Borqs Technologies (BRQS) Stock: Why It Increased 4.19% Today

By Amit Chowdhry ● Jul 1, 2022
  • The stock price of Borqs Technologies, Inc. (Nasdaq: BRQS) increased by 4.19% today. This is why.

The stock price of Borqs Technologies, Inc. (Nasdaq: BRQS) – 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 – increased by 4.19% today. Investors are responding positively to Borqs Technologies announcing that its majority-owned solar energy storage systems subsidiary Holu Hou Energy LLC (HHE) has signed with developers and property owners for nine solar plus energy storage projects in the State of Hawaii totaling $49.8 million, as of the last day of Q2 2022. 

And 8 of the 9 projects are on the island of Oahu, and one is on Hawaii island. The implementation of these projects will start as early as Q3 of 2022 and be completed within 2023. All of these customers are purchasing HHE unique energy storage systems, including its fully differentiated solar plus storage system with Energy Share technology for multi-dwelling unit residential applications. The unique HHE’s Energy Share technology enables 25% more delivered energy with 50% fewer batteries and fully opens the previously untapped Multi-Dwelling Unit property market.

KEY QUOTE:

“With such solid results from our marketing efforts in Q2, we are on track to sign onto over $140 million of contracts this year surpassing our previous forecast of $128 million. This demonstrates our ESG strategy can achieve a rather aggressive growth path. We are truly thrilled that HHE’s uniqueness is increasingly recognized by the renewable energy market. These recent signed contracts in Q2 testified for the customers’ awareness of the HHE advantages and that we have a competitive edge over with many brands that are much more well-known than us. This is the tip of the iceberg, I believe the market will welcome our technological advances over the competition when more and more prominent clients are entrusting HHE with their energy storage needs. There is a lot more to come from Hawaii in the coming quarters and we are excited about the potentials in California as well.”

— Pat Chan, Founder and CEO of Borqs

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.