NHOA Energy’s H1 2023 EBITDA down 39%

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.
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.

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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.

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.

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