NHOA doubles storage revenues in 2021

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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.

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%.

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