Borqs Technologies Inc. has received strategic funding of $16 million for growth of its solar plus energy storage business in the markets outside of Hawaii, particularly in California.
The majority of this financing is led by TDR Capital Pty Ltd., a private equity fund in Australia that focuses on emerging companies in various industries including solar. The funds raised will be used mainly for expansion of solar subsidiary Holu Hou Energy LLC’s (HHE) business in mainland U.S., starting with California, including participation in power purchase agreements (PPA).
HHE has propriety technology to allow sharing of power at the direct current (DC) level.
