Borqs Technologies Forms a Strategic Partnership with SkyCentrics to develop the Next Generation of CTA-2045 Smart Control Products for use by Solar Companies for “Electrification of Everything”

Rhea-AI Summary

Borqs Technologies, Inc. (Nasdaq: BRQS, BRQSW) has announced a strategic partnership with SkyCentrics to develop CTA-2045 ECOPORT products aimed at solar companies in the U.S. The collaboration involves joint R&D, sales efforts, and Borqs' investment in SkyCentrics. The new products will enhance Borqs’ solar and energy storage systems, with potential uses in utility companies' grid programs. This initiative supports U.S. electrification efforts and the development of smart cities, promising significant energy savings and carbon emission reductions.

Positive

• Strategic partnership formed with SkyCentrics for the development of CTA-2045 ECOPORT products.
• Potential for significant energy savings and carbon emissions reduction through smart water heater controls.
• Access to a projected $154 billion market for building and grid optimization by 2026.

Negative

• None.

SANTA CLARA, Calif., May 23, 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 it has formed a strategic partnership with SkyCentrics to develop CTA-2045 ECOPORT products for use by solar companies in the push by many U.S. city and county governments for the “Electrification of Everything” programs. The partnership includes joint research & development, sales and promotion, as well as Borqs’ investment into SkyCentrics. It will leverage Borqs’ expertise in mobile IoT and 5G technologies. Borqs has years of manufacturing experiences in making products in China and outside China, and has manufactured products for the U.S. mobile operators and Fortune 500 companies. SkyCentrics is an expert in the CTA-2045 ECOPORT and will be responsible for the CTA-2045 software, ECOPORT certification and cloud functionality with its Demand Response Energy & Asset Management (DREAM) platform.

The products will be used in Borqs solar plus energy storage systems subsidiary Holu Hou Energy LLC (HHE).   These units will also be used by utility companies in grid interactive water heater programs in the U.S.

The next generation of CTA-2045 will enhance the functionality of SkyCentrics’ current mobile connected and Wi-Fi CTA-2045 ECOPORT devices with further cost reduction, which will make the CTA-2045 products more popular.

A smart city uses various types of electronic methods and sensors to collect data to gain insights in the management and operation of grid loads in order to improve efficiency and effectiveness. As a start in the development of a smart city, mobile connected CTA-2045 devices are chosen by utility companies across the U.S. as the platform for smart management of water heaters. Currently, all water heaters are ‘dumb,’ controlled by a thermostat and randomly going on and off. Smart and connected CTA-2045 controls can optimize the on/off schedule based on each household’s usage pattern, grid prices and carbon emissions. It is estimated that the energy savings as well as carbon emission reduction by CTA-2045 controlled residential water heaters can produce staggering results, with each one million CTA-2045 equipped water heaters equating to the removal of 100,000 gasoline powered cars from the highways.

Early adoption of CTA-2045 EcoPort enabled water heaters has been underway in low-income multi-family solar and storage communities in Hawaii. Commercial and residential markets in buildings and power grid optimization can reach $154 billion by the year 2026, according to Verified Market Research in their study “Global Building Automation System Market Size By Technology, By System, By Application, By Geographic Scope And Forecast (Aug 2020).”

SkyCentrics is working with major commercial building industrial equipment manufacturers to provide them retrofit kits that will enable their embedded base of existing equipment to be retrofit to have a CTA-2045 EcoPort which will provide an inexpensive way to create the Grid Interactive Efficient Buildings (GEBs) that were recently promoted by the Biden administration quoting the “National Roadmap for Grid Interactive Efficient Buildings” report by The Lawrence Berkeley National Lab and The Brattle Group.

About SkyCentrics, Inc.

SkyCentrics is the leader in machine learning, artificial intelligence and CTA-2045 EcoPort connectivity to appliances and large electrical equipment providing building and grid optimization. The company provides grid optimization and Demand Response (DR) services to utilities throughout the United States, as well as enabling other Demand Response providers and aggregators to connect to CTA-2045 enabled equipment through its OpenADR 2.0b cloud, REST API, and Volttron open source building management system. SkyCentrics also assists major OEMs in enabling their products to include a CTA-2045 port, increasing the appliances and equipment that can be orchestrated to save energy, provide run time analytics and optimize the grid. Building and home owners get web, mobile and voice controlled apps to monitor and schedule their electric loads, while utilities and aggregators are enabled to orchestrate millions of loads to support the grid’s integration of renewables and mitigation of carbon emissions.

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.

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 is the partnership between Borqs Technologies and SkyCentrics about?

The partnership focuses on developing CTA-2045 ECOPORT products for solar companies and aims to support U.S. electrification initiatives.

How might the new products impact energy savings?

The CTA-2045 controlled devices aim to enhance efficiency, potentially saving energy equivalent to removing 100,000 gasoline cars from the roads for every million units deployed.

What market opportunities does Borqs Technologies target with this partnership?

The partnership targets the building and grid optimization market, projected to reach $154 billion by 2026.

What technology will SkyCentrics provide in the partnership with Borqs Technologies?

SkyCentrics will provide expertise in CTA-2045 software, ECOPORT certification, and cloud functionality using its Demand Response Energy & Asset Management platform.