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 $3.8 billion in 2019, and is projected to reach $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027. https://www.alliedmarketresearch.com/electric-vehicle-charger-evc-market
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.
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