Ads-tec Energy Plc · NASDAQ:ADSE
Ads-tec Energy — SPAC Merger (August 2021)
43 slides from Ads-tec Energy's SPAC merger presentation, August 2021
Slide 1: ads-tec Energy Investor presentation August 2021
ads-tec Energy Investor presentation August 2021 Mitarbeiterkürzel
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) Disclaimer This investor presentation (this “Investor Presentation”) has been prepared by ads-tec Energy GmbH (collectively comprising the operating subsidiaries of ads-tec Energy GmbH referred to herein as the “Company”)) and EUSG (the “SPAC”) in connection with the proposed busine
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) Use of Non-GAAP Financial Measures This Investor Presentation includes certain financial measures not presented in accordance with IFRS, including, but not limited to, EBITDA and certain ratios and other metrics derived therefrom. These non-IFRS financial measures are not measures o
Slide 4: Transaction summary
Transaction summary Transaction summary(1) Sources and uses • $580m pro forma equity value - a highly attractive Sources $m Uses $m Valuation valuation versus listed EV peers (see page 35) Equity roll-over 244 Equity roll-over 244 EUSG cash in trust 144 Founder shares 36 PIPE proceeds 156 Cash to ba
Slide 5: ads-tec Energy / EUSG key people
ads-tec Energy / EUSG key people ads-tec Energy Thomas Speidel Robert Vogt Thorsten Ochs Hakan Konyar John Neville Founder & Chief Financial Officer Chief Technology Officer Chief Operating Officer Chief Sales Officer Chief Executive Officer (Incoming) 20+ yrs experience 14 yrs experience 20+ yrs ex
Slide 6: Executive summary
Executive summary • Ultra-fast 320 kW power battery buffered DC charging, allowing charging in minutes even on low powered 30 kW grid connection • Battery buffered solution offers lower total cost of ownership vs. expanding grid off the highways Technology leader in ultra- • Defensible technology pl
Slide 7: ESG at the heart of our business
ESG at the heart of our business Environment Society Governance Driving the transition to a low carbon Promoting gender equality and diversity Clear management responsibilities and economy with key enabling technology in the hiring and promotion process has led to accountability addressing customer
Slide 8: Accelerating the transition to clean energy and decarbonisation
Accelerating the transition to clean energy and decarbonisation Climate change innovation at the heart of ads-tec Energy’s mission and values “Top innovator” in 2021 for >50 clean- Front-runners in advancing Climate Protection Technologies circular economy: advanced tech patents materials database,
Slide 9: ads-tec Energy’s key differentiators
ads-tec Energy’s key differentiators 1 Ultra-high power DC charging in minutes even on 30 – 110 kW Boosted to 320 kW 100 mile range low power grids required power grid charging power in ~10 mins(2) 2 >50 essential 2021 “Top innovator” Defensible technology with IP protection clean-tech patents for C
Slide 10: Battery buffered ultra-fast charging is a key enabler for EV adoption
Battery buffered ultra-fast charging is a key enabler for EV adoption With increasing EV adoption there is a need for battery-based ultra-fast charging Why ultra-fast charging? Required for successful EV adoption Why battery buffer? Low consumer acceptance for long Infrastructure cannot always be ch
Slide 11: Where does the Power and Energy come from to charge all these upcoming electric vehicles?
Where does the Power and Energy come from to charge all these upcoming electric vehicles? What is the energy demand of an electric vehicle? What is the difference between Power and Energy Energy for 100 miles High Low mileage is about 40 KWh power power Energy requirements per year(1) 250kW 10kW 1 c
Slide 12: EV charging platform built to be future proof
ads-tec Energy’s EV charging platform is built to be future proof - benefitting from improvements in battery technology and insufficient grid infrastructure Battery’s technology & performances are improving Grid power will remain the bottleneck to ultra-fast EV charging Significant and continuous im
Slide 13: Future proof technology to charge BEVs in minutes
Future proof technology to charge BEVs in minutes With our technology current and new BEVs can charge as fast as the car allows BEV models & max. charging power(1) Charging time(3) Battery-buffered DC charging Porsche Taycan Tesla Model 3 Perf. How long do Standard low power grid 270kW 250kW (4) con
Slide 14: Ultra-Fast Charging: recharging in minutes vs. hours
Ultra-Fast Charging: recharging in minutes vs. hours Regardless of available grid performance ChargeBox (320kW) ChargePost (300kW) MobileInstalled ChargeTrailer in days vs. months (3,200kW) Semi-mobile / no Price vs. competition CBX can be built at a Up to 85’’ construction needed distance of up to
Slide 15: Patent portfolio provides strong protection for key technologies
