NHOA revenues fall 11% because of industry-wide BESS price falls

July 29, 2024
LinkedIn
Twitter
Reddit
Facebook
Email

Revenues for the energy storage arm of NHOA Group fell in the first half of 2024 because of the market-wide fall in the price of BESS.

Its battery energy storage system (BESS) integration arm NHOA Energy had €90 million (US$97 million) in revenues in the first six months of the year, down 11% year-on-year.

NHOA said the fall was ‘entirely attributable to the industry-wide drop in system prices deriving from a welcome rapid degression in battery prices’, a trend Energy-Storage.news has reported on extensively (Premium article).

Including its EV charging solutions divisions Atlante and Free2move eSolutions (a joint venture with OEM Stellantis), group revenues were €124 million, up 7%, with Free2Move doubling its figure to €32 million. The group is in the process of being bought out and de-listed by its parent company Taiwan Cement Corporation (TCC), pending regulatory approval.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

For NHOA Energy, EBITDA for the period was €4.4 million while net income was positive, and it increased its operational projects deployed by 344% to over 1GWh with another 1GWh under construction. It commissioned a 120MWh BESS for TCC in Taiwan in April, and won contracts for a 50MWh system in Italy and a 313MWh system in the UK.

Read Next

Premium
November 26, 2025
The US market is expected to be the largest source of revenue and driver of activity for Fluence in 2026, and a second battery cell deal with a domestic supplier is imminent.
November 18, 2025
The quarterly financial results of US non-lithium battery storage startups ESS Inc and Eos highlight their commercialisation strategies.
November 18, 2025
US residential solar and energy storage installer Sunrun has posted revenue of US$724.6 million in the third quarter of this year, as the company implements its “storage-first strategy”.
November 12, 2025
Energy storage developer and system integrator Energy Vault has released its Q3 2025 financial results, showing growth credited to expanding projects in Australia and its ‘Asset Vault’ subsidiary.
November 6, 2025
As China enters Q4 2025, the capacity utilisation rate of the country’s energy storage battery manufacturing capacity will remain high, a trade body said.