Borqs Technologies, Inc. (NASDAQ: BRQS) opened Wednesday trading above breakeven. The company, 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. Borqs and its recently acquired subsidiary, Holu Hou Energy LLC in the U.S., will jointly develop and deliver smart products for the EV and smart home markets, starting with HHE branded EV charger and generator. These new products will be integrated with HHE Smart Load Panel in its solar energy + battery solution.
The HHE Smart Load Panel gives homeowners complete integrated control of major home loads and solar and battery energy supply to enable the lowest possible cost of energy. This will become more critical as utility rate structures get more complex and net-metering programs are eliminated.
The HHE Smart Load Panel is a “platform” that will grow in capability over time, including enabling "load learning" and automatic optimization for a given residence in the future.
Borqs and HHE will collaborate in the design and delivery of peripheral products that will become part of the HHE clean energy total solution along with its residential and commercial solar energy storage systems, and producing additional revenue streams.
According to Allied Market Research, the electric vehicle charger market size was valued at $3.8 billion in 2019, and is projected to reach $25.5 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.
BRQS shares moved ahead two cents, or 11.3%, to 24 cents.
