NÜRTINGEN, Germany and ROUSSET,
France, Dec. 14, 2021 /PRNewswire/ -- ADS-TEC Energy
GmbH ("ADS-TEC Energy" or "the Company") announces that PROVIRIDIS
buys ADS-TEC Energy's battery storage technology for smart
multi-energy filling stations in France. The storage systems in container
format supply each two fast charging points with their own PV
power, increase grid performance and smooth load peaks. Three
locations have been installed with this concept, and more are being
planned. ADS-TEC Energy is currently in a business combination
process with publicly listed European Sustainable Growth
Acquisition Corp. (NASDAQ: EUSG), expected to close 4Q 2021, at
which time the combined company is expected to trade on Nasdaq
(NASDAQ: ADSE).
PROVIRIDIS designs and constructs turnkey smart multi-energy
filling stations in France that
use gas and high-performance electricity instead of conventional
fuels. Thanks to its own solar power production with storage unit,
the company can achieve a cost-efficient power supply of ultra-fast
charging points (two with 200 kilowatts each), even with limited
grid connection. In the course of the mobility change, new business
models for filling stations are being tested.
The third filling station has been in operation since
September 23, 2021, in Fragnes La
Loyère (near Chalon-sur-Saone) in Eastern
France under the "V-GAS" brand. The first station is located
in the South of France in Plan
d'Orgon near Avignon, the second in Dourges near Lille in the North.
With V-GAS, PROVIRIDIS offers alternative fuels primarily for
freight transport with the aim of using them as ecologically,
efficiently and economically as possible. Currently, V-GAS focuses
mainly on the production of natural gas (in liquefied form as LNG
or as compressed CNG), but in the long term the focus will be on
hydrogen. At the same time, the brand is also focusing on
development of an EV-charging network under the brand name
Z-E-N (Zero Emission Network). The gas range is supplemented by
high-performance electricity, some of which is generated from the
company's own PV system. In order to make the electricity available
around the clock, it is temporarily stored in a battery storage
system (PowerBooster) from ADS-TEC Energy.
All components are connected in a kind of smart grid to be able
to smartly control production and demand. The compression systems
for gas and hydrogen require a lot of electricity in a very short
time and the two fast charging stations need a total of 400
kilowatts at full power. This results in high and costly power
peaks that are cushioned with the help of the battery system. The
storage system also helps to keep the connection power of the
filling station low (below 250 kVA), which has a further positive
effect on economic efficiency because the grid tariff is based on
the power level.
The three filling stations are initially pilot plants with which
the dimensioning of generation plants and storage facilities will
be tested and further optimized in terms of cost-effectiveness. The
first three PowerBooster systems from ADS-TEC Energy are equipped
with 280 kilowatts of power and 244 kilowatts of capacity. As
compact container systems, they contain all necessary components
such as battery unit, power electronics, air conditioning, control
technology as well as safety and energy management system.
PROVIRIDIS is very satisfied with the storage systems and
services and PROVIRIDIS' CEO, Eric
Ronco, is positive about the partnership with ADS-TEC
Energy: "We know the impact that the massive deployment of electric
charging stations will eventually have on the energy transmission
and distribution grid. We therefore decided very early to work
with
ADS-TEC Energy to deploy storage on our multi-energy stations and
thus develop efficient energy management solutions. The partnership
with ADS-TEC Energy is now taking shape with significant operating
gains."
ADS-TEC Energy is pleased with the cooperation and the
perspective offered by the intelligent filling station concept
V-GAS. CEO Thomas Speidel states:
"The mobility transformation can only succeed with an effective
expansion of fast charging stations.
We are delighted about the partnership with PROVIRIDIS and the
innovative filling station concept, in which our storage technology
plays a central role in advancing the CO2-neutral energy system of
the future."
Together with ADS-TEC Energy, PROVIRIDIS wants to discuss and
continuously improve the concept of sustainable and intelligent
filling stations. Both companies support the transition to a
CO2-neutral energy system and want to accelerate this process with
the help of their technologies.
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 PROVIRIDIS
PROVIRIDIS is setting up innovative
infrastructures for the distribution of clean fuels and energies to
meet environmental challenges. The group pursues a strategy of
energy mix, building on mature energy supply chains while at the
same time preparing new solutions.
By selling natural gas, biomethane, green electricity and hydrogen,
the company actively contributes to the implementation of the
energy transition in the transport sector.
More information on www.proviridis.fr
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.
More information on www.ads-tec-energy.com
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 chief strategy officer.
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.
A full description of the terms of the proposed business
combination is provided in the registration statement on Form F-4
filed with the SEC by Irish Holdco (as amended from time to time,
the "Registration Statement") that includes a prospectus with
respect to the Irish Holdco securities to be issued in connection
with the business combination and a proxy statement with respect to
the shareholder meeting of EUSG to vote on the business
combination. The Registration Statement was declared
effective by the SEC on December 7,
2021 and the definitive proxy statement/prospectus has been
mailed to EUSG's shareholders. Investors and security
holders of EUSG are urged to read the proxy statement/prospectus
and documents incorporated by reference therein before making any
voting or investment decision with respect to the proposed business
combination because they contain important information about the
business combination and the parties to the 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.
Media Contacts
Europe:
Antonia Stranzinger
ADS-TEC Energy
presse-energy@ads-tec.de
+49-7022-2522-2306
United States:
Stephannie Depa
Breakaway Communications
sdepa@breakawaycom.com
+1 530-864-0136
PROVIRIDIS:
Philippe Pardigon
philippe.pardigon@proviridis.fr
+33 6 40 66 29 97
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SOURCE ADS-TEC Energy