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Energy storage is ‘growth engine’ behind NHOA exceeding FY revenue guidance

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Energy storage and electric mobility solutions provider New HOrizons Ahead (NHOA) has increased its revenues from energy storage tenfold in its 2022 full year from a year earlier.

The company, headquartered in Italy and owned by Taiwan Cement Corporation (TCC) since mid-2021, reported 2022 revenues of €165 million (US$178.83 million), which is above the upper end of its guided range of €140 million to €160 million, according to its results statement.

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While the company has e-mobility and infrastructure divisions alongside energy storage, it was energy storage that NHOA CEO Carlalberto Guglielminotti described as its “growth engine”.

While 2021 had seen a doubling of its energy storage revenues compared to the previous year, 2022 represented an even steeper climb, from €15.9 million energy storage sales in 2021 to €153.6 million, including €88.4 million in Q3 2022 alone.

By contrast, its infrastructure division executes microgrid, EV fast-charge and related projects and netted only €600,000 sales for 2022, while e-mobility €18.8 million.

Its energy storage project pipeline grew to 1,043MWh from 764MWh in 2021, while projects under development nearly doubled to 1,384MWh from 720MWh. Online capacity saw more modest growth, going to 209MW at the end of 2022 from 188MW a year earlier.

At its H1 2022 results stage last year, the company warned of challenging business conditions facing the global industries it is active in, including what the CEO called a “detracted supply chain” that group head of energy storage Giuseppe Artizzu said presented a daily challenge.

Another challenge came when its former parent company ENGIE decided to cancel the 20-year power purchase agreement (PPA) it had been awarded by the power authority in the US overseas territory Guam.

NHOA had been contracted to supply the 50MWp solar PV project’s 300MWh battery storage system, and this cancelled order followed another cancelled ENGIE project order in Hawaii, where NHOA would have supplied and integrated a 240MWh battery energy storage system (BESS) with a 60MWp solar plant. ENGIE was awarded a long-term PPA for that one too, with utility HECO.  

Major projects NHOA is working on include Western Australia’s biggest BESS plant, a 100MW/200MWh system which began installation about five months ago, a 30MWh project in Peru, three smaller projects in Massachusetts that marked the company’s US expansion, and a 420MWh portfolio for its majority owner TCC in Taiwan.

NHOA issued guidance for its energy storage business to achieve €5 million to €10 million EBITDA in 2023, alongside total group revenues of between €220 million and €280 million. While its EBITDA figures haven’t been broken out from unaudited 2022 financials, the company did achieve EBITDA breakeven in H1 2022.

“Energy Storage recorded outstanding results, confirming once again to be the growth engine of the group, with over €300 million of backlog, 1.4GWh under development and over €1 billion pipeline, giving full visibility towards 2023 growth while balancing out the temporary slowdown that the Global Business Line e-Mobility is facing,” Guglielminotti said.

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