NHOA Energy’s H1 2023 EBITDA down 39%

LinkedIn
Twitter
Reddit
Facebook
Email
nhoa
A total of five projects entered operation in H1 2023. Image: NHOA.

Energy storage, e-mobility and infrastructure group NHOA reported a 38.8% year-on-year drop in EBITDA for its battery storage business NHOA Energy’s to €1.11 million (US$1.23 million), and it is forecasting full-year EBITDA for the business to come in at between €5 million and €10 million.

The Italy-headquartered company said NHOA Energy’s revenues rose 38% in the period to €100.8 million. NHOA Energy focuses on utility-scale standalone energy storage, and a number of projects were related to the increase. For example, in Q1 NHOA Energy commissioned several advanced projects in its portfolio, including the second storage system in HePing, Taiwan with a capacity of 311MWh and the 200MWh Kwinana storage project in Synergy.
f211
The company also commissioned two Peruvian projects for a combined capacity of 67MWh, and the third project in Suao, Taiwan, for a total capacity of 123.6MWh.

NHOA Energy’s backlog stood at €211 million, 48% higher compared to H1 2022, represented by 1,413MWh in Australia, Taiwan, China, Latin America, the US and Europe. The figure was 16% lower compared to Q1 2023, which was mainly due to the significant portion of backlog converted into revenues during the H1 2023 and the impact of commodity-indexed price formulas.

“We have converted over €30 million of backlog into revenues, which is similar to last year. We have six or seven projects in commissioning, and the rest of the portfolio is progressing healthily,” commented Giuseppe Artizzu, CEO of NHOA Energy.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • 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

In H1, a total of 1.4GWh of backlog spanned across the US, APAC, European and South American markets, while the company was awarded two contracts in the UK for a total capacity of 130MWh by EKU Energy.

Five projects entered operation in H1 2023, including the two fast reserve projects in Italy for an combined capacity of 41.1MWh, one of the two Peruvian storage systems (31MWh) and one of the storage systems in Massachusetts for Kearsarge Energy.

Moving forward, NHOA Energy is shortlisted in six projects with short-term conversion prospects. The pipeline of NHOA Energy stood at €1,035 million, down 16% from the pipeline announced in the Q1 2023 trading statement.

“NHOA Energy performed remarkably well with five energy storage projects online in H1 2023, €250 million rolling order intake and over 1.6GWh in four continents, while expanding in new key geographies, like the UK, with the newly awarded 130MWh projects for Eku Energy,” said Carlalberto Guglielminotti, CEO of NHOA Group.

Overall, NHOA Group’s EBITDA loss for H1 2023 widened to €16.59 million from a €5.27 million loss a year earlier. While revenues increased from €81.2 million in H1 2022 to €115.7 in H1 2023, personnel costs and other operating expenses increased by 101.5% to €23.34 million and 163.3% to €10.35 million respectively.

23 September 2025
Warsaw, Poland
The Energy Storage Summit Central Eastern Europe is set to return in September 2025 for its third edition, focusing on regional markets and the unique opportunities they present. This event will bring together key stakeholders from across the region to explore the latest trends in energy storage, with a focus on the increasing integration of energy storage into regional grids, evolving government policies, and the growing need for energy security.
7 October 2025
Asia
By 2026, the Asia-Pacific region is forecast to contribute 68% of the projected $10.84 billion market. Over the past decade, Asia has fortified its grids with batteries that enable smart grids, renewable integration, responsive electricity markets, and ancillary services. In this rapidly evolving landscape, Energy Storage Summit Asia is your guide to this burgeoning market. Now in its second year, the Summit gathers independent generators, policymakers, banks, funds, offtakers, and cutting-edge technology providers and clarifies what successful energy storage procurement and deployment strategies look like. Topics covered include macro-level policy, supply chain dynamics, financing strategies, co-location considerations, safety measures, microgrid insights and more.

Read Next

August 21, 2025
Global energy storage technology and energy software services provider Fluence and ACE Engineering have opened a new automated battery storage manufacturing facility in Vietnam’s Bac Giang Province.
August 21, 2025
CATL has partnered with renewable energy developer ACEnergy to supply 3GWh of battery energy storage systems (BESS) in Australia.
August 20, 2025
US-based renewable energy developer National Renewable Solutions (NRS) announced its 140MWac solar energy and 50MW battery storage Shallow Basket Energy project is now operational.
August 20, 2025
Singaporean renewable energy developer Blueleaf Energy has signed a memorandum of understanding (MoU) with Chemsain Sustainability to jointly explore developing a portfolio of up to 3GW of solar PV and battery energy storage systems (BESS) in Malaysia.
August 19, 2025
Major US utility company Duke Energy has submitted its final license application to the Federal Energy Regulatory Commission (FERC) to extend operation at the Bad Creek Pumped Storage Hydroelectric Station for an additional 50 years.

Most Popular

Email Newsletter