Borqs Technologies (BRQS) Stock: Why The Price Surged Over 15% Today

By Amit Chowdhry ● May 18, 2022
  • The stock price of Borqs Technologies Inc (NASDAQ: BRQS) surged by over 15% during intraday trading 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 – surged by over 15% during intraday trading today. Investors are responding positively to Borqs Technologies announcing that its solar plus energy storage systems subsidiary Holu Hou Energy LLC (HHE) has partnered with a State Agency, the Hawaii Green Energy Infrastructure Authority (HGIA), and won a contract to supply solar plus energy storage systems to Kunia Village affordable housing community on the island of Oahu. This is considered a milestone in the company’s strategy in transforming into the renewable energy industry, specifically serving the Multi-Unit Residential Buildings (MURB) market. 

Kunia Village includes 135 housing units, a church, an administration building, a former store, and a gymnasium where the residents have the opportunity for reducing their electricity bills by enrolling in the usage of the electricity generated by the project under a leasing arrangement set up by HHE and HGIA. Under the arrangement, HHE and HGIA have created a 3rd party lease program leveraging HGIA’s Green Energy Market Securitization (GEMS) financing product where the community members can enroll in the energy savings program. 

Each unit will have solar generation as well as a HoluPower energy storage system. And the design and installation will be performed by HHE, an approved contractor for HGIA financed projects. The GEMS program was created by the state in 2014 to facilitate Hawaii’s transition to renewable energy and meeting a target of 100% of energy from renewable sources by 2045. 

This initial project brings installation sales of around $30,000 per unit; other projects for the MURB market that the Company has in its pipeline can reach up to $130 million in the State of Hawaii alone over the next 2 years. And HHE is now offering installations in California.

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