NÜRTINGEN, Germany, and
FORT LAUDERDALE, Fla.,
Oct. 20, 2021 /PRNewswire/
-- ADS-TEC Energy GmbH ("ADS-TEC Energy" or "the Company"), a
global leader in battery-buffered ultrafast charging technology,
and Smart City Capital ("SCC"), a leading provider of technology
turnkey solutions, integration, and financing for the creation of
smart and sustainable cities, have entered into an agreement that
positions ADS-TEC Energy to become a leading provider of EV
charging technology in future smart city developments.
Initially, Smart City Capital and ADS-TEC Energy are partnering
to create one of the most comprehensive smart cities in the U.S. in
one of south Florida's largest
counties. The partnership approach includes unique financing
elements that tap into federal, state and local subsidies and the
benefits of bundling multiple services, such as EV charging
together with broadband services, with the aim of reducing
operating costs such as fuel and maintenance, combined with more
efficient infrastructure upgrades and new revenue opportunities
with EV charging. The initiative aims to create a comprehensive and
affordable solution that will provide a framework for future
rollouts and is attractive for cities to more quickly reach their
sustainability and carbon reduction goals, and accelerate climate
action, while reducing financing burdens.
"Smart City Capital is a master integration partner in the smart
cities space, and we are thrilled to partner with them as their
primary provider of ultra-fast charging technology," said
Thomas Speidel, CEO and Founder of
ADS-TEC Energy. "Specifically, they bring a proven ability to
create public private partnerships with local municipalities, state
and federal governments and major corporations to bring the
funding, engineering and installation resources and support
solutions for sustainability initiatives and the migration to a
net-zero world. We look forward to working with them to help
accelerate the transition to an all-electric world."
"ADS-TEC Energy shares our goal of accelerating the shift to a
carbon neutral economy, and are the ideal charging technology
provider for our smart cities moving forward," said Oscar Bode, CEO at SCC. "Their decentralized,
battery-buffered platforms are critical in the evolution and
development of urban energy infrastructure and will bring ultrafast
charging into our future smart-cities, incentivizing EV adoption by
providing faster charging times and more accessibility to charging
stations."
The importance of this partnership and the benefits of ADS-TEC
Energy's charging platforms is highlighted in the Company's new
White Paper, which was released today. The White Paper can be found
here:
https://www.ads-tec-energy.com/fileadmin/download/doc/company/Energy_Whitepaper_EN_10-2021.pdf.
The White Paper was released today in conjunction with ADS-TEC
Energy and SCC's participation in the Electric Vehicle Display
hosted today at the U.S. DOT Headquarters by the Electrification
Coalition, CHISPA and Plug In America. The event, which runs
through October 21, was attended by
Transportation Secretary Pete
Buttigieg and included a demo of ADS-TEC Energy's Chargebox
EV charging solution.
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, 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.
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
ultra-fast 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 Smart City Capital
Smart City Capital
specializes in impact investing, public private partnerships, and
long term economic growth through innovative financing and service
bundling. SCC invests, builds and manages a diverse range of Smart
City, infrastructure & QOZ projects to support sustainable
economic development. In all its work, SCC's goal is to
create inclusive, smart city project accelerators.
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 project manager.
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.
Contacts:
For Smart City Capital:
Oscar Bode
obode@smartcitycapital.net
For ADS-TEC Energy (Media contact)
Antonia Stranzinger
presse-energy@ads-tec.de
+49-7022-2522-2306
Media Contact (US):
Steve Bruce/Taylor Ingraham
ASC Advisors
(203) 992-1230
tingraham@ascadvisors.com
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SOURCE ADS-TEC Energy GmbH