Borqs Technologies, Inc. (BRQS) has experienced a decline of 14.54% in the aftermarket. However, the last trading session closed at $0.6319 with a decrease of 4.92%.
Binding Term Sheet to Acquire Solar Energy and Storage Company
On 9th September 2021, BRQS announced that Holu Hou Energy LLC (HHE) has signed a preliminary binding term sheet to acquire a 51 percent ownership stake in the company. HHE has created a cutting-edge energy storage technology for multi-family buildings and single-family homes. Moreover, remote monitoring, administration, and control platform are included in HHE’s Smart Home Energy System.
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Borqs’ business plan includes a focus on developing its Smart Home Energy System platform. It addresses a US Smart Home industry anticipated to grow to $62.7 billion by 2023. According to a global market, the estimated rise is $622 billion by 2026. Lastly, Holu Hou has almost $150 million in projects in the works, including $90 million in multi-family projects and more than $57 million in commercial projects.
Strategic Investment and Collaboration with Zippie
BRQS announced on 11th August 2021 that it has partnered with Zippie. Zippie is a Singapore-based blockchain application and payment platform startup. Both the companies will create IoT autonomous payment solutions to meet the growing need for digital currency transactions.
Firstly, Zippie is the first blockchain-based Web3.0 payment platform. Secondly, it allows companies to make and receive programmable payments in the form of cash and other digital assets like airtime, loyalty points, tokens, and gift cards. Thirdly, the company has been working on a real-world, easy-to-use, legacy, money-system-connected blockchain platform since 2017.
BRQS Forms Joint Venture to Develop 1.9 million sq. ft.
On 22 July 2021, BRQS announced that the company is seeking bids from multiple real estate developers to build out a 1.9 million sq.ft., US$110 million 5G Industrial Park in Huzhou, China, through a joint venture with the Huzhou, China government. The Company’s 1.7 million sq. ft. of land-use rights awarded by the Huzhou South Taihu New Area administration is included in the US$110 million valuations. Furthermore, a research and office facility, construction work, a conference center, and hotels will all be part of the development.
BRQS is focusing its leasing efforts on cutting-edge technology companies and is in talks with firms working in robotics, auto-drive software, etc. Last but not least, BRQS will oversee the development project in collaboration with Huzhou authorities.