AUBURN, Ala. - ADS-TEC Energy (NASDAQ: ADSE), a developer of battery-buffered, ultra-fast charging technology, has announced the implementation of its ChargeBox system at Alabama Power's Technology Application Center (TAC). The ChargeBox allows for rapid charging of electric vehicles (EVs), demonstrating the advantages of ADS-TEC's innovative charging solution to local businesses and fleet operators.
The ChargeBox can deliver up to 320kW of power, facilitating ultra-fast EV charging even on power grids with limited capacity. This system negates the need for significant electrical infrastructure upgrades, offering a more cost-effective and expedient solution for businesses looking to adopt ultra-fast EV charging facilities.
Alabama Power, which has historically supported advancements in the EV sector, is utilizing this technology to charge its own fleet of EVs efficiently and is promoting the system's benefits to customers across the state. The adoption of EVs in Alabama has surged, with EV registrations doubling in a two-month span in 2023, as reported by the Department of Energy.
Renato Gross, senior executive vice president at ADSE Inc., expressed pride in collaborating with Alabama Power to explore innovative applications of ADS-TEC Energy's technology to encourage sustainable EV adoption in Alabama.
ADS-TEC Energy, with over a decade of experience in lithium-ion technology, specializes in creating battery storage solutions and fast charging systems, including their energy management platforms. The company's battery-based fast-charging technology is designed to support rapid charging for electric vehicles, even in areas with weaker power infrastructures, and is known for its compact design.
The company has been recognized for its technological advancements, including a nomination for the German Future Prize by the Federal President and inclusion in the "Circle of Excellence" in 2022.
This deployment of ADS-TEC Energy's ChargeBox at Alabama Power's TAC is based on a press release statement and reflects the growing trend of EV adoption and the need for supporting infrastructure in the state of Alabama.
In other recent news, Paragon Mobility and ADS-TEC Energy have announced a partnership to expand the ultra-fast, battery-buffered EV charging network in France. This development comes amidst a surge in electric vehicle registrations in the country, with over 206,000 new EVs registered since the start of 2024. Paragon Mobility's expansion includes the integration of ADS-TEC Energy's ChargePost chargers, which can deliver up to 300 kW of power even over weak grid connections.
The ChargePost system, capable of charging two vehicles simultaneously, also offers digital advertising options and the ability to feed energy back into the grid. The networking capability of these systems allows them to form a virtual power plant, optimizing energy usage. Paragon Mobility, recognized as one of the most promising climate tech companies, aims to transform the EV charging infrastructure with these efficient and flexible charging services.
This partnership is expected to significantly contribute to the scaling of the energy transition in the French mobility sector. Both Henrik Langwald, Senior Vice President Head of Sales at ADS-TEC Energy, and Jean Lemaire, CEO of Paragon Mobility, have expressed enthusiasm about the collaboration and the potential impact on sites with low grid connection and intensive applications.
InvestingPro Insights
ADS-TEC Energy's recent implementation of its ChargeBox system at Alabama Power's Technology Application Center aligns with the company's strong revenue growth trajectory. According to InvestingPro data, ADS-TEC Energy has demonstrated impressive revenue growth of 168.42% over the last twelve months as of Q2 2024, with quarterly revenue growth reaching 107.08% in Q2 2024. This robust growth suggests that the company's innovative charging solutions are gaining traction in the market.
Despite the positive revenue trends, InvestingPro Tips highlight that ADS-TEC Energy is not currently profitable and suffers from weak gross profit margins. The company's gross profit margin stands at a modest 8.98% for the last twelve months as of Q2 2024. This indicates that while ADS-TEC Energy is successfully expanding its market presence, it may need to focus on improving operational efficiency to translate top-line growth into profitability.
On a positive note, an InvestingPro Tip reveals that ADS-TEC Energy holds more cash than debt on its balance sheet, which could provide financial flexibility as the company continues to invest in its technology and expand its market reach. This strong liquidity position is particularly important for a growing company in the rapidly evolving EV infrastructure sector.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for ADS-TEC Energy, providing a deeper understanding of the company's financial health and market position.
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