SNPR - ADS-TEC Energy to go public through deal with SPAC European Sustainable Growth

August, 11 2021 10:27 AM Tortoise Acquisition Corp. II Class A

ADS-TEC Energy, which describes itself as an "ultrafast" battery charging company, agreed to go public through a deal with SPAC European Sustainable Growth Acquisition Corp. (NASDAQ:EUSG). EUSG gained 0.8%. The company is expected to be valued at about $580M in the transaction. EUSG has also secured commitments of a fully subscribed $156M PIPE. Investors in the PIPE include, amongst others, APG, Invesco, Polar Structure and SwedbankRobu, according to a statement. The transaction is expected to be completed in the Q4 and the combined entity will be named ADS-TEC Energy and remain listed on the Nasdaq. ADS-TEC Energy is currently 61% owned by ADS-TEC Holding GmbH and 39% owned by Bosch Thermotechnik GmbH. ADSH, Bosch and EUSG's sponsors are substantially participating in the PIPE. EarlyBirdCapital and ABN AMRO are serving as financial advisors to EUSG. Yesterday, Volta Charging, to merge with Tortoise Acquisition, and Place Exchange ink strategic partnership.

For further details see:

ADS-TEC Energy to go public through deal with SPAC European Sustainable Growth

Company Name:	Tortoise Acquisition Corp. II Class A
Stock Symbol:	SNPR
Market:	NYSE

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