NHOA doubles storage revenues in 2021

LinkedIn
Twitter
Reddit
Facebook
Email

Global energy storage and electric vehicle (EV) technology group NHOA, formerly Engie EPS, doubled its energy storage revenues in 2021 and says it has a €764 million pipeline for the segment.

Overall, revenues across its storage and electric vehicle (EV) segments tripled to €32.9 million (US$36.2 million). Energy storage sales doubled to €16 million while E-Mobility segment quintupled to €17m, making it the majority of sales, up from 27% in 2020.

Although the raw results might suggest a switch in focus to the EV segment, NHOA’s energy storage pipeline and other metrics shows it still has big ambitions there. It has over 1GWh of energy storage in development and expects 280MWh online by the end of 2022.

Within storage it has a backlog of €193m in orders, €56m in secured contracts and a total pipeline of €764m. Its 136-strong storage team is also larger than the EV department’s 90 employees.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Within its storage revenues for the year, 46% came from Europe, 26% from America, 24% from Australia and the remaining 5% from Asia and Africa.

However, within its backlog and secured contracts total of €249m, the Europe and Asia proportions are inversed with Asia accounting for 40% and Europe just 2% (with Australia and America remaining similar proportions). A big part of that will be down to a huge 420MWh order from its new parent company in Taiwan.

A majority stake in NHOA was sold by French utility ENGIE to the Taiwan Cement Corporation (TCC) for around US$150 million in the middle of last year but it remains listed on the Euronext Paris stock exchange.

And for its long-term storage pipeline of €764 million, the geographic mix changes completely with 56% expected to come from Australia, Europe 23%, Asias 20% and America just 2%.

Read Next

August 5, 2025
CATL, the world’s biggest lithium-ion OEM, saw flat ESS revenues in the first half of the year, but the extent to which this can be blamed on the increased US-China tariffs, if at all, is far from clear.
July 31, 2025
US zinc battery and energy storage system maker Eos Energy Enterprises has reported year-on-year revenue growth of 243% from the first half of 2024.
July 29, 2025
Tesla energy storage division saw its highest quarterly gross profits as the company’s automotive business continued to see dampened demand.
July 28, 2025
LG Energy Solution (LG ES) will nearly double the production capacity of battery cells for energy storage systems (ESS) at its Michigan, US, factory by the end of 2026.
May 19, 2025
Flow battery energy storage manufacturer ESS Inc. could achieve profitability “in the next few years,” if its new product is a success, the company’s CFO has said.

Most Popular

Email Newsletter