On Monday, ADS-TEC Energy GmbH, a German ultrafast battery charging technology company that recently announced plans to go public via a SPAC acquisition and list on the Nasdaq Capital Market, announced a new joint venture with Polar Structure AB, a Swedish “evergreen” investor in sustainable infrastructure development projects.
As part of the venture, Polar Structure will become the “preferred strategic distributor” of ADS-TEC Energy technology platforms in the Nordic region, part of an “infrastructure-as-a-service‘ (IaaS) business model for the buildout of subscription services for sustainable development such as EV charging infrastructure and battery storage systems. Polar, as part of the agreement, will place its first order of an ADS-TEC Energy charging system, along with a commercial battery system for 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.”
In August, ADS-TEC Energy and European Sustainable Growth Acquisition Corporation (EUSG), a publicly traded special purpose acquisition company (SPAC) charged with identifying, high growth, technology-enabled businesses in Europe that utilize green technologies, agreed on the terms of a business combination that will result in ADS-TEC Energy becoming a public company on the Nasdaq big board upon closing. In connection with the acquisition agreement, EUSG secured commitments of a fully subscribed $156 million Private Investment in Public Equity (PIPE) at $10 per share, in which Polar Structure is an investor.
Earlier this year, Polar Structure made an investment in Swedish solar cell manufacturer Save-by-Solar, starting a jointly held company that plans to build large-scale power purchase agreement (PPA) parks throughout Sweden.
