The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

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.

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

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%.

Read Next

May 23, 2024
The Gore Street Energy Storage Fund’s international diversification helped it maintain average revenues across its portfolio, which spans the Great Britain (GB), Ireland, Germany and Texas, US.
May 15, 2024
US zinc hybrid cathode battery storage manufacturer Eos Energy Enterprises has reaffirmed revenue guidance and expects to achieve a positive contribution margin this year.
May 10, 2024
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
May 9, 2024
Stem Inc has reaffirmed guidance of positive adjusted EBITDA for 2024, despite starting the year with a 62% year-on-year decrease in reported revenues and a fall in bookings.
May 1, 2024
Average revenues for the Gresham House Energy Storage Fund doubled from February to April this year, fund manager Gresham House said in its full year 2023 results.

Most Popular

Email Newsletter