Filed
by Ads-Tec Energy Public Ltd Co
Pursuant
to Rule 425 under the Securities Act of 1933
and
deemed filed pursuant to Rule 14a-12
of
the Securities Exchange Act of 1934
Subject
Company: European Sustainable Growth Acquisition Corp.
(Commission
File No. 001-39917)
Commission
File No. for related Registration Statement: 333-260312
Press release
Nürtingen, 2 November 2021
Wenea and ADS-TEC Energy sign an agreement to build fast charging
stations in Spain using battery systems
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.
About Wenea
Wenea's
mission is to lead the transition to sustainable mobility with the goal of Zero Emissions. To do this, they are developing the largest
ultra-fast charging network in the country, which can be accessed by any user from their mobile application. Wenea offers a complete portfolio
of solutions for electric vehicle charging for companies, individuals and public bodies.
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 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.
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.
Press Contacts:
For ADS-TEC Energy (Media Contact)
Antonia Stranzinger
presse-energy@ads-tec.de
+49-7022-2522-2306
For Wenea
Victor Fernández
victor.fernandez@diggia.com
(+34) 648 86 73 80
Media Contact (US):
Steve Bruce/Taylor Ingraham
ASC Advisors
(203) 992-1230
tingraham@ascadvisors.com
Photo: Wenea
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.
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