NÜRTINGEN, Germany and
NEW YORK, Dec. 23, 2021 /PRNewswire/ -- ADS-TEC Energy
GmbH ("ADS-TEC Energy" or "the Company"), a global leader in
battery-buffered ultrafast charging technology, today announced
that it has completed its business combination with European
Sustainable Growth Acquisition Corp. (NASDAQ: EUSG) ("EUSG"), a
publicly traded special purpose acquisition company focused on
identifying European-based, high growth, technology-enabled
businesses that utilize green technologies.
Company to be Named ADS-TEC Energy PLC and List on Nasdaq Under the
Ticker "ADSE"
The business combination was approved by the Board of Directors
of EUSG and ADS-TEC Energy, and approved by EUSG shareholders at an
extraordinary general meeting held on December 21, 2021. Approximately 94% of the votes
cast were in favor of the business combination, representing
approximately 67% of the EUSG ordinary shares outstanding at the
time of the vote. The combined company is named ADS-TEC Energy PLC
and its ordinary shares and warrants will begin trading on Nasdaq
on December 23, 2021 under the
tickers "ADSE" and "ADSEW" respectively.
"ADS-TEC Energy is now well positioned to expand the development
and deployment of our battery-buffered technology platforms
throughout European and U.S. markets," said Thomas Speidel, Founder and CEO of ADS-TEC
Energy. "We have already delivered hundreds of battery-buffered
ChargeBox platforms, and are rapidly expanding our reach to meet
the ever-growing need for ultra-fast charging capabilities and
deliver charging speeds that would otherwise not be possible
everywhere on existing grids."
"We are pleased to receive the overwhelming support of our
shareholders," said Lars Thunell,
Chairman of EUSG. "ADS-TEC Energy's battery-buffered technology
platforms are truly differentiated in the industry, enabling
ultra-fast charging speeds to be delivered and typically without
costly grid infrastructure upgrades. With this transaction
completed, the Company can continue its accelerated global
expansion that will contribute to the electrification of our
economy."
At a time when the world needs tangible and scalable solutions
to climate change, ADS-TEC Energy's battery-buffered technology
enables widespread, ultra-fast charging (up to 320 kW) on existing
power-limited grids without additional infrastructure power
upgrades. This allows for the introduction of ultra-fast charging
to previously unaddressed geographies and segments such as city
centers, remote and rural areas, helping to ensure more inclusive
access to EV charging. ADS-TEC Energy's electric vehicle charging
platforms can offer operators in the future also the opportunity to
generate multiple revenue streams, including advertising, grid
services, swarm operations and intelligent distributed energy
management. In addition, the Company's established commercial and
industrial platforms offer customizable energy storage solutions
that optimize energy management and enable a variety of grid
services for customers.
Leadership
ADS-TEC Energy PLC's Board of Directors will be comprised by
Chairman Prof. Dr. Kurt J. Lauk,
Founder and President of Globe CP GmbH and with a long history in
the automotive sector, Joseph
Brancato, Chairman of Gensler, Bazmi Husain, former CTO of
ABB, Salina Love, COO Ophir Holdings and Thomas Speidel, CEO and Founder of ADS-TEC
Energy. ADS-TEC Energy's management team will be led by Founder and
Chief Executive Officer Thomas
Speidel, who will continue to lead the combined company.
Hakan Konyar as CPO, John Neville as CSO and Dr. Thorsten Ochs as CTO complete the Management
Team.
Transaction Overview
The pro forma market capitalization of the combined company is
approximately $484 million, which
includes $152 million in EUSG's
Private Investment in Public Equity ("PIPE") at $10 per share that closed on December 21, 2021. A substantial portion of the
funds from the PIPE will be used to accelerate the development of
ADS-TEC Energy's charging platforms and continue to expand the
Company's reach into the United
States and Europe.
Advisors
EarlyBirdCapital and ABN AMRO Securities (USA) LLC served as financial advisors to EUSG
and placements agents in the PIPE. Carnegie Investment Bank served
as a selling agent in the PIPE. Raymond
James served as M&A advisor to EUSG and placement agent
in the PIPE. The German KPMG member firm served as M&A advisor
to ADS-TEC Energy. Reed Smith LLP served as lead legal counsel to
EUSG, Arthur Cox served as legal
advisor in Ireland and Maples
Group served as legal advisor in the Cayman Islands to EUSG and CMS Hasche
Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB
supported by Alston & Bird LLP served as legal advisors to
ADS-TEC Energy.
Forward-Looking Statements
This press release contains
certain forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Exchange Act,
including, but not limited to, statements regarding ADS-TEC Energy
PLC's proposed business and business model, the markets and
industry in which ADS-TEC Energy PLC and its subsidiaries
(collectively, the "ADSE Group") intend to operate, the anticipated
timing of the commercialization and launch of the ADSE Group's
business and appointments to ADS-TEC Energy PLC's board and
management.
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, ADS-TEC Energy PLC disclaims 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. ADS-TEC Energy PLC 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 ADS-TEC Energy PLC. These risks
include, but are not limited to, (1) risks related to the rollout
of ADS-TEC Energy PLC's business and expansion strategy; (2)
consumer failure to accept and adopt electric vehicles; (3) 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; (4) the possibility
that ADS-TEC Energy PLC's technology and products could have
undetected defects or errors; (5) the effects of competition on
ADS-TEC Energy PLC's future business; (6) the inability to
successfully retain or recruit officers, key employees, or
directors following the business combination; (7) changes in
applicable laws or regulations; (8) the possibility that the novel
coronavirus ("COVID-19") may adversely affect the results of
operations, financial position and cash flows of ADS-TEC Energy
PLC; (9) the possibility that ADS-TEC Energy PLC may be adversely
affected by other economic, business, and/or competitive factors;
and (10) other risks and uncertainties indicated from time to time
in documents filed or to be filed with the SEC by ADS-TEC Energy
PLC. 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 ADS-TEC Energy PLC's
expectations and projections can be found in ADS-TEC Energy PLC's
periodic reports and other SEC filings that are available publicly
on the SEC's website at http://www.sec.gov.
About ADS-TEC Energy
ADS-TEC Energy Inc. is a US subsidiary of ADS-TEC Energy GmbH.
ADS-TEC Energy GmbH is a subsidiary of ADS-TEC Energy, a
public-listed company in Ireland
and on NASDAQ. 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.
More information on www.adstec-energy.com
Contacts:
United States:
Barbara Hagin
Breakaway Communications
bhagin@breakawaycom.com
+1 408-832-7626
Scott Gamm
Strategy Voice Associates
scott@strategyvoiceassociates.com
+1 917-626-9515
Europe:
Burkhard Leschke Brand Relations GmbH
Burkhard Leschke
b.leschke@blbr.de
+49 16093803331
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SOURCE ADS-TEC Energy