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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric><b> REGISTRATION STATEMENT PURSUANT TO SECTION
12(b) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric> <b>ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the fiscal year ended</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric><b> TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric><b> SHELL COMPANY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Commission File No. <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-41188</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="-sec-ix-hidden: hidden-fact-0">ADS-TEC ENERGY PUBLIC LIMITED COMPANY</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:ContactPersonnelName"><b>Not applicable</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&#8217;s name into English)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><b>Ireland</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EntityAddressAddressLine1-c0_cont_1" name="dei:EntityAddressAddressLine1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>10 Earlsfort Terrace</b></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:continuation id="_EntityAddressAddressLine1-c0_cont_1">Dublin 2</ix:continuation>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">D02 T380</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Ireland</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Thomas Speidel</ix:nonNumeric>, Chief Executive Officer</b></p><div>

</div><ix:nonNumeric contextRef="c1" continuedAt="_EntityAddressAddressLine1-c1_cont_1" name="dei:EntityAddressAddressLine1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>10 Earlsfort Terrace</b></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:continuation id="_EntityAddressAddressLine1-c1_cont_1">Dublin 2</ix:continuation>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">D02 T380</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Ireland</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Tel: <ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+353 1</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">920 1000</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Telephone, Email and/or Facsimile number
and Address of Company Contact Person)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered pursuant
to Section 12(b) of the Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of each class</b></span></td> <td style="text-align: center; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Symbol</b></span></td> <td style="text-align: center; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of each exchange<br/>
on which registered</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"><ix:nonNumeric contextRef="c2" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary Shares, $0.0001 nominal value per share</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c2" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSE</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <ix:nonNumeric contextRef="c2" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Stock Market LLC</span></td></tr> <tr style="vertical-align: top; "> <td style="text-align: center"><ix:nonNumeric contextRef="c3" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants to purchase Ordinary Shares</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c3" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSEW</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <ix:nonNumeric contextRef="c3" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Stock Market LLC</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered pursuant to Section 12(g)
of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Title of Class)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Title of Class)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares of each
of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">48,877,162</ix:nonFraction> Ordinary Shares,
nominal value $0.0001 per share as of December 31, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">11,662,486 Warrants to purchase
Ordinary Shares, as of December 31, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Yes &#9744; <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> &#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Yes &#9744; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> &#9746;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> &#9746;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167; 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> &#9746;&#160;No &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744;</span></td> <td style="width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</span></td> <td style="width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> &#9746;</span></td> <td style="width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended period
for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8224; The term &#8220;new or revised financial
accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant&#8217;s
executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. GAAP &#9744;</span></td> <td style="width: 73%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-1">International Financial Reporting Standards as issued by the International</span></span></td> <td style="width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Standards Board &#9746;</span></td> <td>&#160;</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If &#8220;Other&#8221; has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Item 17 &#9744; Item 18 &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Yes &#9744; No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 8%">&#160;</td>
    <td style="width: 76%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline;text-decoration: none">Page</span></b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#a_001">PART I</a></b></span></td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1.</span></td>
    <td>&#160;</td>
    <td><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identity of Directors, Senior Management and Advisers</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 2.</span></td>
    <td>&#160;</td>
    <td><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer Statistics and Expected Timetable</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 3.</span></td>
    <td>&#160;</td>
    <td><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key Information</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.A.</span></td>
    <td><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.B.</span></td>
    <td><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization and Indebtedness</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.C.</span></td>
    <td><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasons for the Offer and Use of Proceeds</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.D.</span></td>
    <td><a href="#a_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4.</span></td>
    <td>&#160;</td>
    <td><a href="#a_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information on the Company</span></a></td>
    <td style="text-align: center">33</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.A.</span></td>
    <td><a href="#a_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">History and Development of the Company</span></a></td>
    <td style="text-align: center">33</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.B.</span></td>
    <td><a href="#a_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Overview</span></a></td>
    <td style="text-align: center">34</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.C.</span></td>
    <td><a href="#a_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational Structure</span></a></td>
    <td style="text-align: center">45</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.D.</span></td>
    <td><a href="#a_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, Plants and Equipment</span></a></td>
    <td style="text-align: center">45</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4A.</span></td>
    <td>&#160;</td>
    <td><a href="#a_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unresolved Staff Comments</span></a></td>
    <td style="text-align: center">46</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 5.</span></td>
    <td>&#160;</td>
    <td><a href="#a_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating and Financial Review and Prospects</span></a></td>
    <td style="text-align: center">46</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.A.</span></td>
    <td><a href="#a_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Results</span></a></td>
    <td style="text-align: center">46</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.B.</span></td>
    <td><a href="#a_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity and Capital Resources</span></a></td>
    <td style="text-align: center">55</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.C.</span></td>
    <td><a href="#a_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and Development, Patents and Licenses, Etc.</span></a></td>
    <td style="text-align: center">57</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.D.</span></td>
    <td><a href="#a_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trend Information</span></a></td>
    <td style="text-align: center">57</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.E.</span></td>
    <td><a href="#a_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical Accounting Estimates</span></a></td>
    <td style="text-align: center">57</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 6.</span></td>
    <td>&#160;</td>
    <td><a href="#a_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors, Senior Management and Employees</span></a></td>
