Italy-headquartered energy storage solutions provider NHOA Energy grew revenues 33% in 2023 despite a 20% industry-wide drop in prices, it said in its full-year results.
Revenues increased to €205 million (US$222 million) for the energy storage division of NHOA (New Horizons Ahead), which also has e-mobility and EV charging infrastructure divisions which account for the other 25% of group revenues.
The firm’s energy storage backlog meanwhile fell from €301 million worth of orders to €206 million while its pipeline grew 6%, from €1.043 billion to €1.110 billion.
NHOA said the 20% industry-wide fall in energy storage system prices – due to falling battery prices – was ‘too recent to generate a material positive volume impact on Backlog’. It did have an immediate negative impact on the results via lower unit prices, NHOA added.
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It corroborates recent data from Clean Energy Associates which said the average price of BESS for US customers fell around 20% last year, and set to fall the same amount this year.
Of the €205 million in revenue for 2023, 60% was from Asia, 28% from Australia with Latin America, North America and elsewhere making up the remaining 12%. With €194 million revenues in the first nine months of 2023, Q4 was a relatively quiet period with only an additional €11 million recognised.
NHOA has been majority-owned by the Taiwan Cement Corporation since 2021, and has subsequently made inroads in the Taiwan’s energy storage market. In late 2023, it commissioned the country’s largest BESS project, a 311MWh system (pictured above).
Construction started on its first UK project earlier this year, 130MWh deployed across two sites for project owner Eku Energy.
Energy-Storage.news’ publisher Solar Media will host the 2nd Energy Storage Summit Asia, 9-10 July 2024 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.
