NHOA Bags 200MWh Battery Storage Project in Australia

Energy storage and e-mobility solutions company New HOrizons Ahead (NHOA), which was previously known as Engie EPS, has won a 200MWh battery energy storage system (BESS) project in Australia.

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 recently. 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 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.

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.