ADS-TEC Energy GmbH, a global leader in battery buffered ultrafast charging technology, and European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG), a publicly traded special purpose acquisition company focused on identifying Europe-based, high growth, technology-enabled businesses that utilize green technologies, today announced that they have entered into a definitive business combination agreement.  Upon the closing of the transaction the combined entity will be named ADS-TEC Energy and remain listed on the Nasdaq Capital Market.  

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.  To facilitate that expansion, ADS-TEC Energy intends to increase its US presence and operations.    

“Our vision is to provide platforms accompanied by long-term services that will accelerate the intelligent transition to an all-electric world, and we are excited to partner with EUSG to help us achieve that goal,” said Mr. Speidel.  “EUSG’s board has substantial experience building successful enterprises and a foundation ingrained in sustainable ESG investing.  With EUSG’s funding and expertise, combined with our existing investor base and strong client network, we believe will be able to expand our technology into the EU and U.S. markets, delivering charging speeds and capabilities that would otherwise not be possible on existing networks.  We will also work to ensure that EV charging is accessible to all, in line with sentiment expressed in the UN Sustainable Development Goals.”

More information about the Business Combination with EUSG and the Expansion and Scale-up of ADS-TEC Energy Platforms into European and US Markets can be found in our press release.