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ADS-TEC Energy GmbH, a Leading Ultra-fast Battery Charging Company, Enters into Joint Venture with Polar Structure ABNÜRTINGEN, Germany, and STOCKHOLM, Oct. 25, 2021 /PRNewswire/ -- ADS-TEC Energy GmbH ("ADS-TEC Energy" or "the Company"), a global leader in battery-buffered ultrafast charging technology, and Polar Structure AB ("Polar"), a platform for managing infrastructure related assets, today announced that they have entered into a Joint Venture Agreement under which Polar will be the preferred strategic distributor of ADS-TEC Energy technology platforms in the Nordic region. The Joint Venture is focused around 'infrastructure as a service,' a new type of business model founded around the buildout of various services for sustainable community development and commercial retail including electric vehicle charging infrastructure and battery storage systems. Polar, as part of the agreement, will place its first order of an ADS-TEC Energy charging system as well as a commercial battery system for e.g., peak shaving and ancillary services. "Our mission has always been to bridge the private and public spheres and help drive the transformation to a more sustainable society, and partnering with ADS-TEC Energy to bring their differentiated charging platforms to the Nordic market helps us achieve that goal" said Tobias Emanuelsson, CEO and Founder of Polar. "We are excited to work with the ADS-TEC Energy team to help deliver ultra-fast charging solutions and battery storage systems on service agreements to enable a more resilient and future-proofed energy infrastructure. "Polar is on the forefront of ensuring our infrastructure is positioned for the ongoing transition to an all-electric economy," said Thomas Speidel, CEO and Founder of ADS-TEC Energy. "The Nordics are leaders in building sustainable communities for the future, and as such, Polar represents an ideal partner that shares our vision and will help bring our industry-leading battery-buffered technology to the Nordic region, starting in Sweden. We are thrilled to create this Joint Venture and look forward to delivering our charging and battery technology platforms to new markets and customers." 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. Polar is an investor in the PIPE. About ADS-TEC Energy 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 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. The Company 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 project manager. About Polar Structure Polar Structure is an evergreen infrastructure investor that focuses on long-term ownership of infrastructure related assets ad companies across Europe with a holistic approach. We develop and manage sustainable infrastructure for the future and believe in the power of new technology and innovation to enable a green transition, drive long-term growth and a positive impact in society. In 2020, Polar Structure also started a foundation that supports social infrastructure development and research. Forward-Looking Statements No Offer or Solicitation Additional Information about the Business Combination and Where to Find It In connection with the proposed business combination, Irish Holdco, filed a registration statement on Form F-4, which includes the preliminary prospectus of Irish Holdco and a preliminary proxy statement of EUSG, with the SEC on October 18, 2021. Irish Holdco and EUSG will file other relevant materials with the SEC in connection with the proposed business combination. Investors and security holders of EUSG are urged to read the proxy statement/prospectus and the other relevant materials before making any voting or investment decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. After the registration statement has been declared effective by the SEC, EUSG will mail a definitive proxy statement/prospectus and other relevant documents to its shareholders. INVESTORS AND SHAREHOLDERS OF EUSG ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS COMBINATION, WHICH ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED 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 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. Contacts: For EUSG Media Contact (US): For ADS-TEC Energy (Media contact) For Polar View original content:https://www.prnewswire.com/news-releases/ads-tec-energy-gmbh-a-leading-ultra-fast-battery-charging-company-enters-into-joint-venture-with-polar-structure-ab-301407380.html SOURCE ADS-TEC Energy GmbH |