    <td style="text-align: center">58</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.A.</span></td>
    <td><a href="#a_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors and Senior Management</span></a></td>
    <td style="text-align: center">58</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.B.</span></td>
    <td><a href="#a_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</span></a></td>
    <td style="text-align: center">60</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.C.</span></td>
    <td><a href="#a_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board Practices</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.D.</span></td>
    <td><a href="#a_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees</span></a></td>
    <td style="text-align: center">70</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.E.</span></td>
    <td><a href="#a_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Ownership</span></a></td>
    <td style="text-align: center">70</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.F.</span></td>
    <td><a href="#a_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></a></td>
    <td style="text-align: center">70</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7.</span></td>
    <td>&#160;</td>
    <td><a href="#a_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major Shareholders and Related Party Transactions</span></a></td>
    <td style="text-align: center">70</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.A.</span></td>
    <td><a href="#a_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major Shareholders</span></a></td>
    <td style="text-align: center">70</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.B.</span></td>
    <td><a href="#a_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Party Transactions</span></a></td>
    <td style="text-align: center">72</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.C.</span></td>
    <td><a href="#a_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests of Experts and Counsel</span></a></td>
    <td style="text-align: center">75</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 8.</span></td>
    <td>&#160;</td>
    <td><a href="#a_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Information</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.A.</span></td>
    <td><a href="#a_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements and Other Financial Information</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.B.</span></td>
    <td><a href="#a_034"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Changes</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9.</span></td>
    <td>&#160;</td>
    <td><a href="#a_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offer and Listing</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.A.</span></td>
    <td><a href="#a_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer and Listing Details</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.B.</span></td>
    <td><a href="#a_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.C.</span></td>
    <td><a href="#a_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markets</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.D.</span></td>
    <td><a href="#a_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling Shareholders</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.E.</span></td>
    <td><a href="#a_040"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.F.</span></td>
    <td><a href="#a_041"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses of the Issue</span></a></td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 10.</span></td>
    <td>&#160;</td>
    <td><a href="#a_042"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Information</span></a></td>
    <td style="text-align: center">77</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.A.</span></td>
    <td><a href="#a_043"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Capital</span></a></td>
    <td style="text-align: center">77</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.B.</span></td>
    <td><a href="#a_044"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum and Articles of Association</span></a></td>
    <td style="text-align: center">77</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.C.</span></td>
    <td><a href="#a_045"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Contracts</span></a></td>
    <td style="text-align: center">80</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.D.</span></td>
    <td><a href="#a_046"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange Controls</span></a></td>
    <td style="text-align: center">80</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.E.</span></td>
    <td><a href="#a_047"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</span></a></td>
    <td style="text-align: center">80</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.F.</span></td>
    <td><a href="#a_048"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends and Paying Agents</span></a></td>
    <td style="text-align: center">90</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.G.</span></td>
    <td><a href="#a_049"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements by Experts</span></a></td>
    <td style="text-align: center">90</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.H.</span></td>
    <td><a href="#a_050"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents on Display</span></a></td>
    <td style="text-align: center">90</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.I.</span></td>
    <td><a href="#a_051"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary Information</span></a></td>
    <td style="text-align: center">90</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 11.</span></td>
    <td>&#160;</td>
    <td><a href="#a_052"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative and Qualitative Disclosures About Market Risk</span></a></td>
    <td style="text-align: center">90</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12.</span></td>
    <td>&#160;</td>
    <td><a href="#a_053"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities Other Than Equity Securities</span></a></td>
    <td style="text-align: center">91</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.A.</span></td>
    <td><a href="#a_054"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt Securities</span></a></td>
    <td style="text-align: center">91</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.B.</span></td>
    <td><a href="#a_055"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants and Rights</span></a></td>
    <td style="text-align: center">91</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.C.</span></td>
    <td><a href="#a_056"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Securities</span></a></td>
    <td style="text-align: center">91</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.D.</span></td>
    <td><a href="#a_057"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Shares</span></a></td>
    <td style="text-align: center">91</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 7%">&#160;</td>
    <td style="width: 8%">&#160;</td>
    <td style="text-align: center; width: 76%"><a href="#a_058"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="text-align: center; width: 9%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 13.</span></td>
    <td>&#160;</td>
    <td><a href="#a_059"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaults, Dividend Arrearages and Delinquencies</span></a></td>
    <td style="text-align: center">92</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 14.</span></td>
    <td>&#160;</td>
    <td><a href="#a_060"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Modifications to the Rights of Security Holders and Use of Proceeds</span></a></td>
    <td style="text-align: center">92</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 15.</span></td>
    <td>&#160;</td>
    <td><a href="#a_061"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controls and Procedures</span></a></td>
    <td style="text-align: center">92</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16.</span></td>
    <td>&#160;</td>
    <td><a href="#a_062"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.A.</span></td>
    <td><a href="#a_063"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Committee and Financial Expert</span></a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.B.</span></td>
    <td><a href="#a_064"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics</span></a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.C.</span></td>
    <td><a href="#a_065"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Accountant Fees and Services</span></a></td>
    <td style="text-align: center">95</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.D.</span></td>
    <td><a href="#a_066"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemptions from the Listing Standards for Audit Committees</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.E.</span></td>
    <td><a href="#a_067"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.F.</span></td>
    <td><a href="#a_068"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Registrant&#8217;s Certifying Accountant</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.G.</span></td>
    <td><a href="#a_069"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Governance</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.H.</span></td>
    <td><a href="#a_070"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine Safety Disclosure</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.I.</span></td>
    <td><a href="#a_071"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>16.J.</td>
