Nelson Chang

Nelson Chang leads Taiwan Cement as Chairman, overseeing one of the most ambitious corporate transformations in Asian industry — converting a century-old cement manufacturer into a green energy conglomerate. While Taiwan Cement remains a major cement producer with operations in Taiwan, mainland China, and Turkey, Chang has aggressively expanded into batteries and energy storage through the acquisition of European energy storage company NHOA Energy (formerly Engie EPS). Through NHOA, Taiwan Cement has built large-scale battery energy storage systems across Europe, particularly in Italy and France, and is expanding into electric vehicle charging infrastructure. The company has also invested in battery materials and recycling, positioning itself across the clean energy value chain. The traditional cement business remains significant, contributing the majority of revenue and cash flow. However, cement is a carbon-intensive industry facing growing regulatory pressure. Key stock drivers include cement prices and volumes in Taiwan and China, green energy and storage revenue growth, NHOA Energy performance, battery storage capacity deployments, carbon regulation impact on cement operations, and the pace of transition from traditional materials to clean energy businesses.