BRQS - Borqs subsidiary signs power purchase agreement to provide solar + energy storage systems
- Borqs Technologies ( NASDAQ: BRQS ) announced its solar energy storage subsidiary, Holu Hou Energy or HHE has signed a power purchase agreement with Kapolei Diversified Properties to deliver energy to Luhauola, a new mixed-use development in Kapolei, on the island of Oahu, Hawaii.
- HHE adds on to $49.8M of signed contracts in 2022 for its HoluPower Residential Energy Storage System.
- U.S. Energy Information Administration data shows oil generated about two-thirds of Hawaii’s electricity in 2021.
- “We look forward to building on our Hawaii leadership position and bringing this same energy independence to markets like California in the near future. The cost of utility electricity in Hawaii has risen by about 60% over the last 18-months, with residential rates being at a historical high of around $0.50/kWh. Reliance on fuel oil for a significant part of Hawaii’s power generation means that these unprecedented rates are not likely to abate soon. HHE brings the most safe and productive solar and energy storage solutions to customers, including to those in income brackets not historically able to have their energy needs met by renewables.” stated Brad Hansen, CEO.
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Borqs subsidiary signs power purchase agreement to provide solar + energy storage systems