of 411 gigawatts.

What markets is Holu Hou Energy expanding into?

Holu Hou Energy is expanding from Hawaii into California and other untapped U.S. markets.

What technology does HoluPower xP utilize to enhance energy storage?

HoluPower xP utilizes EnergyShare technology, allowing multiple systems to share excess generation, which improves project economics.

What are the key benefits of the HoluPower xP system?

Key benefits include safer lithium-ion battery chemistry, increased system modularity, enhanced system conversion efficiency, and better installation efficiency.