Limited grid capacity no longer an obstacle to fast
charging
Fast charging innovation makes ultra-fast charging of
electric cars possible everywhere
HEILOO, The Netherlands and
NÜRTINGEN, Germany, Dec. 15, 2021 /PRNewswire/ -- ADS-TEC Energy GmbH
("ADS-TEC Energy" or "the Company"), a global leader in
battery-buffered ultrafast charging technology, and GP Groot, a
Dutch wholesaler of fuels, gas and lubricants, operator of filling
stations and provider of fuel card services sign a distributor
contract for the Netherlands for
the ultra-fast charging solutions of ADS-TEC Energy. The ultra-fast
chargers are equipped with a booster battery that allows up to 320
kW ultra-fast charging even when connected to a power limited grid.
The roll-out of ultra-fast charging is expected to address the
growing problem of limited grid capacity. 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).
The number of electric passenger cars is expected to grow
enormously in the coming years. For the EV revolution to be
successful, this growth requires a corresponding increase in the
number of available charging points. According to the Netherlands
Enterprise Agency (RVO.nl), there are now some 202,000 private and
83,000 public charging points for electric cars in the Netherlands of which 1,250 with more than
100 kW. In nine years' time, in line with governmental plans, this
should be increased to 1.7 million. Despite the fact that the
demand for electricity will grow considerably in the coming years,
the Dutch electricity network has already reached maximum capacity
in many places. This is becoming an increasing limitation for the
scale up of EV charging. The ADS-TEC Energy ultra-fast charging
system enables ultra fast charging of 320 kW or 2 x 160 kW, even
with a limited input power. This provides 200 kilometers of range
within 10 minutes.
"With a view to the increasing electrification of the vehicle
fleet, we are going to provide our own gas station network with
fast chargers", says Pieter Talsma,
Director of GP Groot brandstoffen en oliehandel, of which NXT
Mobility is part. "The first inventory showed that in many
locations the capacity of the electricity grid is too limited to
install fast chargers. The shortage on the power grid will only
increase in the coming years. We even receive letters from the grid
operator stating that it is not possible to upgrade the existing
power connections in the coming years. This stops the much-needed
expansion of fast charging capacity and slows down the energy
transition. We looked for a solution and found it in the innovative
ultra-fast charging systems from ADS-TEC Energy."
GP Groot has been appointed by ADS-TEC Energy as the Dutch
distributor of its ultra-fast charging systems. GP Groot is aiming
to sell and deploy at least 50 of ADS-TEC Energy's ChargeBoxes in
the Netherlands during the first
year of the cooperation.
Thomas Speidel, CEO and Founder
of ADS-TEC Energy: "The
Netherlands is one of the most densely populated countries
in Europe and a country with
rapidly growing electric mobility. This leads to a corresponding
need for fast charging solutions throughout the country, not just
at central fast charging hubs.Our technology ensures ultra-high
charging speeds in places where there is insufficient grid
capacity, so it fits perfectly with the Dutch situation, which is
also typical in many countries and cities."
GP Groot offers the ADS-TEC Energy ultra-fast charging systems
through its subsidiary
NXT Mobility, which focuses on enabling sustainable mobility. NXT
Mobility will focus on the sale of ADS-TEC Energy ultra-fast
charging systems to, among others, gas stations, transport and taxi
companies, operators of fast charging networks and utility
companies.
Erik Metselaar, Business Manager
of NXT Mobility: "We believe that with the ADS-TEC Energy
ultra-fast charging systems we can start to address the growing
problem of limited grid capacity. Advanced battery technology
enables the system to generate five times more power than the grid
supplies. It charges like a power bank at low power and then
transfers the stored energy ultra-fast and up to 320 kW to electric
vehicles. The system is very compact and has enough capacity to
provide ultra-fast charging throughout the day in even the busiest
locations. In addition, the systems are competitive with
conventional fast chargers in terms of total lifetime costs and can
even be significantly cheaper to operate."
The first Dutch ADS-TEC Energy ultra-fast charging system will
soon be put into service at one of the NXT Mobility filling
stations.
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 NXT Mobility
NXT Mobility is part of GP Groot
group. Climate change and concerns about air quality make it
increasingly clear that we need to change the way we live and do
business. NXT Mobility is the full service, one-stop concept for
sustainable mobility. NXT offers charging solutions for electric
vehicles, less environmentally and climate-damaging fuels and
operates NXT Energy Hubs, the filling stations of the future.
About GP Groot brandstoffen en oliehandel
GP Groot
brandstoffen en oliehandel is a wholesaler of fuels, gas and
lubricants, operates filling stations and provides fuel card
services. With the brand concepts Argos, Total Energies and NXT,
more than 60 manned and unmanned filling stations are supplied and
operated. In addition to GP Groot inzameling, GP Groot recycling
and GP Groot infra en engineering, GP Groot brandstoffen en
oliehandel is one of the business units of GP Groot group. Since
1917, the family business has grown into a company with more than
1,100 employees. The activities within GP Groot group seem very
diverse, but have one goal in common: working together towards a
circular, energy-neutral and climate-proof future.
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 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
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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
NXT Mobility
Erik Metselaar
e.metselaar@gpgroot.nl
+31 6 22007633
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