Merger EUSG

Ads-tec to go public via merger with European sustainable growth corp

, SPAC research

ADS-TEC Energy GmbH , a global leader in battery buffered ultrafast charging technology, and European Sustainable Growth Acquisition Corp. 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. 

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 decades of experience with lithium-ion technologies, storage solutions and fast charging systems, including the corresponding energy management systems. Its new fast charging technology for electric vehicles has the potential to be transformative and features a unique compact design. An exceptional high integration depth enables high quality and functionality of the produced battery technology. Apart from the cells, all its components are developed and produced in-house. ADS-TEC Energy's high development depth and vertical integration makes it a valuable partner for automotive, OEMs, utility companies, and charge-operators.

The pro forma market capitalization of the combined company is approximately $580 million. EUSG has also secured commitments of a fully subscribed $156 million in a Private Investment in Public Equity ("PIPE") at $10 per share, that is anticipated to close one business day prior to the business combination. Investors in the PIPE include, amongst others, APG, Invesco, Polar Structure and SwedbankRobur. A portion of the proceeds from the PIPE will be used to fund the cash consideration required to effect the business combination. 

EarlyBirdCapital and ABN AMRO Securities (USA) LLC are serving as financial advisors to EUSG and placements agents in the PIPE. Carnegie Investment Bank is serving as a selling agent in the PIPE. Raymond James is serving as M&A advisor to EUSG and placement agent in the PIPE. The German KPMG member firm is serving as M&A advisor to ADS-TEC Energy. Reed Smith LLP is serving as lead legal counsel to EUSG, Arthur Cox is serving as legal advisor in Ireland and Maples Group is serving as legal advisor in the Cayman Islands to EUSG. CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB and Alston & Bird LLP are serving as legal advisors to ADS-TEC Energy.

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