Creates ‘Infrastructure as a Service‘ Model for Electric Vehicle Charging Infrastructure Buildout
Polar Places First Order of ADS-TEC Energy EV Charging System
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.
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