Borqs Technologies Inc. was awarded $16 million strategic funding for its growth in the solar plus energy storage market in markets other than Hawaii, California, and for the development of 5G-compatible mobile devices.
TDR Capital Pty Ltd. will lead the majority of this financing. It is an Australian private equity fund that invests in emerging companies in various industries, including solar. The funds raised will be used mainly for expansion of the company’s subsidiary, Holu Hou Energy LLC’s (HHE) business in mainland U.S., starting with California, including participation in power purchase agreements (PPA).
HHE, the company’s solar subsidiary, has propriety technology to allow sharing of power at the direct current (DC) level.