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.
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
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.
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.
