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NHOA grows energy storage revenues 28-fold and reaches c.€1 billion pipeline


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

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’ coverage of developments at NHOA, which was acquired by the Taiwan Cement Corporation last year, here.

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