Borqs solar energy storage business unit plans to take advantage of high fossil fuel price environment

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SANTA CLARA, Calif., March 09, 2022 (GLOBE NEWSWIRE) — Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs” or the “Company”) is a global provider of 5G wireless, Internet of Things (IoT) and innovative clean energy, with operations in the United States, India and China. Recently, the price of oil has reached well over $100 a barrel due to geopolitical tensions. Fossil energy prices, including crude oil, coal and natural gas, are expected to remain high for the foreseeable future.

Holu Hou Energy (HHE), recently acquired by Borqs, is committed to the innovative solar energy storage business and is poised to benefit from these high fossil fuel prices due to expected price savings compared to to fossil fuels. Borqs is committed to building a sustainable business that can reduce carbon emissions and provide clean, cost-effective energy solutions to the US residential market. HHE’s experienced management team and staff are currently working industrially on several solar projects in Hawaii and plan to enter the continental United States market in 2022.

President Joe Biden has made climate a priority of his administration and called for a carbon-free energy sector by 2035. In reality, fossil fuels still power most of the planet, while renewable resources as solar and wind only contribute a small percentage of the world’s energy. capacity. Borqs is positioned to grow its clean energy business for the long term in the United States and globally.

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 IoT software and products, 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 by leveraging its strategic relationships with chipset partners as well as its extensive software and IP portfolio. Borqs unique strengths include its Android and Android Wear licenses which have enabled the company to develop a software IP library covering chipset software, Android enhancements, domain-specific usage and system performance optimization, tailored to high and low volume custom products. The Company is also currently developing 5G products for phones and hotspots.

Borqs recently acquired a majority stake in a solar energy storage systems company in the United States

Forward-Looking Statements and Additional Information
This press release contains “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”, “could”, “plans” , “possible”, “should” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. These forward-looking statements relate to future events or future results, based on currently available information and reflect the current beliefs of our management. 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 revenues from business activities as described herein may not be achieved or not all, and the negative impact of the COVID-19 pandemic on the company’s supply chain, revenue and overall operating results, the reader is therefore advised to refer to the Risk Factors sections of the company 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 laws, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor contacts:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
[email protected]

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