    <td><a href="#a_072"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insider Trading Policies</span></a></td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 17.</span></td>
    <td>&#160;</td>
    <td><a href="#a_074"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</span></a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 18.</span></td>
    <td>&#160;</td>
    <td><a href="#a_075"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</span></a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 19.</span></td>
    <td>&#160;</td>
    <td><a href="#a_076"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></a></td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#x_001">Index to Financial Statements</a></span></td>
    <td style="text-align: center">F-1</td></tr>
  </table><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FREQUENTLY USED TERMS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise stated in
this Annual Report or the context otherwise requires references to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>ADSE</i>&#8221;
means collectively, ads-tec Energy GmbH, ads-tec Energy, Inc., and ads-tec Energy PLC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>ADSE GM</i>&#8221;
means ads-tec Energy GmbH, a wholly-owned subsidiary of ADSE Holdco, based in N&#252;rtingen, Germany and entered in the commercial register
of the Stuttgart Local Court under HRB 762810.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>ADSE Holdco</i>&#8221;
or &#8220;<i>Company</i>&#8221; means ADS-TEC Energy PLC, an Irish public limited company duly incorporated under the laws of Ireland.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>ADSE US</i>&#8221;
means ads-tec Energy, Inc., a Delaware corporation and wholly-owned subsidiary of ADSE GM.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>ADSH</i>&#8221;
means ads-tec Holding GmbH, based in N&#252;rtingen, Germany and entered in the commercial register of the Stuttgart Local Court under
HRB 224527.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Bosch</i>&#8221;
means Bosch Thermotechnik GmbH, based in Wetzlar and entered in the commercial register of the Wetzlar Local Court under HRB 13.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Bosch Acquisition</i>&#8221;
means ADSE Holdco&#8217;s acquisition from Bosch of certain shares of ADSE GM in exchange for the Cash Consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Business Combination
Agreement</i>&#8221; means the Business Combination Agreement, dated as of August 10, 2021, by and among EUSG, ADSE Holdco, Merger Sub,
Bosch, ADSH and ADSE GM.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Cash Consideration</i>&#8221;
means &#8364;20,000,000, multiplied by the applicable currency exchange rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#8220;Closing&#8221; </i>means
the closing of the Transactions (other than the PIPE Financing).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Closing Date</i>&#8221;
means December 22, 2021, the date on which the Closing occurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EBC</i>&#8221; means
EarlyBirdCapital, Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG</i>&#8221;
means European Sustainable Growth Acquisition Corp., a blank check company incorporated as a Cayman Islands exempted company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Class A Ordinary
Shares</i>&#8221; means Class A ordinary shares, par value of $0.0001 per share, in the share capital of EUSG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Class B Ordinary
Shares</i>&#8221; means Class B ordinary shares, par value of $0.0001 per share, in the share capital of EUSG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Founder Shares</i>&#8221;
means the Class B ordinary shares, par value $0.0001 per share, held by the initial shareholders of EUSG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Lender Warrants</i>&#8221;
means whole redeemable warrants to purchase EUSG Class A Ordinary Shares issued to Jonathan Copplestone upon conversion of an outstanding
unsecured convertible promissory note in an aggregate principal amount of $100,000, dated October 30, 2021, between EUSG and Jonathan
Copplestone.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Private Warrants</i>&#8221;
means whole redeemable warrants to purchase EUSG Class A Ordinary Shares issued pursuant to (i) that certain Private Placement Warrants
Purchase Agreement, dated as of January 26, 2021, by and between EUSG and EUSG Sponsor, (ii) that certain Private Placement Warrants Purchase
Agreement, dated as of January 26, 2021 by and between EUSG and EBC, and (iii) that certain Private Placement Warrants Purchase Agreement,
dated as of January 26, 2021, by and between EUSG and ABN AMRO Securities (USA) LLC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Public Warrants</i>&#8221;
means the warrants to purchase EUSG Class A Ordinary Shares issued as part of the EUSG units in the IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>EUSG Sponsor</i>&#8221;
means LRT Capital1 LLC, a Delaware limited liability company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Exchange Act</i>&#8221;
means the U.S. Securities Exchange Act of 1934, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>IFRS</i>&#8221;
means International Financial Reporting Standards as issued by the International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Incentive Plan</i>&#8221;
means ADS-TEC Energy PLC&#8217;s 2021 Omnibus Incentive Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>IPO</i>&#8221; means
EUSG&#8217;s initial public offering of EUSG&#160;units, consummated on January 26, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>JOBS Act</i>&#8221;
means the Jumpstart Our Business Startups Act of 2012, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Lender Warrants</i>&#8221;
means the 100,000 Warrants that came into existence on the automatic adjustment of the EUSG Lender Warrants upon consummation of the business
combination contemplated in the Business Combination Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Merger</i>&#8221;
means the merger of EUSG with and into Merger Sub, as a result of which the separate corporate existence of EUSG ceased and Merger Sub
continued as the surviving company and as a wholly-owned subsidiary of ADSE Holdco, and the security holders of EUSG (other than shareholders
of EUSG that elected to redeem their EUSG ordinary shares) became security holders of ADSE Holdco.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Merger Sub</i>&#8221;
means EUSG II Corporation, an&#160;exempted company incorporated in the Cayman Islands with limited liability under company number 379118
and a wholly-owned subsidiary of ADSE Holdco.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Ordinary Shares</i>&#8221;
means the ordinary shares, with $0.0001 par value per share, of ADSE Holdco.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>PCAOB</i>&#8221;
means the Public Company Accounting Oversight Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>PIPE Financing</i>&#8221;
means the private placement of 15,600,000 EUSG ordinary shares to the PIPE Investors for gross proceeds of $156,000,000, pursuant to the
Subscription Agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Private Warrants</i>&#8221;
means the Warrants that came into existence on the automatic adjustment of the EUSG Private Warrants upon consummation of the business
combination contemplated in the Business Combination Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Public Warrants</i>&#8221;
means the Warrants that came into existence on the automatic adjustment of the EUSG Public Warrants upon consummation of the business
combination contemplated in the Business Combination Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Securities Act</i>&#8221;
means the U.S. Securities Act of 1933, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Share-for-Share
Exchange</i>&#8221; means the transaction by which ADSH and Bosch transferred as contribution to ADSE Holdco, and ADSE Holdco assumed
from ADSH and Bosch, certain shares of ADSE GM in exchange for Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Subscription Agreements</i>&#8221;
means those certain subscription agreements entered into on August 10, 2021, among EUSG, ADSE Holdco and the accredited investors named
therein (collectively, &#8220;the PIPE Investors&#8221;) relating to the PIPE Financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Transactions</i>&#8221;
means the transactions contemplated by the Business Combination Agreement which, among other things, provides for the Merger, the Bosch
Acquisition and the Share-for-Share Exchange.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Underwriters</i>&#8221;
means EarlyBirdCapital, Inc. and ABN AMRO Securities (USA) LLC, the underwriters in the IPO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<i>Warrants</i>&#8221;
means warrants to purchase one Ordinary Share at a price of $11.50 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#8220;$&#8221;, &#8220;US$&#8221;
and &#8220;U.S. dollar&#8221; </i>means the United&#160;States dollar.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#8220;&#8364;&#8221;, &#8220;EUR&#8221;
and &#8220;Euro&#8221; </i>means the Euro<i>.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PRESENTATION OF FINANCIAL AND OTHER INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Annual Report on Form 20-F (this &#8220;<span style="text-decoration:underline">Annual
Report</span>&#8221;), unless otherwise indicated, all references to (i) the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221;
or &#8220;us&#8221; refer solely to ADS-TEC Energy PLC, (ii) &#8220;ADSE&#8221; refers to ADS-TEC Energy PLC, ads-tec Energy GmbH and
ads-tec Energy, Inc., collectively, and (iii) &#8220;ADSE GM&#8221; refer solely to ads-tec Energy GmbH, a German limited liability company.
