- Press Releases
August 12 (Renewables Now) - German energy storage technology company Ads-Tec Energy GmbH has agreed to combine with blank check firm European Sustainable Growth Acquisition Corp (NASDAQ:EUSG) and go public in the US in a push to secure financing for the expansion of its technology.
The combination will create a Nasdaq-listed company with a market capitalisation of USD 580 million (EUR 494.9m) that will operate as Ads-Tec Energy, the two companies said on Wednesday.
A total of USD 156 million will be provided by investors including APG, Invesco and Polar Structure as well as investors in the blank check company and Ads-Tec's owners as part of private investment in public equity, or PIPE, and part of the proceeds will be used to fund the merger.
Ads-Tec is currently controlled by the von Speidel family, who owns a 61% stake, while the rest is held by engineering group Bosch.
The transaction is subject to approval by EUSG's shareholders and is expected to close in the last quarter of 2021.
Based in Nuertingen near Stuttgart, Ads-Tec develops energy management technology platforms that enable ultrafast charging of electric vehicles on existing power-limited grids without additional infrastructure power upgrades. The company has a production site near Dresden.
The merger will provide fresh capital to Ads-Tec to expand its storage solutions and charging and energy management platforms in Europe and the US as well as to expand its presence in the US.
EUSG, a special purpose acquisition company (SPAC), raised USD 125 million in its initial public offering (IPO) in January with the purpose of acquiring a Europe-based technology-enabled business that utilises green technologies.
(USD 1 = EUR 0.853)