E-mobility and energy storage solutions firm New HOrizons Ahead (NHOA) grew its energy storage revenues 2,752% in the third quarter of the year.
The firm clocked €88.4 million (US$86 million) in sales from its Energy Storage segment in the three months to 30 September 2022, nearly 28 times higher than the €3.1 million in the same period last year.
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That makes the segment now by far the largest of its three and brought group revenues up to €99.8 million for the quarter, a nearly eight-fold increase on €11.7 million the previous year. E-mobility roughly doubled sales to €15.3 million while its EV Fastcharging Infrastructure segment has not posted revenues.
In energy storage, the backlog of orders grew 280% to €152 million. The 12-month order intake increased 750% to €223 million while projects under construction grew similarly, from 106MWh to 776MWh. Online capacity only increased 8.6%, to 201MW, while the overall pipeline also increased less quickly at 18%, but is now at nearly €1 billion (€984 million).
Carlalberto Guglielminotti, CEO of NHOA Group, formerly Engie EPS, said: “The continuous increase in backlog and order intake for NHOA Energy coupled with a stable pipeline of around 1 billion gives visibility on 2023 growth well beyond the macro scenario, confirming Energy Storage as the growth engine of the Group.”
A notable project that will have contributed substantially to these figures is a 100MW/200MWh lithium iron phosphate (LFP) battery energy storage system that NHOA started building in Australia in August, as previously covered by Energy-Storage.news.
It also recently revealed the award of a tender to supply a 36MWh system to enhance the flexibility of an undisclosed power plant in Latin America, although this was announced after 30 September.
You can read more of Energy-Storage.news’ coverage of developments at NHOA, which was acquired by the Taiwan Cement Corporation last year, here.