Relies on the battery-buffered ChargeBox to boost the
deployment of ultra-fast charging infrastructure
Ultra-fast chargers will go into operation in Spain during Q4
NÜRTINGEN, Germany,
Nov. 30, 2021 /PRNewswire/ -- ADS-TEC
Energy GmbH ("ADS-TEC Energy"), a leader in battery-buffered
ultra-fast charging technology, today announced that it has entered
into a purchase agreement with one of Europe's largest energy suppliers (the
"Customer") to have ultra-fast charging systems from ADS-TEC Energy
operating in Spain by the end of
the year. This agreement is part of the Customer's plan to deploy a
comprehensive public charging network in the country. ADS-TEC
Energy is currently in a merger process with publicly listed
European Sustainable Growth Acquisition Corp (NASDAQ: EUSG),
expected to close 4Q 2021.
Europe and other major
economies like the United States
are upping their commitments to EVs and to net zero emissions
economies, with major policies emerging to better align the economy
with more ambitious climate agendas. As industries follow suit, the
transition to the electrification of transport and mobility systems
remains a focal point globally.
One of the greatest barriers to the scale up of EV charging is
the permitting and long timelines to handle the increasing demands
resulting from wide-spread rapid charging needs. ADS-TEC Energy's
technology platforms are extraordinary in their ability to provide
ultra-fast charging capabilities on the existing infrastructure by
using batteries as buffers between the grid and the vehicle.
Specifically, ADS-TEC platforms charge slowly from the low voltage
grid, and then deliver stored energy to electric vehicles at
ultra-fast rates of up to 320 kilowatts.
Innovative solutions like the ones from ADS-TEC Energy can also
address "range anxiety" and provide consumers with the ability to
charge their cars fast, and conveniently. The ultra-fast charging
solutions mean that consumers can charge their cars in minutes
instead of hours.
"ADS-TEC Energy technology has helped to accelerate our
ultra-fast charging network deployment. It consists of High Power
Charging Stations connected to the middle voltage grid, where up to
10 EVs will be charged at ultra-fast rates, and those connected to
the low voltage grid with ADS-TEC technology, where up to 4 EVs
will be charged at ultra-fast rates. All of them will provide the
best charging experience in Spain.
The opening of these stations will contribute to speed up the
transition to electric mobility in Spain," said the Business Development Manager
for Public Charging of the Customer.
"We are delighted to work with the Customer to help them achieve
their ambitious goals for electric mobility and provide customers
with convenient and reliable charging solutions, said Thomas Speidel, CEO of ADS-TEC Energy. "With our
innovative battery-buffered technology, their customers can quickly
have access to ultra fast charging technology in areas that
otherwise would require substantial infrastructure enhancements.
Together, we are delivering a major consumer experience that will
allow drivers to travel 100km within minutes of charge, while at
the same time providing real solutions that directly address
climate change."
The first ChargeBox units are already delivered and
will be installed on main motorways of Spain, and others will follow in the next few
months. The ultra-fast charging stations will be open to the public
and accessible around the clock.
On August 11, 2021, ADS-TEC Energy
and European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG)
("EUSG"), a publicly traded special purpose acquisition company
focused on identifying Europe-based, high growth, technology-enabled
businesses that utilize green technologies, announced that they
entered into a definitive agreement relating to a business
combination that would result in ADS-TEC Energy becoming a public
company upon the closing of the transaction. ADS-TEC Energy also
announced its intention to list on the Nasdaq Capital Market
("Nasdaq") upon the closing of the business combination. The
combined company will be called ADS-TEC Energy plc and its ordinary
shares and warrants are expected to list on Nasdaq under the new
ticker symbols "ADSE" and "ADSEW", respectively. In connection with
the business combination, EUSG secured commitments of a fully
subscribed $156 million Private
Investment in Public Equity ("PIPE") at $10 per share, that is anticipated to close one
business day prior to the business combination.
About ADS-TEC Energy
ADS-TEC Energy is a company of
ADS-TEC group, and is part-owned by Bosch Thermotechnik GmbH
("Bosch"). The Company is headquartered in Nürtingen near
Stuttgart (Germany), with a production site near Dresden
(Germany). ADS-TEC Energy is
drawing on more than ten years of experience with lithium-ion
technologies, storage solutions and fast charging systems,
including the corresponding energy management systems. Its battery
based fast charging technology enables electric vehicles to
ultrafast charge even on low powered grids and features a very
compact design. The high quality and functionality of the battery
systems are due to a particularly high depth of development and
in-house production. With its advanced system platforms,
ADS-TEC Energy is a valuable partner for automotive, OEMs, utility
companies, and charge-operators.
About European Sustainable Growth Acquisition
Corp.
EUSG is a blank check company formed for the purpose
of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. EUSG intends to concentrate its efforts on
identifying Europe-based, high
growth, technology-enabled businesses that utilize green
technologies, aligning with ESG principles and the UN Sustainable
Development Goals, and addressing consumer preferences for
lifestyles driven by sustainability. The Company is sponsored by a
team led by its Chairman, Lars
Thunell, and a management team led by Co-CEOs Pieter Taselaar and Matheus (Thijs) Hovers,
President Karan Trehan and board
members Wilco Jiskoot and
Elaine Grunewald, and advisors
Marc Rothfeldt, Bazmi Husain,
Fredrik Ljungström, Jonathan Copplestone, and Aaron Greenberg is chief strategy officer.
