Borqs Technologies Inc (BRQS)

[StockLogistics]

“9:00a ET 6/2/2022 - Globe Newswire
Borqs Technologies Completes $16 Million Strategic Funding For Growth of its Solar Software/Hardware Solution Plus Energy Storage Business in the U.S.

EQNX::TICKER_START (NASDAQ:BRQS),(OTC US:BRQSW),(Other OTC:BRQSW), EQNX::TICKER_END 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 it has received strategic funding of $16 million for growth of its solar plus energy storage business in the markets outside of Hawaii particularly in California, and also for development of 5G mobile devices. The investment reflects the recognition of the Company's ESG strategy by the investors and will further strengthen and reinforce the Company's growth.

The majority of this financing is led by TDR Capital Pty Limited, a private equity fund in Australia that focuses on emerging companies in various industries including solar. The funds raised will be used mainly for expansion of the Company's subsidiary, Holu Hou Energy LLC's (HHE) business in mainland U.S., starting with California, including participation in power purchase agreements (PPA), which is the financing structure usually associated with multiple-unit residential solar solutions. Investors/owners of the PPA pay for the installation of complete hardware and software systems and receive utility usage payment streams directly from residents for up to 20 years, as well as enjoy significant income tax credits from the U.S. federal government. Participating in the PPA may generate recurring revenue for the Company in the cases where utility rates are high enough to offer favorable margins from our solar+storage solutions. Recent global events have significantly bumped up electricity rates in densely populated areas such as Northern and Southern California.

HHE, the Company's solar subsidiary, has propriety technology to allow sharing of power at the direct current (DC) level which allow significant savings in hardware costs among the multiple residents as compared to single family users. Our energy-sharing model can greatly increase ROI for multi-family property owners while reducing hardware installation costs. To view a video clip of a HHE's recent completed project, go to

HHE has unique product offerings specifically for the multifamily residential market with proprietary software that intelligently manages energy-sharing among residents of multifamily properties. Based on the report produced by FreddieMac, the multifamily market has grown into record-breaking levels in 2021, and is expected to remain strong nationwide in 2022.

(Ref: https://mf.freddiemac.com/research/outlook/2022-0107-2022-multifamily-outlook)

For details on the terms of the fundraise, please see the Company's 6-K filing with the SEC.”

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