NÜRTINGEN, Germany – Wenea, an operator of electric vehicle charging points that is building the largest ultra-fast charging grid in Spain, and ADS-TEC Energy, a company that develops and produces energy solutions and fast charging systems based on battery storage technologies, are announcing that they will increase the power of an initial 11 Wenea charging points located in Spain. The first 11 locations have been defined and additional sites are planned.
This summer, Wenea and ADS-TEC Energy signed an agreement to upgrade the power of charging points in Spain using ADS-TEC Energy’s battery buffered solution, PowerBooster. The first 11 locations are fixed, and further locations are in the planning stage. The first charging point is already in operation. The PowerBooster, an outdoor battery system with a capacity of 120 kWh, is providing enough power to operate a fast charging station in urban sites. As is the case in many urban environments, the grid capacity is not sufficient to support high-performance fast charging, and therefore Wenea and ADS-TEC intend to equip additional locations in Spain with battery buffered systems throughout the year.
Wenea, the Spanish operator of charging infrastructures that is deploying the largest ultra-fast charging grid in the country, is partnering with ADS-TEC Energy, a company specialized in the development of advanced solutions of battery technologies for more than ten years, to solve one of the greatest bottlenecks to ultrafast charging: ill-equipped power grids. As a result of this agreement, electric vehicle users will be able to easily charge their vehicles at full power even in areas where the power grid is too weak. ADS-TEC Energy’s storage solutions are connected directly to the 400 volt power grid and load the power to the battery slowly like a large power bank. When an electric vehicle arrives for charging, the stored energy is “boosted” into high-power electricity and discharged into the vehicle battery in the shortest possible time.
“Thanks to the services provided by ADS-TEC Energy’s batteries, Wenea chargers in places where there is not enough grid power can deliver all the necessary energy to our customers’ electric vehicles,” says Alberto Cantero, CEO of Wenea.
Growing market in Spain
Legislative changes and the awareness that the population is gradually shifting over to electric vehicles are turning everything related to mobility towards the electric sector. In Spain in 2020, 4.21% of vehicles were electric vehicles, according to ANFAC data. “Although this is data that is still far from the registrations of combustion vehicles, in reality you can see very clearly the growth of the sector” says Alberto Cantero, CEO of Wenea. Since 2016, electric vehicle registrations have multiplied 11 times according to European Alternative Fuels Observatory (EAFO) data.
“In less than ten years (2030), there will be a fleet of five million electric vehicles in Spain”, Cantero continues, citing the forecasts of the Spanish Government’s National Integrated Energy and Climate Plan (PNIEC).
Thomas Speidel, CEO of ADS-TEC Energy, notes: “Electromobility is becoming visible, and people want to be able to charge fast everywhere. We are happy to make this possible in places with limited grid capacity in Spain with our battery storage systems.”
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.
