Borqs Technologies, together with its Subsidiary, Holu Hou Energy, Will Develop and Deliver EV Charger and Smart Home Products
Borqs Technologies (BRQS) announced a collaboration with its subsidiary Holu Hou Energy (HHE) to develop smart products for the EV and smart home markets. The partnership will deliver HHE-branded EV chargers and generators integrated with a Smart Load Panel, enhancing energy management for homeowners. This strategic direction leverages Borqs' IoT expertise and HHE's solar energy solutions, aiming for significant market growth as the electric vehicle charger market is projected to reach $25.5 billion by 2027, with a CAGR of 26.8%.
- Collaboration with Holu Hou Energy for EV and smart home products.
- Industry growth potential with EV charger market expected to reach $25.5 billion by 2027.
- Integration of products with Smart Load Panel to enhance energy management.
- Forward-looking statements carry risks and uncertainties regarding revenue projections.
- COVID-19 pandemic's potential negative impact on supply chain and revenues.
SANTA CLARA, Calif., March 30, 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. Borqs and its recently acquired subsidiary, Holu Hou Energy LLC in the U.S. (“HHE”), will jointly develop and deliver smart products for the EV and smart home markets, starting with HHE branded EV charger and generator. These new products will be integrated with HHE Smart Load Panel in its solar energy + battery solution.
The HHE Smart Load Panel gives homeowners complete integrated control of major home loads and solar and battery energy supply to enable the lowest possible cost of energy. This will become more critical as utility rate structures get more complex and net-metering programs are eliminated. The HHE Smart Load Panel is a “platform” that will grow in capability over time, including enabling “load learning” and automatic optimization for a given residence in the future.
According to Allied Market Research, the electric vehicle charger market size was valued at
Borqs and HHE will collaborate in the design and delivery of peripheral products that will become part of the HHE clean energy total solution along with its residential and commercial solar energy storage systems, and producing additional revenue streams.
Leveraging on the experience in IoT and supply chain from Borqs, and the expertise in solar energy and electricity storage from HHE, the synergy can reduce cost and time to market in developing products for the exciting integrated EV charger business. With all major nations rolling out policies promoting transportation electrification and setting ambitious goals in reducing carbon emission, we anticipate this strategic direction will benefit the company in the years to come.
We will continue to update our investor community with progresses in our product and business development endeavor in the EV charger business.
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.
About Holu Hou Energy LLC
Holu Hou Energy LLC, a Delaware limited liability company, brings state-of-the-art energy storage systems to the Single-Family Residential, Multi-Family Residential and Commercial building markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and software and control platform solutions. The HHE team is made up of renewable energy industry veterans, engineering and deploying energy storage systems that enable greater energy independence.
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
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