ADS-TEC Energy and Porsche Sign Worldwide Service Agreement

Rhea-AI Summary

ADS-TEC Energy (NASDAQ: ADSE), known for its ultra-fast charging systems, has signed a worldwide service agreement with Porsche. This partnership designates ADS-TEC Energy as the recommended service provider for Porsche centers across Europe and North America. The collaboration includes remote services, diagnostics, and on-site support, leveraging ADS-TEC Energy's ChargeBox technology. Currently, around 500 Porsche centers in Europe, the USA, and Canada use ChargeBox for EV charging. CEO Thomas Speidel highlighted the partnership as a significant vote of confidence and a boost to the transition to electric mobility.

Positive

• ADS-TEC Energy becomes the preferred service provider for Porsche centers, potentially enhancing revenue.
• The agreement spans Europe and North America, covering approximately 500 Porsche centers.
• Partnership includes comprehensive services: remote, diagnostics, and on-site support, enhancing service quality.
• Use of ADS-TEC Energy's ChargeBox technology, which is already installed in many Porsche centers, facilitates seamless integration.
• CEO Thomas Speidel cites the partnership as a strong vote of confidence, improving company reputation.

Negative

• Costs associated with providing comprehensive services may impact ADS-TEC Energy's short-term profitability.
• Dependency on a single major partner (Porsche) could pose a risk if the partnership faces challenges.
• Potential high expectations for service performance could strain ADS-TEC Energy's current resources.

Financial Analyst

The partnership between ADS-TEC Energy and Porsche is a notable development in the electric vehicle (EV) industry. Porsche's endorsement as a preferred service provider is a significant vote of confidence for ADS-TEC Energy. This partnership likely leads to increased revenue streams due to the provision of services to approximately 500 Porsche centers across Europe and North America. Furthermore, as a publicly traded company, this positive association with a high-profile brand like Porsche could boost investor sentiment and potentially influence the stock price favorably in the short term.

Short-term implications include potential for increased share price due to heightened visibility and market confidence. Long-term benefits could stem from sustained revenue from ongoing service contracts and the strengthening of ADS-TEC Energy's market position.

Market Research Analyst

From a market perspective, this agreement underlines the growing importance of reliable and fast charging solutions in the EV market. The fact that Porsche, a leader in high-performance vehicles, has chosen ADS-TEC Energy signifies a strong market validation of their technology. This could enhance the company's competitive edge in the EV infrastructure market.

Moreover, as the EV market continues to expand, having a foothold in both European and North American markets through this partnership positions ADS-TEC Energy well for future growth. The ongoing collection and usage of charging data to improve customer experience highlights the company's commitment to leveraging data analytics to maintain competitive advantage.

Tech Expert

Technologically, ADS-TEC Energy's ChargeBox system offers ultra-fast charging capabilities, which are essential for the adoption of EVs among consumers who prioritize speed and convenience. The system's ability to improve over time through data collection and remote diagnostics demonstrates a strong emphasis on continual technological enhancement. This partnership may also spur further innovations in their service offerings, ensuring that they remain at the forefront of charging technology.

On-site support and diagnostics are key to minimizing downtime and ensuring high availability of charging stations, which are important for customer satisfaction and operational efficiency. The technological infrastructure backing this partnership appears robust and likely well-received by both investors and end-users.

• ADS-TEC Energy, manufacturer of ultra-fast charging systems, is now the recommended and preferred service partner for all Porsche centers in Europe and North America.
• The agreement includes remote services, diagnostics, and on-site support.
• Usage data from ADS-TEC Energy’s ultra-fast charging station ChargeBox continually improves the charging experience for customers to enable optimal usability and the highest performance over time.

NÜRTINGEN, Germany--(BUSINESS WIRE)-- ADS-TEC Energy (NASDAQ: ADSE) has entered into a service partnership with Dr. Ing. h.c. F. Porsche AG. With the signing of the agreement, ADS-TEC Energy, the developer and manufacturer of ultra-fast charging systems, becomes the recommended service provider for the charging platforms.

ADS-TEC Energy and Porsche sign worldwide service agreement (Photo: Business Wire)

ADS-TEC Energy will provide services using its infrastructure and personnel on-site in Europe and North America. Approximately 500 Porsche centers in Europe, the USA and Canada are already charging their portfolio of EVs using ADS-TEC Energy’s ChargeBox. Increasingly, Porsche dealerships are also offering their customers the convenience of fast charging using ChargeBox.

"The strengthening and deepening of our cooperation with Porsche, through this comprehensive international service partnership in Europe and North America, is a valuable vote of confidence in us," says Thomas Speidel, CEO of ADS-TEC Energy. "This long-term cooperation offers significant advantages to both sides, taking advantage of the reliable, high-performance of our fast-charging systems. High charging power and availability are important for EV drivers as we advance the transition to electric mobility."

About ADS-TEC Energy

ADS-TEC Energy plc, a public limited company incorporated in Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as a holding company for ads-tec Energy GmbH, our operating company incorporated in Germany (“ADSE GM”) and ads-tec Energy Inc., a US subsidiary of ads-tec Energy GmbH (“ADSE US” and together with ADS-TEC Energy and ADSE GM, “ADSE”). Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and manufactures battery storage solutions and fast charging systems including their energy management systems. Its battery-based, fast charging technology enables electric vehicles to ultrafast charge even on low powered grids and features a very compact design. It was most recently nominated by the President of the Federal Republic of Germany for the German Future Prize and elevated to the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems are due to a particularly high depth of development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for automotive, OEMs, utility companies and charge-operators.

More information: www.ads-tec-energy.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding our financial outlook for 2024, our expectations with respect to future performance and the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the geopolitical events including the Russian invasion of Ukraine; macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy; our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales to a limited number of customers for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; changes to battery energy storage standards; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under “Item 3. Key Information – 3.D. Risk Factors” in our annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2024, which is available on our website at https://www.ads-tec-energy.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240523190455/en/

For ADS-TEC Energy –International

Juliane Kunz

Senior Press Officer

press@ads-tec-energy.com

For ADS-TEC Energy – US

Stephannie Depa

Breakaway Communications

+1 530-864-0136

sdepa@breakawaycom.com

Source: ADS-TEC Energy

FAQ

What recent agreement did ADS-TEC Energy sign with Porsche?

ADS-TEC Energy signed a worldwide service agreement with Porsche to become the preferred service provider for its centers in Europe and North America.

What services will ADS-TEC Energy provide under the new agreement with Porsche?

ADS-TEC Energy will provide remote services, diagnostics, and on-site support for Porsche centers.

How many Porsche centers are affected by the ADS-TEC Energy agreement?

Approximately 500 Porsche centers in Europe, the USA, and Canada are covered by the agreement.

What technology from ADS-TEC Energy is involved in the Porsche partnership?

The partnership will leverage ADS-TEC Energy's ultra-fast charging system, ChargeBox.

How does the ADS-TEC Energy and Porsche partnership benefit EV drivers?

The partnership improves charging power and availability, enhancing the EV driving experience.