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ADS-TEC Energy GmbH has successfully completed its business combination with European Sustainable Growth Acquisition Corp. (EUSG), approved by approximately 94% of EUSG shareholders. The new entity, ADS-TEC Energy PLC, will trade on Nasdaq under the ticker ADSE, with a pro forma market capitalization of about $484 million, including a $152 million PIPE investment. This merger aims to enhance ADS-TEC's battery-buffered ultrafast charging technologies, facilitating expansion into U.S. and European markets to meet the growing electric vehicle charging needs.
ADS-TEC Energy has entered into a distribution agreement with GP Groot in the Netherlands to deploy ultra-fast charging technology. This system allows charging rates of up to 320 kW even on power-limited grids, addressing capacity issues in the Dutch electricity network. GP Groot aims to sell at least 50 charging units in the first year. The partnership aligns with the expected growth of electric vehicles, as the Netherlands plans to increase charging points significantly. The business combination with European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG) is anticipated to close in Q4 2021.
On December 14, 2021, ADS-TEC Energy announced that PROVIRIDIS acquired its battery storage technology for smart multi-energy filling stations in France. These systems enhance grid performance and support solar energy utilization at fast charging points. Currently, three installations are operational, with plans for more. As ADS-TEC Energy prepares for a business combination with European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG), anticipated to close in Q4 2021, the combined entity is set to trade on Nasdaq as ADS-TEC Energy plc under ticker ADSE.
ADS-TEC Energy has signed a purchase agreement with a major European energy supplier to deploy ultra-fast charging systems in Spain by year's end. This initiative is part of the supplier's plan to create a public charging network. The merger with European Sustainable Growth Acquisition Corp (NASDAQ: EUSG) is expected to close in Q4 2021, paving the way for ADS-TEC Energy to become publicly listed. The company secured a $156 million PIPE investment, facilitating growth in the electric vehicle charging sector, which aims to address 'range anxiety' and expedite the transition to electric mobility.
ADS-TEC Energy has received an initial order from Smart City Capital for 20 ultrafast charging units to be installed in the Miami Dade area, effective November 19, 2021. A Letter of Intent for 180 additional units for 2022 has also been signed. This partnership aims to enhance EV charging infrastructure in urban areas, leveraging ADS-TEC's battery-buffered technology for rapid charging on low-powered grids. The collaboration is expected to positively impact ADS-TEC's 2022 performance as they expand their operations in the U.S., aiming for sustainability and reduced operating costs.
ADS-TEC Energy announced its support for the COP26 Presidency declaration, aiming for net-zero emissions by 2030/2035. Partnering with Porsche AG, the company will showcase its 2.1 MW ChargeTrailer at COP26, enabling ultra-fast charging for electric vehicles. The ChargeTrailer can charge 10 vehicles simultaneously at 320 KW each, addressing the need for fast charging in low-capacity power grids. Additionally, a definitive agreement was made for ADS-TEC Energy to become publicly traded through a merger with European Sustainable Growth Acquisition Corp (NASDAQ: EUSG), with a PIPE investment of $156 million anticipated.
ADS-TEC Energy and Polar Structure AB announced a Joint Venture Agreement to distribute ADS-TEC's ultrafast charging technology in the Nordic region. This partnership focuses on 'infrastructure as a service' for sustainable community development and includes the first order for charging and battery systems. The collaboration aims to enhance electric vehicle charging infrastructure. Additionally, ADS-TEC is set to go public via a merger with European Sustainable Growth Acquisition Corp. (EUSG), having secured $156 million in a Private Investment in Public Equity (PIPE) at $10 per share.
ADS-TEC Energy has partnered with Smart City Capital to provide EV charging technology for future smart city developments in South Florida. This collaboration aims to reduce operating costs through unique financing strategies that leverage federal, state, and local subsidies. The initiative is designed to accelerate sustainability goals and promote EV adoption by offering ultrafast charging solutions. Additionally, ADS-TEC Energy is set to become a public company through a merger with European Sustainable Growth Acquisition Corp. (EUSG), with shares expected to list on Nasdaq under new ticker symbols.
ADS-TEC Energy GmbH and European Sustainable Growth Acquisition Corp. (EUSG) have filed a registration statement with the SEC for their business combination. Upon closure, the combined entity will operate as ADS-TEC Energy, trading on Nasdaq under the symbols ADSE and ADSEW. The transaction is expected to finalize in Q4 2021, pending shareholder approval and SEC clearance. A PIPE financing of $156 million has been secured, ensuring a minimum of $150 million in cash at closing, which is critical for the merger.
ADS-TEC Energy announced its expansion into the United States by establishing a subsidiary and appointing John Neville as Chief Sales Officer. This strategic move capitalizes on the positive momentum in the EV ecosystem and significant customer interest. The company’s growth will be supported by proceeds from its merger with European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG), aimed at enhancing charging and energy management solutions. The expansion is expected to accelerate the transition to electric mobility.
