Borqs Technologies, Inc. - BRQS STOCK NEWS

Borqs Technologies has secured $16 million in strategic funding aimed at expanding its solar plus energy storage business outside Hawaii, primarily in California. The investment, largely led by TDR Capital Pty Limited, will support the subsidiary Holu Hou Energy LLC's participation in power purchase agreements (PPAs). This initiative aims to respond to rising electricity rates in California by leveraging innovative energy-sharing technology for multi-family properties, enhancing return on investment while reducing installation costs.

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.

Borqs Technologies (Nasdaq: BRQS) announced a partnership between its subsidiary Holu Hou Energy (HHE) and the Hawaii Green Energy Infrastructure Authority (HGIA) for a contract to supply solar plus energy storage systems to the Kunia Village affordable housing community in Oahu. This project, part of Borqs’ renewable energy strategy, includes 135 housing units, allowing residents to save on electricity costs through a leasing arrangement. The initial installation is expected to generate approximately $30,000 per unit, with potential pipeline projects in Hawaii reaching up to $130 million over the next two years.

Borqs Technologies (BRQS) filed its annual report on Form 20-F for 2021 with the SEC, showing a revenue increase to $29.56 million, up 10.5% from $26.75 million in 2020. However, the company reported a net loss of $56.60 million, primarily due to non-cash expenses linked to convertible notes and debt settlements. Despite the loss, Borqs achieved positive adjusted EBITDA of $431,000 for the year, indicating a focus on operational efficiency amidst challenges like supply chain issues and the COVID-19 pandemic.

Borqs Technologies, Inc. (BRQS) announced a partnership with Qualcomm Wireless Academy to offer technical training courses on 5G wireless solutions at Mission College in Santa Clara. This initiative aims to enhance Borqs' brand presence and attract 5G talent. The online courses will provide an introduction to 5G technologies, promoting deployment across various industries. As 5G services market is projected to reach USD 1.67 trillion by 2030, Borqs positions itself strategically in this growing sector. The courses start this summer, benefiting both students and engineers.

Borqs Technologies is collaborating with Qualcomm to develop automobile telematics products for the India and Southeast Asia markets, focusing on in-vehicle infotainment systems and Telematics Control Units for electric scooters and e-bikes. The Indian electric vehicle market is projected to grow from USD 1.4 billion in 2021 to USD 15.4 billion by 2027, with a CAGR of 47.09%. In 2021, electric two-wheeler sales surged by 132%, indicating strong demand in this sector.

Borqs Technologies, Inc. (Nasdaq: BRQS, BRQSW) has announced revised licensing agreements with Qualcomm, allowing the company to design and manufacture 5G products utilizing Qualcomm's technologies. This move positions Borqs to tap into the rapidly growing 5G services market, projected to reach USD 1.67 trillion by 2030 with a CAGR of 52%. The agreements will enhance 5G connectivity across a range of applications, including IoT solutions and energy management. Additionally, Borqs has acquired a controlling interest in a U.S.-based solar energy storage company to further expand its portfolio.

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%.