ADS-TEC Energy PLC is an Irish public limited company duly incorporated under the laws of Ireland on July 26, 2021.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Annual Report contains
our audited consolidated financial statements as of and for the periods ended December 31, 2022 and 2021 (our &#8220;audited consolidated
financial statements&#8221;). The Company qualifies as a foreign private issuer as defined under Rule 405 under the Securities Act and
prepares its financial statements denominated in euros (&#8220;<span style="text-decoration:underline">EUR</span>&#8221; or &#8364;) and in accordance with International Financial
Reporting Standards as adopted by the International Accounting Standards Board (&#8220;<span style="text-decoration:underline">IFRS</span>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Industry and Market Data</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this Annual Report, we
present industry data, information and statistics regarding the markets in which the Company competes as well as publicly available information,
industry and general publications and research and studies conducted by third parties. This information is supplemented where necessary
with the Company&#8217;s own internal estimates and information obtained from discussions with its customers, taking into account publicly
available information about other industry participants and the Company&#8217;s management&#8217;s judgment where information is not publicly
available.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Industry publications, research,
studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but that
the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these
sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this Annual Report. These
forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under
&#8220;Item 3. Key Information &#8211; D. Risk Factors.&#8221; These and other factors could cause results to differ materially from those
expressed in any forecasts or estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->v<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE <span style="text-transform: uppercase">Regarding</span>
FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Annual Report contains
certain &#8220;forward-looking statements&#8221; as defined in Section 27A of the Securities Act of 1933, as amended (the &#8220;<span style="text-decoration:underline">Securities
Act</span>&#8221;), and Section 21E of the Securities Exchange Act of 1934 (the &#8220;<span style="text-decoration:underline">Exchange Act</span>&#8221;) that involve significant
risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking
statements include information about our possible or assumed future results of operations or our performance. Words such as &#8220;expects,&#8221;
&#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; and variations
of such words and similar expressions are intended to identify the forward-looking statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The risk factors and cautionary
language referred to or incorporated by reference in this Annual Report provide examples of risks, uncertainties and events that may cause
actual results to differ materially from the expectations described in our forward-looking statements, including, but not limited to,
those items identified under &#8220;Item 3. Key Information &#8211; D. Risk Factors&#8221;. These risks and uncertainties include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to maintain the listing of the Ordinary Shares and Warrants on a national securities exchange;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes adversely affecting the businesses in which we are engaged;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic conditions, including changes in the credit, debit, securities, financial or capital markets;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes to battery energy storage standards or the success of alternative energy storage technologies may negatively impact the battery-energy storage market and thus the demand for our products and services; </span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report. Although we believe
that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will
prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which
are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ
materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise
any forward-looking statements contained in this Annual Report, or the documents to which we refer readers in this Annual Report, to
reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances upon which
any statement is based.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vi<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.A. [Reserved]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.B. Capitalization and Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.C. Reasons for the Offer and Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.D. Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>You should carefully consider
the risks described below, together with all of the other information included in this Annual Report, in evaluating us and our shares.
Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading
price and value of our ordinary shares could decline due to any of these risks, and you may lose all or part of your investment. This
Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below
and elsewhere in this Annual Report.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Additional risks not presently
known to us or that we currently deem immaterial may also impair our business operations.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary of Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following summary highlights
some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary is not
complete and the risks summarized below are not the only risks we face.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Business and Financial Position</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 9; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risk Relating to EV Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Battery Storage System Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 10; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Technology, Intellectual
Property and Infrastructure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Customer-Related Risks</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial, Tax and Accounting-Related Risks</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to the Regulatory Environment
in which the Company Operates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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  <tr style="vertical-align: top">
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environmental, social and governance requirements, which could result in additional costs or reputational damage.</p></td></tr>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Ownership of Our Ordinary
Shares and Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Business and Financial
Position</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are an early stage company with a history
of losses. Our ability to continue as a going concern will depend on our ability to timely reduce our inventory by generating sufficient
revenue and/or postponement or cancellation of purchase obligation for inventory.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE incurred a net loss of
EUR 87.6 million and EUR 18.9 million for the year ended December 31, 2021 and for the year ended December 31, 2022, respectively. ADSE
had an accumulated deficit of approximately EUR 117.2 million as of December 31, 2021 (including share listing expenses of EUR 65.8 million
as of December 31, 2021) and EUR 136.1 million as of December 31, 2022. We expect we will improve the Company&#180;s cash flow generation
and operating result significantly in 2023. Our ability to continue as a going concern will depend on our ability to timely reduce our
inventory by generating sufficient revenue and/or postponement or cancellation of purchase obligation for inventory. ADSE&#180;s consolidated
financial statements for year ended December 31, 2022, do not include any adjustments that might result from outcome of this uncertainty
and have been prepared on a basis that assumes the Company will continue as a going concern. Even if it achieves profitability, there
can be no assurance that it will be able to maintain profitability in the future.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s potential
profitability of the revenue stream &#8220;Charging&#8221; is particularly dependent upon the continued adoption of EVs by consumers and
fleet operators, the widespread adoption of electric trucks and other vehicles and other electric transportation modalities, which may
not occur. The Company&#8217;s potential profitability of the revenue stream &#8220;Commercial and Industrial&#8221; depends on expansion
of decentralized power supply systems and the need of commercial and industrial customer for the battery storage systems. Our potential
profitability of the revenue stream &#8220;Residential&#8221; depends on expansion of residential photovoltaic systems and the adoption
of residential coupling (connecting photovoltaic (&#8220;PV&#8221;) system with heating and residential EV charging by using battery storage
systems).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have experienced rapid growth and expect
to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, operating results and financial
condition could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have experienced rapid
growth in recent periods. For example, the number of employees has grown from an average of 46 in 2018 to 148 in 2022. The growth and
expansion of our business has placed and continues to place a significant strain on management, engineering, operations, financial infrastructure
and corporate culture. We rely on our sales and marketing teams to expand our commercial footprint and obtain new customers and partners,
respectively, in order to grow our EV charger, commercial and residential business, and relies on our engineering, operations and project
management personnel to build out and serve new customers. We also rely on our technology team, which is currently being scaled, to continue
to develop improvements, enhancements and new functionality in our EV charging products and battery storage systems. We plan to continue
to expand in these functional areas but we may not be able to recruit and hire a sufficient number of competent personnel with the requisite
skills, technical expertise and experience, which may adversely affect our ability to expand such capabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of further growth,
our information technology systems and internal control over financial reporting and procedures may not be adequate to support our operations
and may introduce opportunities for data security incidents that may interrupt business operations and permit bad actors to obtain unauthorized
access to business information or misappropriate funds. We may also face risks to the extent such bad actors infiltrate the information
technology infrastructure of our contractors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To manage growth in operations
and personnel, we will need to continue to improve our operational, financial and management controls and reporting systems and procedures.