Patent portfolio provides strong protection for key technologies Key technological advantages Enabled by a highly integrated technology Award winning IP (>50 patents) ✓ Battery buffered energy systems 1 Battery module 2 Inverter technology ✓ UHP charging even on limited grids ✓ Low noise / high powe
Slide 16: Ultra-Fast Charging as key component to EV infrastructure
Ultra-Fast Charging as key component to EV infrastructure Ultra-fast DC chargers are critical to meet EV demand Ultra-fast (>150kW) share of global EV charger hardware sales ($)(1) ~30% CAGR in EV demand (2020-2025) 71% FY20A Ultra-fast charging (>150kW) accounting for ~71% of global EV charger hard
Slide 17: “Charging-on-the-go” will be relevant to all segments and locations
“Charging-on-the-go” will be relevant to all segments and locations “Future-proof” charging solutions enabling ultra-fast charging everywhere Residential Commercial Urban Highway Rural Mitarbeiterkürzel 17
Slide 18: Universe of potential customers for DC ultra-fast charging increasing
Universe of potential customers for DC ultra-fast charging increasing Cumulative ultra-fast public and First movers Fast followers Ultimate opportunity commercial connectors (#)(1) Charging operators 1,037k Local authorities Commercial 311k 2030 Fleets 2020 Hotels “ Convenience is going to be the ne
Slide 19: Reviews from industry leading brands
Reviews from industry leading brands Selected reviews “ We have now used the trucks mobile ChargeTrailer at numerous events all over Europe and have carried out around 5,000 charging operations – sometimes at extreme temperatures down to minus 40 degrees. Their performance has therefore been tried a
Slide 20: Proven capabilities with existing customers
Proven capabilities with existing customers ads-tec Energy has a mature technology Established and proven production in Germany (existing) Can easily be replicated to US & globally Certified Existing & replicable ChargeBox in manufacturing Europe and US capabilities > 900 > 430 UHP Dispensers Charge
Slide 21: Player of existing scale; combining DC with grid’s limitations
Player of existing scale; combining DC with grid’s limitations Boosting grid performance with integrated battery Players in the EV charging value chain (Revenue 2020A)(1) $146m $80m $54m $59m $38m $26m $25m $24m $14m $8m $6m $6m Ultra fast Charger specifications charging enabled by battery usage Bat
Slide 22: Strong long-term growth in EV vehicles across Europe and US
Strong long-term growth in EV vehicles across Europe and US EV cost arriving at an inflexion point Stimulating demand for EVs US medium car segment EVs price vs ICE price(1) Total cumulative passenger EV sales (2) CAGR ($000s) (million of EVs) ’20 – ‘25 $40 13.3 $30 EV Battery Price $20 23% EV price
Slide 23: Exceptional EV demand will trigger substantial investment in fast charging infrastructure
Exceptional EV demand will trigger a substantial investment in fast charging infrastructure Supporting a strong raise in the global Public and Ultra-fast fast utilisation expected to increase globally Commercial charging infrastructure investment Billion BEVs per ultra-fast charger $200 700 600 500
Slide 24: Legislation and corporate commitments will likely drive rapid electrification
Legislation and corporate commitments will likely drive rapid electrification of the auto fleet 20+ countries have electrification / ICE bans for cars, Reportedly announced plan for a 8 countries + EU have announced net-zero pledges(1) transformational $7.5bn investment to fund and build a network o
Slide 25: Fully integrated eco-platforms enabling an all-electric energy system
Fully integrated eco-platforms enabling an all-electric energy system Serving EV-Charging, Residential as well as Commercial & Industrial segments Hardware + Software + Data-driven services Customers Battery buffered Ultra-fast EV charging ✓ Car OEMs Battery management System (BMS) ✓ Energy provider
Slide 26: Strong product roadmap based on existing technology
Strong product roadmap based on existing technology ChargePost MyPowerPlant Expected launch: H2 2022 Expected launch: H2 2023 New headquarters opened in Nutringen Delivery of first 100 High-Power Chargers Strategic focus on Founding of energy and IT Partnership with Porsche ads-tec GmbH for the deve
Slide 27: Residential “MyPowerPlant”
Residential “MyPowerPlant” is our answer to sector coupling and CO2 reduction at home MyPowerPlant Expected product launch: H2 2023 ✓ Integrated all-in-one home solution ✓ Unique technology - highly efficient, enabling Future Hardware End customers DC to DC transmission partners for example ✓ Signif
Slide 28: Exponential growth in Residential
Exponential growth in Residential MyPowerPlant for sector coupling at home Germany – Market proof Cumulative installed residential battery storage systems in Germany(2) In order to optimize the usage of renewable energy at in k units home a battery is key 385 285 With sector coupling at home an effe
