ADS-TEC Energy Closes Business Combination with SPAC.
MANews-(C)2009-2021
Germany-based battery-buffered ultrafast charging technology provider ADS-TEC Energy GmbH has completed its business combination with special purpose acquisition company European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG), the company said.
The business combination was approved by the board of directors of EUSG and ADS-TEC Energy, and approved by EUSG shareholders at an extraordinary general meeting held on December 21, 2021.
Approximately 94% of the votes cast were in favor of the business combination, representing approximately 67% of the EUSG ordinary shares outstanding at the time of the vote.
The combined company is named ADS-TEC Energy PLC and its ordinary shares and warrants will begin trading on NASDAQ on December 23, 2021 under the tickers "ADSE" and "ADSEW" respectively.
At a time when the world needs tangible and scalable solutions to climate change, ADS-TEC Energy's battery-buffered technology is meant to enable widespread, ultra-fast charging (up to 320 kW) on existing power-limited grids without additional infrastructure power upgrades.
ADS-TEC Energy said its electric vehicle charging platforms can offer operators in the future also the opportunity to generate multiple revenue streams, including advertising, grid services, swarm operations and intelligent distributed energy management.
In addition, the company's established commercial and industrial platforms offer customizable energy storage solutions that optimize energy management and enable a range of grid services for customers.
ADS-TEC Energy PLC's board of directors will be comprised by chairman Prof. Dr. Kurt J. Lauk, Founder and president of Globe CP GmbH and with a long history in the automotive sector, Joseph Brancato, chairman of Gensler, Bazmi Husain, former CTO of ABB, Salina Love, COO Ophir Holdings and...
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