Failure to manage growth effectively could result in difficulty or delays in attracting new customers, declines in quality or customer
satisfaction, increases in costs, difficulties in development and introduction of new products and services or enhancing existing products
and services, loss of customers, information security vulnerabilities or other operational difficulties, any of which could adversely
affect our business performance and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to expand our geographic footprint
and to build scalable and robust processes could harm our prospects for growth and profitability, and we may never successfully do so
or achieve or sustain profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to achieve significant
revenue growth and profitability in the future will depend, in large part, on our success in expanding our product portfolio and business
both within our existing markets and to additional markets and geographies and building scalable and robust processes to manage our business
and operations. If prospective customers and business partners in such existing and new markets and geographies do not perceive our product
and service offerings to be of value to them, or our EV charging products, battery storage systems and services are not favorably received
by them in such markets, we may not be able to attract and retain such customer and business partners and successfully expand in our existing
markets and to new markets and geographies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if we are not
able to build scalable and robust processes to manage our existing business operations and prospective growth and expansion, we may fail
to satisfy and retain our existing customers and business partners and may not be able to attract new customers and business partners
in additional markets and, as a result, our ability to maintain and/or grow the business and achieve or sustain profitability will be
adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We currently face competition from a number
of companies, particularly in commercial and industrial battery-based energy-storage market in Europe, and expect to face significant
competition in the future as the market for the EV High-Power-Charger develops</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The EV charging market is
relatively new and competition is still developing. We primarily compete with providers of battery-buffered and non-battery-buffered ultra-fast
EV charging platforms. Large early-stage markets, such as Europe, require early engagement across verticals and customers to gain market
share, and ongoing effort to scale channels, installers, teams and processes. In addition, there are multiple competitors in Europe and
the United States with limited funding, which could cause poor experiences, hampering overall EV adoption or trust in any particular provider.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, there are other
means for charging EVs, which could affect the level of demand for onsite charging capabilities at businesses. For example, Tesla Inc.
continues to build out its supercharger network across the United States and Europe for its vehicles and announced it will open its network
for other brands in Europe, which could reduce overall demand for EV charging at other sites. Also, third-party contractors can provide
basic electric charging capabilities to potential customers seeking to have on premise EV charging capability as well as for home charging.
In addition, many EV charging manufacturers are offering home charging equipment, which could reduce demand for fast charging capabilities
of potential customers and reduce the demand for onsite charging capabilities if EV owners who find charging at home to be sufficient.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The commercial and industrial
battery-based energy-storage market is growing rapidly and our competitors are mainly specialized platform providers for residential or
commercial and industrial applications. Within Europe, large markets such as Germany, Austria and Switzerland, ask for long-term serviceability,
high quality and reliability of battery-storage systems to scale channels and to gain market share. Within Europe, there are multiple
competitors, many of them new to the market, which could cause poor experience and aggravate the usage and implementation of battery-based
energy storage systems. Further there are alternative energy storage systems, which could affect the level of demand for battery-based
storage systems. For example, hydrogen-based energy storage systems could become an additional possibility to store energy, which could
reduce the overall demand for battery-based energy storage systems. Also, energy suppliers and grid service providers can provide centralized
energy storage system or extend significantly the grid itself, which could decrease the overall demand of decentralized systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further for EV charging and
commercial battery storage system market, our current or potential competitors may be acquired by third parties with greater available
resources. As a result, competitors may be able to respond more quickly and effectively than us to new or changing opportunities, technologies,
standards or customer requirements and may have the ability to initiate or withstand substantial price competition. In addition, competitors
may in the future establish cooperative relationships with vendors of complementary products, technologies or services to increase the
availability of their solutions in the marketplace. This competition may also materialize in the form of costly intellectual property
disputes or litigation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New competitors or alliances
may emerge in the future that have greater market share, more widely adopted proprietary technologies, greater marketing expertise and
greater financial resources, which could put us at a competitive disadvantage. Future competitors could also be better positioned to serve
certain segments of our current or future target markets, which could create price pressure. In light of these factors, even if our offerings
are more effective and higher quality than those of our competitors, current or potential customers may accept our competitors&#8217;
solutions instead of ours. If we fail to adapt to changing market conditions or continue to compete successfully with current charging
platform providers or new competitors, our growth will be limited which would adversely affect our business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face risks related to natural disaster
and health pandemics, including the recent coronavirus (&#8220;COVID-19&#8221;) pandemic, which could have a material adverse effect on
our business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The impact of COVID-19, including
changes in consumer and business behavior, pandemic fears and market downturns, and restrictions on business and individual activities,
has created significant volatility in the global economy. The spread of COVID-19 has also created a disruption in the manufacturing, delivery
and overall supply chain of vehicle and photovoltaic manufacturers and suppliers around the world. Any sustained downturn in demand for
EVs or photovoltaic or battery storage system would harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pandemic has resulted
in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines,
stay-at-home or shelter-in-place orders and business shutdowns. These measures may adversely impact our employees and operations and the
operations of our customers, suppliers, vendors and business partners, and may negatively impact demand for our products. These measures
by government authorities may remain in place for a significant period of time and may adversely affect manufacturing and building plans,
sales and marketing activities, business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have modified our business
practices reducing physical participation in sales activities, meetings, events and conferences. We have also implemented additional safety
protocols for essential workers, have implemented cost cutting measures in order to reduce our operating costs, and may take further actions
as may be required by government authorities or that we determine are in the best interests of our employees, customers, suppliers, vendors
and business partners. There is no certainty that such actions will be sufficient to mitigate the risks posed by the virus or otherwise
be satisfactory to government authorities. If significant portions of our workforce are unable to work effectively, including due to illness,
quarantines, social distancing, government actions or other restrictions in connection with the COVID-19 pandemic, our operations will
be negatively impacted. Furthermore, if significant portions of our customers&#8217; or potential customers&#8217; workforces are subject
to stay-at-home orders or otherwise have substantial numbers of their employees working remotely for sustained periods of time, user demand
for High-Power-Charger and services will decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The extent to which the COVID-19
pandemic impacts our business, prospects and results of operations will depend on future developments, which are highly uncertain and
cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the
virus or treat its impact, and when and to what extent normal economic and operating activities can resume. The COVID-19 pandemic has
limited the ability of customers, suppliers, vendors and business partners to perform, including third-party suppliers&#8217; ability
to provide components and materials used in High-Power-Chargers and battery storage systems or to provide installation or maintenance
services, resulting in manufacturing delays and increases in prices for such components and materials. Even after the COVID-19 pandemic
has subsided, we may continue to experience an adverse impact to our business as a result of its global economic impact, including any
recession that has occurred or may occur in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Specifically, difficult macroeconomic
conditions, such as decreases in per capita income and level of disposable income, increased and prolonged unemployment or a decline in
consumer confidence as a result of the COVID-19 pandemic, as well as reduced spending by businesses, could each have a material adverse
effect on the demand for our products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on a limited number of suppliers
and manufacturers for our products. A loss of any of these partners could negatively affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on a limited number
of suppliers to manufacture our High-Power-Charger and battery storage systems, including in some cases only a single supplier for some
products and components. This reliance on a limited number of manufacturers increases our risks, since it does not currently have proven
reliable alternative or replacement manufacturers beyond these key parties. In the event of interruption, it may not be able to increase
capacity from other sources or develop alternate or secondary sources without incurring material additional costs and substantial delays.
