ADS-TEC Energy GmbH, a global leader in battery-buffered ultrafast charging technology, has announced that it has completed its business combination with European Sustainable Growth Acquisition Corp. (“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.
“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.
