Welcome to our dedicated page for Borqs Technologies news (Ticker: BRQS), a resource for investors and traders seeking the latest updates and insights on Borqs Technologies stock.
Borqs Technologies, Inc. (Nasdaq: BRQS) is a leading global provider in the Internet of Things (IoT) and 5G solutions space. The company specializes in creating customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. Leveraging its strategic partnerships with major chipset manufacturers and its extensive software and intellectual property (IP) portfolio, Borqs is recognized as an innovative end-to-end IoT solutions provider.
Borqs' unique Android Licenses allow it to develop a comprehensive software IP library that enhances chipset software, domain-specific usage, and system performance optimization. This library supports both large-scale and low-volume customized products. Currently, Borqs is working on developing 5G products for phones and hotspots, further solidifying its position in the market.
The company has achieved significant milestones, including multiple non-binding indications of interest for its stake in Holu Hou Energy LLC (HHE). Selected potential buyers are now participating in the second round of due diligence and negotiations for the complete divestment of Borqs' interest in HHE.
Financially, Borqs continues to strengthen its position through various strategic initiatives and partnerships. Despite challenges in the international business environment that may impact the supply chain, Borqs remains focused on delivering positive financial results.
For the latest updates and more detailed information, you can contact Sandra Dou, Vice President of Corporate Finance, at IR@borqs.com or visit their website at www.borqs.com.
On April 26, 2023, Borqs Technologies announced a divestment of its stake in Holu Hou Energy, LLC (HHE) following concerns raised by the Committee on Foreign Investment in the United States (CFIUS) about national security risks. CFIUS mandated the divestment due to HHE's proximity to U.S. military assets. Borqs has engaged the investment bank Cantor Fitzgerald & Company to facilitate this process, which must be completed by September 2023, though a six-month extension may be requested. HHE has recently secured significant contracts in Hawaii, potentially leading to substantial proceeds from the divestment. This move is expected to enhance Borqs' liquidity and may allow for share buybacks. The company plans to pursue further growth opportunities in IoT and AI sectors post-divestment.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced that its subsidiary, Holu Hou Energy LLC, secured a significant contract with Lendlease to install solar and energy storage systems in Honolulu, Hawaii. This project, valued in the nine figures, will enable multiple residential units to share excess solar energy in real time, potentially meeting 75-80% of energy needs without exporting to the grid. Initial planning began in 2021, and pilot results were promising, with efficient energy sharing among connected homes. The project aims to provide military families with enhanced services and reliable backup power while reducing the electric grid load in Oahu. Construction is set to start in summer 2023, marking a major step for Holu Hou Energy's growth and Borqs' strategic goals.
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