The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

NHOA grows ESS revenues by one third ‘despite 20% industry-wide drop in prices’

LinkedIn
Twitter
Reddit
Facebook
Email

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • 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

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.

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.

Read Next

June 18, 2024
RWE has moved forward with proposals for a 350MW battery energy storage system (BESS) to be located next to its Pembroke Power Station in Wales, UK.
June 13, 2024
Liquid air energy storage firm Highview Power has raised £300 million (US$384 million) from the UK Infrastructure Bank and utility Centrica to immediately start building its first large-scale project.
June 13, 2024
TCC Group Holdings, the majority owner of New HOrizons Ahead (NHOA), intends to increase its holding and take the company private, delisting it from the Euronext Paris exchange.  
Premium
June 12, 2024
We hear from consultancy AFRY about how energy storage can reduce market risks for CfD-winning projects in the UK, now and in future, as Ørsted launches a BESS at a major wind farm project with a CfD.
June 5, 2024
Utility Octopus Energy will pay Gresham House Energy Storage Fund (GRID) a fixed fee to use half of its UK BESS portfolio, at a price which it said is ‘above the current merchant revenue stack’.

Most Popular

Email Newsletter