Borqs Solar Energy Storage Business Unit Anticipates Benefitting from High Fossil Fuel Price Environment

Borqs Technologies, Inc. is a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with operations in the U.S., India and China. Recently, the oil price has extended to well over $100/barrel due to geo-political tensions. The fossil fuel energy prices, including crude oil, coal and natural gas, are expected to stay high in the foreseeable future.

Borqs’ recently acquired Holu Hou Energy (HHE) is engaged in the innovative solar energy storage business, and is poised to benefit from such high fossil fuel energy prices due to expected pricing efficiencies compared to fossil fuels. Borqs is committed to building a sustainable business that can reduce carbon emission and offers cost efficient clean energy solutions to the U.S. residential market. HHE’s experienced management team and staff are currently working industrially on multiple solar projects in Hawaii, and plan to enter into the continental U.S. market in 2022.

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President Joe Biden has made climate a focus of his administration and called for a carbon-free power sector by 2035. In reality, fossil fuels still power most of the planet, while renewable resources like solar and wind only contribute a small percentage of global energy capacity. Borqs is positioned to grow its clean energy business in the long run in the U.S. and globally.

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