ADS-TEC Energy GmbH, leader in battery-buffered ultrafast charging technology, completes business combination with European Sustainable Growth Acquisition Corp..
ADS-TEC Energy GmbH (“ADS-TEC Energy” or “the Company”), a global leader in battery-buffered ultrafast charging technology, 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.
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.
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Thomas Speidel, Founder and CEO of ADS-TEC Energy.
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.
“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.”
Lars Thunell, Chairman of EUSG.
We are pleased to receive the overwhelming support of our shareholders.
“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.
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ADS-TEC Energy GmbH Completes Business Combination with European Sustainable Growth Acquisition Corp., NĂśRTINGEN, Germany and NEW YORK, December 23, 2021
