NÜRTINGEN, Germany,
Nov. 8, 2021 /PRNewswire/
-- ADS-TEC Energy GmbH ("ADS-TEC Energy" or "the Company"), a
global leader in battery-buffered ultrafast charging technology,
today announced its support for the COP26 Presidency declaration that targets a net
zero emission future by 2030/2035. The Company, in partnership with
Porsche AG, also announced it will be hosting a demonstration of
its 2.1 MW ChargeTrailer with all-electric Porsche Taycan models
charging at COP26 Transport Day on
November 10 at Glasgow
Airport.
ADS-TEC Energy's battery-buffered technology platforms enable
ultra-fast charging on existing low to medium capacity power grids,
allowing for wide-spread integration of ultra-fast charging in
areas where otherwise it would not be possible. The Company's
High Power ChargeTrailer is, to the Company's knowledge, one of the
most powerful mobile high power charging systems, with capacity to
simultaneously charge 10 electric vehicles at 320 KW each.
Its functionality is designed to provide ultra-fast
charging speeds for larger vehicle fleets in areas with limited
power supply. The demonstration of the Mobile High Power
ChargeTrailer and all-electric Porsche Taycans, which is open to
the public and will be co-hosted by Porsche, will be held in full
view of the M8 at the front entrance to the Glasgow
Airport.
"On behalf of ADS-TEC Energy I am happy to support the
COP26 Presidency's declaration on
accelerating the transition to 100% zero emission cars," said
Thomas Speidel, Founder and CEO of
ADS-TEC Energy. "Rapid global adoption of zero-emission vehicles is
vital to meet the goals of the Paris Agreement on climate change,
and this transformation will not be possible without convenient,
ultrafast charging. We are excited to be partnering with Porsche
and to have the opportunity to demonstrate our ultra-fast charging
capabilities at COP26 Transport Day.
Our vision is to help accelerate the intelligent transition to an
all-electric world, and our battery-buffered technology allows for
a more rapid and effective transition to Zero Emission
Vehicles."
ADS-TEC Energy recently issued a White Paper on the adoption of
electric vehicles and charging technology, which was released in
conjunction with the Company's participation in the Electric
Vehicle Display hosted on October 20
by the Electrification Coalition, CHISPA and Plug In America at the
U.S. DOT Headquarters. The full text of the White Paper can be
found here -
https://www.ads-tec-energy.com/fileadmin/download/doc/company/Energy_Whitepaper_EN_10-2021.pdf.
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. In connection with the business
combination, EUSG secured commitments of a fully subscribed
$156 million Private Investment in
Public Equity ("PIPE") at $10 per
share, that is anticipated to close one business day prior to the
business combination.
About ADS-TEC Energy
ADS-TEC Energy is a company of ADS-TEC group, and is part-owned
by Bosch Thermotechnik GmbH. 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
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.
About European Sustainable Growth Acquisition Corp.
The Company 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:
Media Contact (US):
Steve Bruce/Taylor Ingraham
ASC Advisors
(203) 992-1230
tingraham@ascadvisors.com
For ADS-TEC Energy (Media contact)
Antonia Stranzinger
presse-energy@ads-tec.de
+49-7022-2522-2306
Investor Contact
Aaron Greenberg
Chief Strategy Officer for EUSG
+1 (612) 716-5870
info@esgrowthpartners.com
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SOURCE ADS-TEC Energy GmbH