A 200MWh battery energy storage system (BESS) project in Australia has been awarded to New HOrizons Ahead (NHOA), the rebranded energy storage and e-mobility solutions company formerly known as Engie EPS.
NHOA said that the construction phase of the project, at an as-yet undisclosed location for an unnamed customer, is scheduled to start immediately, with completion expected by the end of 2022.
An engineering, procurement and construction (EPC) counterparty contract has already been signed at the beginning of this month, NHOA said in a press release yesterday. Further details on the project are expected to be announced soon.
The deal and other contracts signed during the third quarter of 2021 brings NHOA to 924MWh of stationary BESS projects under development in the US, Europe, Africa and Asia Pacific.
This is an increase of 28% over figures released in September as the company offered its half-year 2021 financial results. NHOA now has €225 million (US$266.99 million) of secured backlog and contracts, which is a jump of 51% from the end of H1 2021, with backlog representing €121 million.
The company, which was launched after the majority acquisition of Engie EPS by Taiwan Cement Corporation (TCC) earlier this year, already said before the latest project announcement that it was on-track to achieve its 2021 and 2022 revenue guidance.
In 2021, it expects between €40 million and €60 million of revenues, rising to €100 million to €150 million in 2022, which would enable it to break even on EBITDA.
NHOA remains headquartered in Italy, as Engie EPS was, but executives said the TCC takeover would help create an Asian-European energy storage powerhouse, combining the Taiwanese company’s access to a world-class manufacturing base and supply chains with the energy storage company’s experience gained in the sector since its founding as Electro Power Systems in 2011 prior to its first acquisition by Engie.
Target: €10 billion project pipeline by 2025
In July, NHOA unveiled what it called its ’10X Masterplan’ which aims to grow the company tenfold by 2025; going from 170MW of energy storage deployments between 2015 and 2021 to 1.7GWh of storage capacity additions by 2025. This would mean growing the company’s pipeline from €1 billion in 2020 to €10 billion in 2025.
NHOA’s main business areas are energy storage, which it puts into its Global Business Line Storage (GBL Storage) division and e-mobility, which includes a joint venture (JV) called Free2Move with multinational automotive manufacturer Stellantis.
In energy storage, it delivers battery storage to support transmission and distribution (T&D) grids and renewables integration and distributed storage solutions for industrial and utility customers. The latter could also include hydrogen-based solutions.
These storage solutions include solar-plus-storage, utility-scale storage, industrial microgrids, industrial energy storage systems (ESS) and hydrogen systems integration solutions.
Prior to the takeover from US$10billion+ market cap TCC, Engie EPS had said its project business in energy storage had been badly hit by delays and other impacts relating to the COVID-19 pandemic. This continued to be the case during H1 2021 and the GBL Storage division only managed to realise €2.3 million in revenues and other income during the period.
However the company remains bullish based on its growing energy storage backlog, secured contracts and pipeline, which cover utility-scale and other projects in territories like California, Massachusetts, Vermont, Italy, Guam and Hawaii.