Thus, our business could be adversely affected if one or more of our suppliers is impacted by any interruption at a particular location.
For example, in 2022 there were supply chain issues that affected the supply of electronic components and the manufacturing business globally,
caused delays in the production of our products and adversely impacted our revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we experience a significant
increase in demand for our products, or if we need to replace an existing supplier, it may not be possible to supplement or replace them
on acceptable terms, which may undermine our ability to deliver products to customers in a timely manner. For example, it may take a significant
amount of time to identify a manufacturer that has the capability and resources to assemble circuit board or battery cells and submodules
in sufficient volume. Identifying suitable suppliers and manufacturers could be an extensive process that requires us to become satisfied
with their quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor
and other ethical practices. Accordingly, a loss of any significant suppliers or manufacturers could have an adverse effect on our business,
financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Increases in costs, disruption of supply,
or shortage of materials, have harmed and could harm our business again in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have experienced and may
in the future experience increases in the cost or a sustained interruption in the supply or shortage of materials necessary for the production,
maintenance and service of our systems and related technologies. Any such increase in cost, supply interruption, or materials shortage
in the future could again adversely impact our business, prospects, financial condition, and operating results. Our suppliers use various
materials. The prices and supply of these materials may fluctuate, depending on market conditions and global demand for these materials,
including increased production of electric vehicles and other energy storage applications by our competitors and companies in adjacent
markets such as passenger cars and stationary storage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantial increases in the
prices for our materials or prices charged to us could reduce our margins if we cannot recoup the increased costs through increased sale
prices on our systems. Furthermore, fluctuations in fuel costs, or other economic conditions, may cause us to experience significant increases
in freight charges and material costs. Moreover, any attempts to increase prices in response to increased material costs could increase
the difficulty of selling at attractive prices to new and existing customers and lead to cancellations of customer orders. If we are unable
to effectively manage our supply chain and respond to disruptions to our supply chain in a cost-efficient manner, we may fail to achieve
the financial results we expect or that financial analysts and investors expect, and our business, prospects, financial condition, and
operating results may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business is subject to risks associated
with construction, cost overruns and delays, and other contingencies that may arise in the course of completing installations, and such
risks may increase in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not typically install
High-Power-Charger or residential and commercial battery storage systems at customer sites. The installations are typically performed
by our partners, customers or electrical contractors with an existing relationship with the customer and/or knowledge of the site. For
industrial customer projects the installation is typically performed by us or by one of our partners. The installation of High-Power-Charger
and battery storage systems at a particular site is generally subject to oversight and regulation in accordance with state and local laws
and ordinances relating to building codes, safety, environmental protection and related matters, and typically requires various local
and other governmental approvals and permits that may vary by jurisdiction. In addition, building codes, accessibility requirements or
regulations may hinder EV charger and battery storage installation because they end up costing the developer or installer more in order
to meet the code requirements. Meaningful delays or cost overruns may impact our recognition of revenue in certain cases and/or impact
customer relationships, either of which could impact our business and profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, we may in the
future elect to install our products at customer sites or manage contractors, likely as part of offering customers a turnkey solution.
Working with contractors may require us to obtain licenses or require us or our customers to comply with additional rules, working conditions
and other union requirements, which can add costs and complexity to an installation project. In addition, if these contractors are unable
to provide timely, thorough and quality installation-related services, customers could fall behind their construction schedules leading
to liability to us or cause customers to become dissatisfied with the solutions we offer.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>While to date we have not made material
acquisitions, should we pursue acquisitions in the future, they would be subject to risks associated with acquisitions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may acquire additional
assets, products, technologies or businesses that are complementary to our existing business. The process of identifying and consummating
acquisitions and the subsequent integration of new assets and businesses into our own business would require attention from management
and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on our operations.
Acquired assets or businesses may not generate the expected financial results. Acquisitions could also result in the use of cash, potentially
dilutive issuances of equity securities, the occurrence of goodwill impairment charges, amortization expenses for other intangible assets
and exposure to potential unknown liabilities of the acquired business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to attract, retain, and
motivate key employees and hire qualified management, technical, engineering and sales personnel, our ability to compete and successfully
grow our business would be harmed and could diminish anticipated benefits.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success depends, in part,
on our continuing ability to identify, hire, attract, motivate, train and develop and retain highly qualified personnel critical to the
business and operations of the Company. The inability to do so effectively would adversely affect our business. The success of the Company
will depend in part on the attraction, retention and motivation of executive personnel. Executives may experience uncertainty about their
future roles with the Company. In addition, competitors may recruit our management. If we are unable to attract, retain and motivate executive
personnel that are critical to successful operations, we could face disruptions in operations, strategic relationships, key information,
expertise or know-how and unanticipated recruitment and onboarding costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, competition
for employees can be intense, particularly in area of Stuttgart, Germany, where we are headquartered, and the ability to attract, hire
and retain them depends on our ability to provide competitive compensation. We may not be able to attract, assimilate, develop or retain
qualified personnel in the future, and failure to do so could adversely affect our business, including the execution of our global business
strategy. For example, the resignation of an executive officer could cause us to expend resources to ensure a smooth transition with his
or her successor due to the transfer of institutional knowledge and divert management attention away from executing our operational plan
during this transition period.<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are expanding operations internationally,
which will expose us to additional tax, compliance, market and other risks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our primary operations are
in Germany and we maintain contractual relationships with parts and manufacturing suppliers in Asia, the United States, Europe and other
locations. Also, we are continuing to invest to increase our presence in the United States. Managing this expansion requires additional
resources and controls, and could subject us to risks associated with international operations, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conformity with applicable business customs, including translation into foreign languages and associated expenses;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, any continued
expansion is likely to involve the incurrence of significant upfront capital expenditures. As a result of these risks, our current expansion
efforts and any potential future international expansion efforts may not be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our management has limited experience in
operating in the consolidated group of a U.S. public company.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management has limited
experience in the management of a company that is a significant part of a U.S. public company. Our management team may not successfully
or effectively manage our transition to this structure that will be subject to significant regulatory oversight and reporting obligations
under relevant securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to public companies
could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these activities which
will result in less time being devoted to the management and growth of the company. We may not have adequate personnel with the appropriate
level of knowledge, experience, and training in the accounting policies, practices or internal controls over financial reporting required
of U.S. public companies. The development and implementation of the standards and controls necessary for the company to achieve the level
of accounting standards required of a public company in the United States may require costs greater than expected. It is possible that
we will be required to expand our employee base and hire additional employees to support our operations as a public company, which will
increase our operating costs in future periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may need additional capital in the future
to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or
at all, which could compromise our ability to meet our financial obligations and grow our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the funds that were
made available to us from the trust account of EUSG in connection with the transactions contemplated by the Business Combination Agreement
and the concurrent private placement of the PIPE Financing have been sufficient to fund our operations since such time, we may need to
raise additional capital to fund operations in the future or finance future acquisitions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we seek to raise additional
capital in order to meet various objectives, including developing existing or future technologies and solutions, increasing working capital,
acquiring new clients, expanding geographically and responding to competitive pressures, capital may not be available on favorable terms
or may not be available at all. Lack of sufficient capital resources could significantly limit our ability to take advantage of business
