Benzinga | Oct 21, 2021 12:10PM EDT

European Sustainable Growth Acquisition M&A Partner ADS-TEG Selected By Smart City Capital As Its Leading EV Charging Supplier

ADS-TEC Energy GmbH ("ADS-TEC Energy" or "the Company"), a global leader in battery-buffered ultrafast charging technology, and Smart City Capital ("SCC"), a leading provider of technology turnkey solutions, integration, and financing for the creation of smart and sustainable cities, have entered into an agreement that positions ADS-TEC Energy to become a leading provider of EV charging technology in future smart city developments.

Initially, Smart City Capital and ADS-TEC Energy are partnering to create one of the most comprehensive smart cities in the U.S. in one of south Florida's largest counties. The partnership approach includes unique financing elements that tap into federal, state and local subsidies and the benefits of bundling multiple services, such as EV charging together with broadband services, with the aim of reducing operating costs such as fuel and maintenance, combined with more efficient infrastructure upgrades and new revenue opportunities with EV charging. The initiative aims to create a comprehensive and affordable solution that will provide a framework for future rollouts and is attractive for cities to more quickly reach their sustainability and carbon reduction goals, and accelerate climate action, while reducing financing burdens.

"Smart City Capital is a master integration partner in the smart cities space, and we are thrilled to partner with them as their primary provider of ultra-fast charging technology," said Thomas Speidel, CEO and Founder of ADS-TEC Energy. "Specifically, they bring a proven ability to create public private partnerships with local municipalities, state and federal governments and major corporations to bring the funding, engineering and installation resources and support solutions for sustainability initiatives and the migration to a net-zero world. We look forward to working with them to help accelerate the transition to an all-electric world."

"ADS-TEC Energy shares our goal of accelerating the shift to a carbon neutral economy, and are the ideal charging technology provider for our smart cities moving forward," said Oscar Bode, CEO at SCC. "Their decentralized, battery-buffered platforms are critical in the evolution and development of urban energy infrastructure and will bring ultrafast charging into our future smart-cities, incentivizing EV adoption by providing faster charging times and more accessibility to charging stations."

The importance of this partnership and the benefits of ADS-TEC Energy's charging platforms is highlighted in the Company's new White Paper, which was released today. The White Paper can be found here: https://www.ads-tec-energy.com/fileadmin/download/doc/company/Energy_Whitepaper_EN_10-2021.pdf. The White Paper was released today in conjunction with ADS-TEC Energy and SCC's participation in the Electric Vehicle Display hosted today at the U.S. DOT Headquarters by the Electrification Coalition, CHISPA and Plug In America. The event, which runs through October 21, was attended by Transportation Secretary Pete Buttigieg and included a demo of ADS-TEC Energy's Chargebox EV charging solution.

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.