Borqs Partners with Hawaiian State Agency, Wins Solar Plus Energy Storage Contract

May 18, 2022 By MarketDepth

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man signing contract with pen

Borqs Technologies, Inc. (Nasdaq: BRQS) today announced a partnership between the Hawaii Green Energy Infrastructure Authority (HGIA) and its solar plus energy storage systems subsidiary Holu Hou Energy LLC (HHE).

Affordable Housing on Oahu

The subsidiary also won a contract to supply solar plus energy storage systems to Kunia Village affordable housing community on the island of Oahu.

Shares up 19%

Shares of Borqs Technologies, Inc. (Nasdaq: BRQS) gained over 19% during the premarket trading session.

135 Housing Units Being Built

Kunia Village includes 135 housing units, a church, an administration building, a former store, and a gymnasium, with the contract a milestone in the Company’s strategy to enter the renewable energy industry, with a specific focus on serving the Multi-Unit Residential Buildings (MURB) market. Each unit will have solar generation as well as a HoluPower energy storage system under the arrangement, HHE and HGIA have created a 3rd party lease program leveraging the latter’s Green Energy Market Securitization financing product, with installation sales expected to be about $30,000 per unit.