Borqs Technologies Inc. (BRQS) stock prices were up by 1.78% shortly after market trading commenced on September 9th 2021. This brought the price per share up to USD$0.81 early on in the trading day.
BRQS Stock Partners with Holu Hou
September 9th 2021 saw BRQS stock announce the signing of a preliminary binding term sheet. This will see the company acquire a 51% ownership stake in Holu Hou Energy LLC. Holu Hou is an innovative solar energy and storage provider for various markets, including residential, multi-family residential, and commercial building markets. The partnering company has developed a cutting-edge energy storage system for multi-dwelling unit properties and single-dwelling residences. This makes HHE a prime candidate for collaborating with the global provider of embedded software and products for the Internet of Things.
Scope of Smart Home Market
BRQS stock continues to allocate resources towards its key initiative of growing its Smart Home Energy System platform. The platform caters to a US Smart Home market that is forecasted to expand to USD$62.7 billion by 2023, as per Statista projections. The global market for Smart Homes is expected to grow to USD$622 billion by 2026. The partnering company has nearly USD$150 million pf projects in its development pipeline. USD$90 million are multi-dwelling projects, while commercial projects account for more than USD$57 million.
Synergistic Collaboration
HHE’s energy storage system makes use of the company’s proprietary technology for sharing excess PV generation. The surplus PV is split between multiple units in a multi-dwelling unit (MDU) properties. This significantly increases the use of solar power generation, while reducing the number of batteries needed. Holu Hou is the only US company with the ability to deliver this unique micro-grid capability. It is also the first US company to open the vast MDU market to solar generation. The first landmark site in the US was the 134 unit property that is in operation in Hawaii.
Future Outlook for BRQS Stock
With involvement in such burgeoning markets, BRQS stock is keen to complete its transaction with Holu Hou. The company is poised to capitalize on the opportunities afforded to it as a result of the collaboration. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.
