NÃœRTINGEN, Germany – ADS-TEC Energy GmbH, a leader in battery-buffered ultra-fast charging technology, today announced that it has entered into a purchase agreement with one of Europe’s largest energy suppliers (the “Customer”) to have ultra-fast charging systems from ADS-TEC Energy operating in Spain by the end of the year. This agreement is part of the Customer’s plan to deploy a comprehensive public charging network in the country. ADS-TEC Energy is currently in a merger process with publicly listed European Sustainable Growth Acquisition Corp, expected to close 4Q 2021.
Europe and other major economies like the United States are upping their commitments to EVs and to net zero emissions economies, with major policies emerging to better align the economy with more ambitious climate agendas. As industries follow suit, the transition to the electrification of transport and mobility systems remains a focal point globally.
One of the greatest barriers to the scale up of EV charging is the permitting and long timelines to handle the increasing demands resulting from wide-spread rapid charging needs. ADS-TEC Energy’s technology platforms are extraordinary in their ability to provide ultra-fast charging capabilities on the existing infrastructure by using batteries as buffers between the grid and the vehicle. Specifically, ADS-TEC platforms charge slowly from the low voltage grid, and then deliver stored energy to electric vehicles at ultra-fast rates of up to 320 kilowatts.
Innovative solutions like the ones from ADS-TEC Energy can also address “range anxiety” and provide consumers with the ability to charge their cars fast, and conveniently. The ultra-fast charging solutions mean that consumers can charge their cars in minutes instead of hours.
“ADS-TEC Energy technology has helped to accelerate our ultra-fast charging network deployment. It consists of High Power Charging Stations connected to the middle voltage grid, where up to 10 EVs will be charged at ultra-fast rates, and those connected to the low voltage grid with ADS-TEC technology, where up to 4 EVs will be charged at ultra-fast rates. All of them will provide the best charging experience in Spain. The opening of these stations will contribute to speed up the transition to electric mobility in Spain,” said the Business Development Manager for Public Charging of the Customer.
“We are delighted to work with the Customer to help them achieve their ambitious goals for electric mobility and provide customers with convenient and reliable charging solutions, said Thomas Speidel, CEO of ADS-TEC Energy. “With our innovative battery-buffered technology, their customers can quickly have access to ultra fast charging technology in areas that otherwise would require substantial infrastructure enhancements. Together, we are delivering a major consumer experience that will allow drivers to travel 100km within minutes of charge, while at the same time providing real solutions that directly address climate change.”
The first ChargeBox units are already delivered and will be installed on main motorways of Spain, and others will follow in the next few months. The ultra-fast charging stations will be open to the public and accessible around the clock.
On August 11, 2021, ADS-TEC Energy and European Sustainable Growth Acquisition Corp., a publicly traded special purpose acquisition company focused on identifying Europe-based, high growth, technology-enabled businesses that utilize green technologies, announced that they 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.
