Borqs Technologies’ Subsidiary Holu Hou Energy Completed Installation of Innovative Solar + Storage Technology Systems and Begins Production of Energy Delivery at Koa’e Multi-Dwelling Unit Workforce Housing Project in Hawaii
October 26 2021 - 09:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs,” or the “Company”),
a global provider of embedded software and products for the
Internet of Things (IoT), today announced that its US subsidiary,
Holu Hou Energy LLC (“HHE”), brought hi-tech to the Koa’e Makani
Workforce Housing Project in Koloa on the Hawaiian island of
Kaua’i. HHE has completed the installation of 134 units of its
innovative solar plus storage technology system at the Koa’e
Workforce Housing Complex in Koloa, Kaua’i in the state of Hawaii.
Tenants of the complex have begun receiving electricity under a
20-year Power Purchase Agreement.
Holu Hou Energy, a provider of innovative energy storage systems
for multi-dwelling units and single-family residential properties,
and now a subsidiary of Borqs, has received utility approval to
begin operation of energy delivery at the Koa’e Workforce Housing
complex beginning last month. The residential tenants will now pay
monthly for the electricity being provided under the terms of a
20-year Power Purchase Agreement (“PPA”). The Koa’e project
involves many firsts in Hawaii and possibly in the whole United
States. It is likely the first project where individually metered
multi-family residential units are served by PV + battery renewable
energy behind the meter on 100% of the units in the property, and
financed by a 3rd party power purchase agreement.
The property at Koa’e was developed by Mark Development, Inc. in
Hawaii. “The energy sharing technology from HHE enabled us to
install renewables at our Koa'e site, where we may not have been
able to otherwise. The HHE team has executed the project to our
utmost satisfaction, and we hope to work with them on additional
sites in the future,” said Craig Watase, President of Mark
Development.
There are many traditional barriers to installing renewables and
obtaining financing on a multi-dwelling unit (“MDU”) rental
property, especially load variability due to tenant “churn”,
vacancy rates, tenant billing and payment reliability, time of day
mismatch between generation and load profiles, among others. HHE
has a modular energy controller and software product, and specially
designed power electronics and battery hardware that is unique in
the industry. It breaks down the barriers to allow renewables on
“MDU’s” that are common in Hawaii, California and elsewhere.
In the case of Koa’e, the HHE system enables approximately 25%
more generated electricity to go to load, with half the number of
batteries that would be required for a traditional deployment,
providing significant savings in the cost of hardware. The
HoluPower systems are also controlling electric water heater loads
with the ability to shift such appliance loads, which is critical
to maximizing savings on electricity. Each of the 23 buildings
within the project contained multiple units, 134 residential units
in total, is individually metered by the utility, with each
receiving electricity from photovoltaic panels (“PV”) and the
HoluPower Energy Storage Systems (ESS) which has a proprietary
power sharing technology across multiple units. The community
center of the project is also served by PV and ESS. The deployment
features total energy storage capacity rated at 897kWh (usable) and
530kW of PV generation.
The Multi-Dwelling Unit renewable energy systems market is
estimated to be worth at least $500 million in Hawaii, including an
estimated 19,000 affordable housing units. According to
the Honolulu Star Advertiser, there will be a need for an
additional 25,000 units of affordable housing in Hawaii in the
coming years. The Koa’e project is just the beginning for HHE in
this important new market. HHE also plans to enter the solar system
for multi-dwelling market in California which is estimated to be at
least 25 times larger than the Hawaiian market.
About Holu Hou Energy LLCHolu
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. For more
information, visit 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.
Forward-Looking Statements and
Additional InformationThis 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 Borqs
and HHE may not be able to capture future businesses in the solar
industry as described herein or at all, the position of HHE in the
industry, 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 DouVice President of
Corporate Finance Borqs Technologies, Inc. sandra.dou@borq.net
www.borqs.com
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