NÜRTINGEN, Germany,
Oct. 7, 2021 /PRNewswire/
-- ADS-TEC Energy GmbH ("ADS-TEC Energy") (the "Company"), a
leading company in battery-buffered ultrafast charging
technology, today announced its expansion into the United States with the establishment of a
US subsidiary, and the appointment of a key executive for sales,
including the hiring of an experienced US sales team.
The establishment of a US subsidiary accelerates the Company's
planned expansion into the US, due to positive market momentum
around the EV ecosystem as well as significant potential customer
interest. As part of ADS-TEC Energy's expansion into the US,
the Company announced that John
Neville has joined as Chief Sales Officer and a member of
the executive management team. Mr. Neville is a seasoned
executive with a strong track record in building successful
emerging market organizations for over 30+ years.
"We are thrilled about the significant customer interest we
have received and pleased to be able to expand our business into
the US ahead of schedule to take advantage of the substantial
momentum we are seeing in our industry," said Mr.
Speidel. "Being able to add a successful and experienced
executive like John to help us undertake that expansion provides
testament to the institutional business we have built and to the
future of ADS-TEC Energy. I am excited to work with John, and
the rest of the ADS-TEC Energy team, as we continue to accelerate
the intelligent transition to an all-electric world."
"ADS-TEC Energy has developed truly differentiated technology
platforms that help address a major bottleneck in the transition to
e-mobility, and I am honored to have the opportunity to help
further their expansion and growth around the world," said Mr.
Neville. "This opportunity is a natural fit given my experience,
and I share the Company's mission of creating more sustainable
societies for the future."
As announced on August 11, 2021,
ADS-TEC Energy entered a business combination agreement with
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. A substantial portion
of the proceeds from the transaction will be used to accelerate the
expansion of ADS-TEC Energy's storage solutions, charging and
energy management platforms in the U.S. and Europe and continue the development and
enhancement of the company's existing technology platforms.
About John Neville
Mr.
Neville is a seasoned executive with a strong track record in
building successful emerging market organizations for over 30+
years. His experience ranges from startups to large
multinational corporations, including: Digital Equipment
Corporation (now HPE), Honeywell/Cox, Verizon, Arsenal Digital,
Terremark Worldwide, Ericsson, Adtran and Foghorn Systems. In
his role as CSO, Mr. Neville will be responsible for the rapid
deployment of high-performance charging infrastructure and energy
platforms on a global scale. He will operate in the US and
report directly to Thomas Speidel,
ADS-TEC Energy's Founder and CEO.
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 ultra
fast charge even on low powered grids and features a very compact
design. An exceptional high integration depth enables high quality
and functionality of the battery technology. 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
(EUSG)
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.
Contacts:
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
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 EUSG into EUSG II
Corporation, an exempted company incorporated in the Cayman Islands with limited liability under
company number 379118 ("New SPAC") and the proposed acquisition of
the shares of the Company 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 the
Company'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 the
Company's technology and products could have undetected defects or
errors; (7) the effects of competition on the Company'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 the Company'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 the Company, Irish
Holdco or EUSG; (17) the possibility that the Company 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.
Important Information for Investors and
Shareholders
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, has confidentially submitted a draft registration statement
on Form F-4 with the SEC, which draft includes a prospectus of
Irish Holdco and a proxy statement of EUSG. Irish Holdco and EUSG
also plan to confidentially submit or file other documents with the
SEC regarding the proposed transaction. After the registration
statement has been declared effective by the SEC, a definitive
proxy statement/prospectus will be mailed to the shareholders of
EUSG. 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 WILL BE 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 proxy statement/prospectus and other documents
containing important information about Irish Holdco and EUSG once
such documents are filed with the SEC, through the website
maintained by the SEC at http://www.sec.gov.
Participants in the Solicitation
Irish Holdco, EUSG,
Bosch Thermotechnik GmbH ("Bosch"), ADS-TEC Holding GmbH ("ADSH")
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.
Information about the directors and executive officers of EUSG is
set forth in EUSG's initial public offering prospectus, which was
filed with the SEC on January 22,
2021. Other information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement/prospectus and other relevant materials to be
filed with the SEC when they become available.
Additional Information about the Business Combination and
Where to Find It
In connection with the proposed business
combination, Irish Holdco has confidentially submitted a draft
registration statement on Form F-4 and will file a registration
statement on Form F-4 and the related proxy statement/prospectus
with the SEC. Additionally, Irish Holdco and EUSG will file other
relevant materials with the SEC in connection with the proposed
merger of EUSG into New SPAC and the proposed acquisition from
Bosch and ADSH of the shares of the Company by Irish Holdco. The
materials to be filed by Irish Holdco and EUSG with the SEC may be
obtained free of charge at the SEC's website at www.sec.gov.
Investors and security holders of EUSG are urged to read the proxy
statement/prospectus and the other relevant materials when they
become available 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.
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SOURCE ADS-TEC Energy GmbH