and strategic opportunities. Any additional capital raised through the sale of equity or debt securities with an equity component would
dilute stock ownership. Our ability to raise equity and debt financing may be impacted by COVID-19, increased market volatility, decreased
market liquidity, adverse trends in employment levels, prolonged inflation, geopolitical instability or conflicts (including the ongoing
hostilities between Russia and Ukraine), trade disruptions, economic or other sanctions, or a sustained capital market correction, among
other events, and third-party financing being unavailable on terms acceptable to us or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If adequate additional funds
are not available, we may be required to delay, reduce the scope of, or eliminate material parts of our business strategy, including acquiring
potential new clients or the continued development of new or existing technologies or solutions and geographic expansion. If we raise
funds through the issuance of debt securities or through loan arrangements, the terms of such financing could require significant interest
payments, contain covenants that restrict our business, or other unfavorable terms.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Computer malware, viruses, ransomware, hacking,
phishing attacks and similar disruptions could result in security and privacy breaches and interruption in service, which could harm our
business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Computer malware, viruses,
physical or electronic break-ins and similar disruptions could lead to interruption and delays in our services and operations and loss,
misuse or theft of data. Computer malware, viruses, ransomware, hacking and phishing attacks against online networks have become more
prevalent and may occur on our systems in the future. Cyber security organizations in many countries have published warnings of increased
cybersecurity threats to U.S. and European business, and external events, like the conflict between Russia and Ukraine, may increase the
likelihood of cybersecurity attacks, particular directed at energy, fueling or infrastructure service providers. Any attempts by cyber
attackers to disrupt our services or systems, if successful, could harm our business, introduce liability to data subjects, result in
the misappropriation of funds, be expensive to remedy and damage our reputation or brand. Insurance may not be sufficient to cover significant
expenses and losses related to cyber-attacks. Efforts to prevent cyber attackers from entering computer systems are expensive to implement,
and we may not be able to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though
it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain
performance, reliability, security and availability of systems and technical infrastructure may, in addition to other losses, harm our
reputation, brand and ability to attract customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may in the future experience,
service and production disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes,
third-party service providers, human or software errors and capacity constraints. If our services are unavailable when users attempt to
access them, they may seek other services, which could reduce demand for our solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have processes and procedures
in place designed to enable it to quickly recover from a disaster or catastrophe and continue business operations. However, there are
several factors ranging from human error to data corruption that could materially impact the efficacy of such processes and procedures,
including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult or impossible
to perform some or all recovery steps and continue normal business operations due to the nature of a particular disaster or catastrophe,
especially during peak periods, which could cause additional reputational damages, or loss of revenues, any of which could adversely affect
our business and financial results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a limited operating history. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE GM began operations in
2008 and operates in the charging technology and EV industry, which is rapidly evolving. As a result, there is limited information that
investors can use in evaluating ADSE&#8217;s business, strategy, operating plan, results and prospects. It is difficult to predict future
revenues and appropriately budget for expenses, and ADSE has limited insight into trends that may emerge and affect its business. If the
assumptions ADSE uses to plan and operate its business are incorrect or change, its results of operations could differ materially from
its expectations and ADSE&#8217;s business, financial condition and results of operations could be materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are an &#8220;emerging growth company&#8221;
and cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Ordinary Shares less
attractive to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &#8220;emerging
growth company&#8221; as defined in the JOBS Act. As an emerging growth company, we are only required to provide two years of audited
financial statements and only two years of related selected financial data and management discussion and analysis of financial condition
and results of operations disclosure. In addition, we are not required to obtain auditor attestation of our reporting on internal control
over financial reporting, have reduced disclosure obligations regarding executive compensation and are not required to hold non-binding
advisory votes on executive compensation. In addition, the JOBS Act provides that an emerging growth company can take advantage of an
extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the
adoption of these accounting standards until they would otherwise apply to private companies. We have elected to take advantage of such
extended transition period. We cannot predict whether investors will find the Ordinary Shares to be less attractive as a result of our
reliance on these exemptions. If some investors find the Ordinary Shares to be less attractive as a result, there may be a less active
trading market for the Ordinary Shares and the price of the Ordinary Shares may be more volatile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will remain an emerging
growth company until the earliest of: (i) the end of the fiscal year in which we have total annual gross revenue of $1.07 billion; (ii)
the last day of our fiscal year following January 26, 2026 (i.e., the fifth anniversary of the date on which EUSG consummated its initial
public offering); (iii) the date on which we issue more than $1.0 billion in non-convertible debt during the preceding three-year period;
or (iv) the end of the fiscal year in which the market value of the Ordinary Shares held by non-affiliates exceeds $700 million as of
the last business day of our most recently completed second fiscal quarter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, there is no guarantee
that the exemptions available to us under the JOBS Act will result in significant savings. To the extent that we choose not to use exemptions
from various reporting requirements under the JOBS Act, we will incur additional compliance costs, which may impact our financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be a target of securities class action
and derivative lawsuits which could result in substantial costs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Securities class action lawsuits and derivative
lawsuits are often brought against companies that have entered into merger agreements. Even if the lawsuits are without merit, defending
against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary
damages, which could have a negative impact on our liquidity and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The impact of the military action in Ukraine may affect our current
and future operations in the European Union.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The current invasion of Ukraine by Russia has escalated
tensions among the United States, the North Atlantic Treaty Organization (&#8220;<span style="text-decoration:underline">NATO</span>&#8221;) and Russia. The United States and
other NATO member states, as well as non-member states, have announced new sanctions against Russia and certain Russian banks, enterprises
and individuals. These and any future additional sanctions and any resulting conflict between Russia, the United States and NATO countries
could have an adverse impact on our current operations, and could restrict our ability to expand our operations and EV charger sites into
other countries in the European Union in the future. Further, such invasion, ongoing military conflict, resulting sanctions and related
countermeasures by NATO states, the United States and other countries lead to market disruptions, including significant volatility in
commodity prices, credit and capital markets, as well as supply chain interruptions for equipment. In light of these events, we developed
a plan designed to mitigate the impact of this conflict on our business, but it is unclear if it will successfully mitigate all disruptions,
which could have an adverse impact on our operations and financial performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may be adversely affected by inflationary or market fluctuations,
including impact of tariffs, in the cost of products consumed in providing our services or our cost of labor.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The prices we pay for the principal items we consume
in performing our services are dependent primarily on current market prices. We have consolidated certain supply purchases with national
vendors through agreements containing negotiated prospective pricing. In the event such vendors are not able to comply with their obligations
under the agreements and we are required to seek alternative suppliers, we may incur increased costs of supplies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Battery storage solutions and charging systems
for electric vehicles are impacted by commodity pricing factors, including the impact of tariffs, which in many cases are unpredictable
and outside of our control. We seek to pass on to customers such increased costs but sometimes we are unable to do so. Even when we are
able to pass on such costs to our customers, from time to time, sporadic unanticipated increases in the costs of certain supply items
due to market or economic conditions may result in a timing delay in passing on such increases to our customers. This type of spike and
unanticipated increase in battery storage and charging system costs could adversely affect our operating performance, and the adverse
effect could be greater if we are delayed in passing on such additional costs to our customers (e.g., where we may not be able to pass
such increase on to our customers until the time of our next scheduled service billing review). We seek to mitigate the impact of an unanticipated
increase in such supplies&#8217; costs through consolidation of vendors, which increases our ability to obtain more favorable pricing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cost of labor may be influenced by factors
in certain market areas. A substantial number of our employees are hourly employees whose wage rates are affected by increases in national
or state minimum wage rates, wage inflation or local job market adjustments. We do not have a contractual right to automatically pass
through all wage rate increases resulting from wage rate inflation or local job market adjustments, and we may be delayed in doing so.
