Acted as selling agent to SPAC European Sustainable Growth Acquisition Corp in merger with ADS-TEC Energy GmbH in $580m deal.

European Sustainable Growth Acquisition Corp. (NASDAQ: EUSG), has announced its intention to merge in a business combination agreement with Germany’s ADS-TEC Energy GmbH, which creates technology used for electric vehicle charging platforms and energy systems for commercial and industrial applications, in a deal that will give the combined firm a market value of about $580m.

The transaction includes a $156m private investment in public equity, or PIPE, with investors such as Invesco, APG, Swedbank Robur, PolarStructure and Bosch, as well as the owners of both ADS-TEC and the SPAC. Founder and CEO Thomas Speidel’s family, which is the largest ADS-TEC shareholder, is retaining an ownership stake.  The company is broadening its customer base to include industrial, commercial and residential clients. It also plans to expand in Europe and the U.S., using the deal proceeds to reach new markets and develop its technology.

Carnegie acted as selling agent in the PIPE.

Link to official press release:

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 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

About European Sustainable Growth Acquisition Corp

The Company is a Cayman Island blank check company listed on NASDAQ in the US, formed for the purpose of effecting a merger with a Europe-based high growth cleantech business in Europe. 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 Hussain, Fredrik Ljungström, Jonathan Copplestone, and Aaron Greenberg is project manager.

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