European Sustainable Growth Acquisition Corp. SPAC Merger Partner, ADS-TEC Energy Reports PROVIRIDIS Bought Co. Technology For Its Smart Multi-Energy Filling Stations In France, No Terms Disclosed
Partnership to integrate battery systems into a new service station concept with fast-charging points
Opening of the third station with battery system "PowerBooster" in Chalon-sur-Saone
NÜRTINGEN, Germany and ROUSSET, France, Dec. 14, 2021 /PRNewswire/ -- ADS-TEC Energy GmbH ("ADS-TEC Energy" or "the Company") announces that PROVIRIDIS buys ADS-TEC Energy's battery storage technology for smart multi-energy filling stations in France. The storage systems in container format supply each two fast charging points with their own PV power, increase grid performance and smooth load peaks. Three locations have been installed with this concept, and more are being planned. ADS-TEC Energy is currently in a business combination process with publicly listed European Sustainable Growth Acquisition Corp. (NASDAQ:EUSG), expected to close 4Q 2021, at which time the combined company is expected to trade on Nasdaq (NASDAQ:ADSE).
PROVIRIDIS designs and constructs turnkey smart multi-energy filling stations in France that use gas and high-performance electricity instead of conventional fuels. Thanks to its own solar power production with storage unit, the company can achieve a cost-efficient power supply of ultra-fast charging points (two with 200 kilowatts each), even with limited grid connection. In the course of the mobility change, new business models for filling stations are being tested.
The third filling station has been in operation since September 23, 2021, in Fragnes La Loyère (near Chalon-sur-Saone) in Eastern France under the "V-GAS" brand. The first station is located in the South of France in Plan d'Orgon near Avignon, the second in Dourges near Lille in the North.
With V-GAS, PROVIRIDIS offers alternative fuels primarily for freight transport with the aim of using them as ecologically, efficiently and economically as possible. Currently, V-GAS focuses mainly on the production of natural gas (in liquefied form as LNG or as compressed CNG), but in the long term the focus will be on hydrogen. At the same time, the brand is also focusing on development of an EV-charging network under the brand name Z-E-N (Zero Emission Network). The gas range is supplemented by high-performance electricity, some of which is generated from the company's own PV system. In order to make the electricity available around the clock, it is temporarily stored in a battery storage system (PowerBooster) from ADS-TEC Energy.
All components are connected in a kind of smart grid to be able to smartly control production and demand. The compression systems for gas and hydrogen require a lot of electricity in a very short time and the two fast charging stations need a total of 400 kilowatts at full power. This results in high and costly power peaks that are cushioned with the help of the battery system. The storage system also helps to keep the connection power of the filling station low (below 250 kVA), which has a further positive effect on economic efficiency because the grid tariff is based on the power level.
The three filling stations are initially pilot plants with which the dimensioning of generation plants and storage facilities will be tested and further optimized in terms of cost-effectiveness. The first three PowerBooster systems from ADS-TEC Energy are equipped with 280 kilowatts of power and 244 kilowatts of capacity. As compact container systems, they contain all necessary components such as battery unit, power electronics, air conditioning, control technology as well as safety and energy management system.
PROVIRIDIS is very satisfied with the storage systems and services and PROVIRIDIS' CEO, Eric Ronco, is positive about the partnership with ADS-TEC Energy: "We know the impact that the massive deployment of electric charging stations will eventually have on the energy transmission and distribution grid. We therefore decided very early to work with
ADS-TEC Energy to deploy storage on our multi-energy stations and thus develop efficient energy management solutions. The partnership with ADS-TEC Energy is now taking shape with significant operating gains."
ADS-TEC Energy is pleased with the cooperation and the perspective offered by the intelligent filling station concept V-GAS. CEO Thomas Speidel states: "The mobility transformation can only succeed with an effective expansion of fast charging stations.
We are delighted about the partnership with PROVIRIDIS and the innovative filling station concept, in which our storage technology plays a central role in advancing the CO2-neutral energy system of the future."
Together with ADS-TEC Energy, PROVIRIDIS wants to discuss and continuously improve the concept of sustainable and intelligent filling stations. Both companies support the transition to a CO2-neutral energy system and want to accelerate this process with the help of their technologies.
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.