Borqs Technologies (BRQS) Wins Solar Plus Energy Storage Contract in Oahu, Hawaii

May 18, 2022 9:02 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the U.S., India and China, today announced that its solar plus energy storage systems subsidiary Holu Hou Energy LLC (HHE) has partnered with a State Agency, the Hawaii Green Energy Infrastructure Authority (HGIA) and won a contract to supply solar plus energy storage systems to Kunia Village affordable housing community on the island of Oahu. This is a milestone in the Company’s strategy in transforming into the renewable energy industry, specifically serving the Multi-Unit Residential Buildings (MURB) market.

Kunia Village includes 135 housing units, a church, an administration building, a former store, and a gymnasium where the residents have the opportunity to reduce their electricity bill by enrolling into usage of the electricity generated by the project under a leasing arrangement set up by HHE and HGIA. Under the arrangement, HHE and HGIA have created a 3rd party lease program leveraging HGIA’s Green Energy Market Securitization (“GEMS”) financing product, whereby the community members can enroll in the energy savings program. Each unit will have solar generation as well as a HoluPower energy storage system. The design and installation will be performed by HHE, an approved contractor for HGIA financed projects. The GEMS program was created by the State in 2014 to facilitate Hawaii’s transition to renewable energy and meeting its target of 100% of energy from renewable sources by 2045. https://gems.hawaii.gov/learn-more/about-us/

This initial project brings installation sales of about $30,000 per unit; other projects for the MURB market that the Company has in its pipeline can reach up to $130 million in the State of Hawaii alone over the next two years. HHE is now offering installations in California.

To view a video clip of HHE’s installation, go to https://drive.google.com/file/d/1uJzVTQ0AdN9c2HDGtbBumpsp4PS2mofb/view?usp=drive_web

Hawaii Governor David Ige and the Hawaii Green Infrastructure Authority (HGIA) launched its Green Energy Money $aver (GEM$) On-Bill Program in April 2019. GEM$ is an on-bill repayment program aimed to help renters, low-to-moderate income households, nonprofits, and small businesses save on their electric utility bills by financing eligible clean energy improvements. Participating Hawaiian Electric Companies (HECO) customers can conveniently pay back the cost of installing a solar photovoltaic (PV), solar water heater, or other eligible clean energy improvements through their monthly utility bill, with no upfront costs. The program is available to all 460,000 Hawaiian Electric Companies (HECO) customers, or approximately 95 percent of Hawaii’s population. https://www.eesi.org/obf/case-study/hawaii

Holu Hou Energy LLC (HHE), a provider of design to service solar plus energy storage systems, including a breakthrough product for the MURB market which has plenty of opportunities in both Northern and Southern California. With proprietary technology to allow sharing of power at the DC level, HHE’s systems allow significant savings in hardware installation among the multiple residents. The Company intends to provide bids for multiple-units residential buildings installation in other states, beginning with California.

Kunia Village is the second major installation for HHE that addresses this challenge. In 2021, the company commissioned a solar plus storage system at the 134 unit Koa’e Workforce Housing complex in Koloa, Kauai.

The Holu Hou Energy HoluPower energy storage system is a complete, integrated product, including a state-of-the-art 9.6kW hybrid inverter that can control two 13kWh (usable) storage batteries and 4 PV strings. The system includes the power electronics and autotransformer that enable smooth transition between off-grid and on-grid. It also includes an energy controller and software app operated in conjunction with the HHE Cloud computing platform for command, control and communications.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Corporate News

Related Entities

Earnings