Forward-Looking Statements
The information included
herein and in any oral statements made in connection herewith
include "forward-looking statements" within the meaning of Section
27A of the Securities Act, and Section 21E of the Exchange Act. All
statements, other than statements of present or historical fact
included herein, regarding the proposed merger of European
Sustainable Growth Acquisition Corp., an exempted company
incorporated in the Cayman Islands
with limited liability under company number 367833 ("EUSG") into
EUSG II Corporation, an exempted company incorporated in the
Cayman Islands with limited
liability under company number 379118 ("EUSG II") and the proposed
acquisition of the shares of ads-tec Energy GmbH, based in
Nürtingen and entered in the commercial register of the Stuttgart
Local Court under HRB 762810 ("ADS-TEC Energy") by ads-tec Energy
plc, an Irish public limited company duly incorporated under the
laws of Ireland and a wholly owned
subsidiary of EUSG ("Irish Holdco"), Irish Holdco's and EUSG's
ability to consummate the transaction, the expected closing date
for the transaction, the benefits of the transaction and Irish
Holdco's future financial performance following the transaction, as
well as Irish Holdco's and EUSG's strategy, future operations,
financial position, estimated revenues, and losses, projected
costs, prospects, plans and objectives of management are forward
looking statements. When used herein, including any oral statements
made in connection herewith, the words "outlook," "believes,"
"expects," "potential," "continues," "may," "will," "should,"
"could," "seeks," "approximately," "predicts," "intends," "plans,"
"estimates," "anticipates," the negative of such terms and other
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Irish Holdco and EUSG disclaim any duty to
update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date hereof. Irish Holdco and EUSG caution
you that these forward-looking statements are subject to risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Irish Holdco and EUSG. These risks
include, but are not limited to, (1) the inability to complete the
transactions contemplated by the proposed business combination; (2)
the inability to recognize the anticipated benefits of the proposed
business combination, which may be affected by, among other things,
competition, and the ability of the combined business to grow and
manage growth profitably; (3) risks related to the rollout of
ADS-TEC Energy's business and expansion strategy; (4) consumer
failure to accept and adopt electric vehicles; (5) overall demand
for electric vehicle charging and the potential for reduced demand
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated; (6) the possibility that
ADS-TEC Energy's technology and products could have undetected
defects or errors; (7) the effects of competition on ADS-TEC
Energy's future business; (8) the inability to successfully retain
or recruit officers, key employees, or directors following the
proposed business combination; (9) effects on Irish Holdco's public
securities' liquidity and trading; (10) the market's reaction to
the proposed business combination; (11) the lack of a market for
Irish Holdco's securities; (12) Irish Holdco's financial
performance following the proposed business combination; (13) costs
related to the proposed business combination; (14) changes in
applicable laws or regulations; (15) the possibility that the novel
coronavirus ("COVID-19") may hinder ADS-TEC Energy's and EUSG's
ability to consummate the business combination; (16) the
possibility that COVID-19 may adversely affect the results of
operations, financial position and cash flows of ADS-TEC Energy,
Irish Holdco or EUSG; (17) the possibility that ADS-TEC Energy or
EUSG may be adversely affected by other economic, business, and/or
competitive factors; and (18) other risks and uncertainties
indicated from time to time in documents filed or to be filed with
the SEC by EUSG. Should one or more of the risks or uncertainties
described herein and in any oral statements made in connection
therewith occur, or should underlying assumptions prove incorrect,
actual results and plans could differ materially from those
expressed in any forward-looking statements. Additional information
concerning these and other factors that may impact Irish Holdco's
and EUSG's expectations and projections can be found in EUSG's
initial public offering prospectus, which was filed with the SEC on
January 22, 2021. In addition, EUSG's
periodic reports and other SEC filings are available publicly on
the SEC's website at http://www.sec.gov.
No Offer or Solicitation
This communication is for
informational purposes only and shall not constitute an offer to
sell or the solicitation of an offer to buy any securities pursuant
to the proposed business combination or otherwise, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
Additional Information about the Business Combination and
Where to Find It
This communication does not constitute an
offer to sell or the solicitation of an offer to buy any securities
or a solicitation of any vote or approval.
In connection with the proposed business combination, Irish
Holdco, filed a registration statement on Form F-4, which includes
the preliminary prospectus of Irish Holdco and a preliminary proxy
statement of EUSG, with the SEC on October
18, 2021. Irish Holdco and EUSG will file other relevant
materials with the SEC in connection with the proposed business
combination. Investors and security holders of EUSG are urged to
read the proxy statement/prospectus and the other relevant
materials before making any voting or investment decision with
respect to the proposed business combination because they will
contain important information about the business combination and
the parties to the business combination. After the registration
statement has been declared effective by the SEC, EUSG will mail a
definitive proxy statement/prospectus and other relevant documents
to its shareholders. INVESTORS AND SHAREHOLDERS OF EUSG ARE URGED
TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS
AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE
PROPOSED BUSINESS COMBINATION, WHICH ARE FILED WITH THE SEC,
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS
COMBINATION. Investors and shareholders will be able to obtain free
copies of the materials filed by Irish Holdco and EUSG with the SEC
at the SEC's website at www.sec.gov.
Participants in the Solicitation
Irish Holdco, EUSG,
Bosch, ADS-TEC Holding GmbH, and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of EUSG in connection
with the proposed transaction. You can find more information about
EUSG's directors and executive officers in EUSG's initial public
offering prospectus, which was filed with the SEC on January 22, 2021, and its Forms 10-Q filed with
the SEC. Additional information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests is included in the proxy statement/prospectus on file
with the SEC.
Shareholders, potential investors and other interested persons
should read the proxy statement/prospectus carefully before making
any voting or investment decisions. You may obtain free copies of
these documents from the sources indicated above.
Media Contacts:
Europe:
Antonia Stranzinger
ADS-TEC Energy
presse-energy@ads-tec.de
+49-7022-2522-2306
United States:
Stephannie Depa
Breakaway Communications
sdepa@breakawaycom.com
+1 530-864-0136
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