Tenants of the 134 Unit Kaua’i Property will now Begin Receiving & Sharing Electricity Under a 20-Year Power Purchase Agreement
Santa Clara, CA (GLOBE NEWSWIRE) - 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 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. 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 Information
This 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.
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