MUNICH / NEW YORK - Global law firm Reed Smith has advised European Sustainable Growth Acquisition Corp. (EUSG) in its acquisition of ADS-TEC Energy GmbH, a leading German manufacturer of battery charging platforms. The company operates under the name ADS-TEC Energy and is listed on the Nasdaq Capital Market with an expected market capitalization of approximately USD 580 million.
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ADS-TEC Energy's promising energy management technology enables ultrafast charging of batteries utilizing existing, and even low power, Energy grid infrastructure. In connection with the transaction, the Special Purpose Acquisition Company (SPAC) secured $156 million in fully subscribed private investment in public equity (PIPE) funding from several leading ESG and blue-chip investors, including Invesco, APG, Swedbank Robur, Bosch and Polar Structure, among others.

Florian Hirschmann, who headed Reed Smith's German team, said: “I am delighted to have advised EUSG on one of the first successful SPAC transactions in Germany. The merger in this innovative area enables the rapid expansion and scaling of the ADS-TEC energy platforms on the European and US markets."

Reed Smith advised EUSG with a multinational team led by partner Ari Edelman in New York and partner Florian Hirschmann and counsel Silvio McMiken in Munich.

The deal team also included Lyn Reinhardt, John Ngo, Lauren John, Michael S. Lee, Russell Schneider, Ari Byk, Luke Barbour, Katie Geddes, Caroline Sandy, Ron Scharnberg, Tobias Schulz, Caroline Walz, Siling Zong-Ganga, Dr. Martin Bünning, Dr. Simon Grieser, Dr. Anselm Reinertshofer, Carina Park, Dr. Andreas Splittgerber, Dr. Michaela Westrup, Dr. Anette Gärtner, Dr. Alexander Klett, Dr. Christoph Mikyska, Dr. Philipp Süss, Dr. Thomas Fischl, Dr. Etienne Richthammer, Frederik Laux, Sebastian Bitter, Ulrike Bischof and Vincent Magotsch.

For more information about the transaction, please read the company’s news release.