Slide 29: Commercial & Industrial: storage is key to electrify the transition
Commercial & Industrial: storage is key to electrify the transition Intelligent storage systems provide critical flexibility Comprehensive range of product solutions Use cases Container Systems PowerBooster Rack Systems Peak shaving & grid services Self-consumption Hybrid power plants Primary contro
Slide 30: Strong growth in Commercial & Industrial
Strong growth in Commercial & Industrial Driven by renewables and the growth of electric consumption and requested power Global energy storage installations expected to multiply Energy storage installations exponentially, from 9 GW / 17 GWh deployed as of 2018 to 1,095 GW / 2,850 GWh by 2040 The exp
Slide 31: Multi-channel market access & flexible revenue model
Multi-channel market access & flexible revenue model We serve all channels in a rapidly evolving ecosystem heading an all-electric world ads-tec platform B2B channel offering Revenue streams ads-tec Selected customer types Hardware branded Vertical segment Direct sales platform EV partners C&I and O
Slide 32: Recurring revenue from integrated software offering and data-driven services
Recurring revenue from integrated software offering and data- driven services Battery management software Data-driven services Prediction based • Direct access to cell level data enabling key insights in: services & data 24/7 remote analytics access to platform ✓ Cell aging Over the air updates comp
Slide 33: Revenue projections by division
Revenue projections by division EV charging ($m)(1) Residential ($m)(1) Commercial & Industrial ($m)(1) 439 137 283 32 27 81 24 183 15 11 67 19 30 n/a n/a 2021E 2022E 2023E 2024E 2025E 2021E 2022E 2023E 2024E 2025E 2021E 2022E 2023E 2024E 2025E EV charging Residential Commercial & Industrial ✓ Launc
Slide 34: Platform of scale with good near term visibility
Platform of scale with good near term visibility Key financials ($m)(1,2) Dec ye, $m FY19A FY20A FY21E FY22E FY23E FY24E FY25E • Strong growth primarily driven by: EV charging 16 46 30 67 183 283 439 Residential 0 0 0 0 19 81 137 ✓ Favourable market developments Commercial & Industrial 3 6 11 15 24
Slide 35: Compelling valuation priced relative to peers
Compelling valuation priced relative to peers EV / Revenues(1) 2023E revenue(3) $233m 5.8x 6.3x 4.4x 4.1x 4.6x 4.7x 4.6x 4.1x 3.0x 2.7x 1.5x 0.9x 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 Aperta EV charging de-SPAC Other listed EV EV focused energy Stationary clean-tech EV OEMs pee
Slide 36: Listed comparable companies universe
Listed comparable companies universe Listed EV charging businesses SPAC merger EV charging players Other listed EV charging players EV focused energy storage solutions Stationary clean-tech EV OEMs Mitarbeiterkürzel 36
Slide 37: Trading multiples – EV / Revenue
Trading multiples – EV / Revenue EV / Revenues 2023E (1) Peer average: 6.4x At post-money 15.6x 12.7x Peer median: 4.8x EV: $356m 5.0x 5.8x 6.3x 4.7x 4.1x 1.5x 2.9x 3.2x 3.9x Aperta ChargePoint EVBox VOLTA EVgo Wallbox Tritium Other listed EV focused energy Stationary EV OEMs EV charging storage sol
Slide 38: Trading multiples – EV / EBITDA
Trading multiples – EV / EBITDA EV / EBITDA 2024E (1) Peer average(3): 27.3x At post-money Peer median: 24.2x EV: $356m 154.1x 56.4x 43.2x 32.0x 31.4x 6.3x 12.9x 10.1x 15.3x 17.1x u/d Aperta ChargePoint EVBox VOLTA EVgo Wallbox Tritium Other listed EV focused energy Stationary EV OEMs EV charging st
Slide 39: Operational benchmarking
Operational benchmarking Revenue growth (%)(1) CAGR 2021E-2024E Peer average: 80% 154% Peer median: 75% 110% 119% 114% 93% 74% 63% 76% 41% 46% 22% Aperta ChargePoint EVBox (2) VOLTA EVgo Wallbox Tritium Other listed EV focused energy Stationary EV OEMs EV charging storage solutions clean-tech Gross
Slide 40: Appendix
Appendix Mitarbeiterkürzel 40
Slide 41: Financial statements
Financial statements P&L Balance sheet statement Dec ye, $m FY19A FY20A Dec ye, $m FY19A FY20A Sales 21.4 54.1 Long-term assets 15.3 24.5 Cost of sales (24.9) (52.0) Contract assets 1.2 2.0 Gross profit (3.5) 2.1 Inventories 39.9 26.5 Selling and general administrative expenses (6.6) (8.6) Trade and
Slide 42: Risk factors (1/2)
Risk factors (1/2) The following list of risk factors is provided to certain sophisticated institutional investors in connection with a potential investment in European Sustainable Growth Acquisition Corp (“EUSG”), or a newly formed holding company, as part of a proposed business combination between
Slide 43: Risk factors (2/2)
Risk factors (2/2) Risk Related to the Business Combination • We have not yet entered into a definitive agreement for the Business Combination and, when we do, the completion of the Business Combination will be subject to a number of conditions and if those conditions are not satisfied or waived, th