Our delay in, or inability to pass such wage increases through to our customers could have a material adverse effect on our financial
condition, results of operations, and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Relating to EV Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes to fuel economy standards or the
success of alternative fuels may negatively impact the EV market and thus the demand for our products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As regulatory initiatives
have required an increase in the mileage capabilities of cars, consumption of renewable transportation fuels, such as ethanol and biodiesel,
and consumer acceptance of EVs and other alternative vehicles has been increasing. If fuel efficiency of non-electric vehicles continues
to rise, whether as the result of regulations or otherwise, and affordability of vehicles using renewable transportation fuels improves,
the demand for electric and high energy vehicles could diminish. In addition, the EV fueling model is different than gas or other fuel
models, requiring behavior change and education of influencers, consumers and others such as regulatory bodies. Developments in alternative
technologies, such as advanced diesel, ethanol, fuel cells or compressed natural gas, or improvements in the fuel economy of the internal
combustion engine, may materially and adversely affect demand for EVs and EV charging stations. Regulatory bodies may also adopt rules
that substantially favor certain alternatives to petroleum-based propulsion over others, which may not necessarily be EVs. This may impose
additional obstacles to the purchase of EVs or the development of a more ubiquitous EV market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the above cause
or contribute to consumers or businesses to no longer purchase EVs or purchase them at a lower rate, it would materially and adversely
affect our business, operating results, financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our future growth and success is partly
correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and fleet applications.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our growth in the upcoming
years is highly dependent upon the adoption of EVs by businesses and consumers. The market for EVs is still rapidly evolving, characterized
by rapidly changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards and
changing consumer demands and behaviors, changing levels of concern related to environmental issues and governmental initiatives related
to climate change and the environment generally. Although demand for EVs has grown in recent years, there is no guarantee of continuing
future demand. If the market for EVs develops more slowly than expected, or if demand for EVs decreases, our business, prospects, financial
condition and operating results would be harmed. The market for EVs could be affected by numerous factors, such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">perceptions about EV features, quality, safety, performance and cost;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 20; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases in fuel efficiency;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">relaxation of government mandates or quotas regarding the sale of EVs; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, sales of vehicles
in the automotive industry can be cyclical, which may affect growth in acceptance of EVs. It is uncertain how macroeconomic factors will
impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the automotive industry
globally has been experiencing a recent decline in sales. Furthermore, because fleet operators often make large purchases of EVs, this
cyclicality and volatility in the automotive industry may be more pronounced with commercial purchasers, and any significant decline in
demand from these customers could reduce demand for EV charging and our products and services in particular.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Demand for EVs may also be
affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as sales and financing
incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs, import regulation
and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in reduced demand for EV charging solutions
and therefore adversely affect our business, financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Relating to Battery Storage System Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Lithium-ion battery modules in the marketplace
have been observed to catch fire or vent smoke and flame, and such events have raised concerns over the use of such batteries.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use lithium-ion battery
cells in the production of battery modules for industrial and consumer equipment. Historically, lithium-ion batteries in laptops and cell
phones have been reported to catch fire or vent smoke and flames, and more recently, news reports have indicated that several electric
vehicles that use high-power lithium-ion batteries have caught on fire. Although we are not aware of our high-power lithium-ion batteries
having caught fire as of the date of this Annual Report, any adverse publicity and issues as to the use of high-power batteries in automotive
or other applications will affect our business and prospects. In addition, any failure of the battery cells used in our products may cause
damage to the industrial or consumer equipment or lead to personal injury or death and may subject us to lawsuits. We may have to recall
our products using battery cells, which would be time-consuming and expensive. Further, product liability claims, injuries, defects, or
other problems experienced by other companies in the lithium-ion battery market could lead to unfavorable market conditions for the industry
as a whole, and may have an adverse effect on our ability to attract new customers, thus harming our growth and financial performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 21; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes to battery energy storage standards
or the success of alternative energy storage technologies may negatively impact the battery-energy storage market and thus the demand
for our products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As regulatory initiatives
and consumer behaviors have required an increase in the renewable energy, the demand for energy storage systems has been increasing. If
renewable energy requirements can be replaced by nuclear power stations, for example, or if grid extension or centralized energy storage
systems can be developed, whether as the result of regulations or otherwise, the demand of decentralized energy storage systems could
diminish. In addition, the usage of renewable energy and decentralized systems is different than the usage of fossil energy and centralized
energy systems which because it requires behavior change and education of influencers, consumers and others such as regulatory bodies.
Developments in alternative technologies, such as hydrogen adversely affect demand for battery-energy storage stations. Regulatory bodies
may also adopt rules that substantially favor certain alternatives to battery-based storage system over others. This may impose additional
obstacles to the purchase of battery-based systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the above cause
or contribute to consumers or businesses to no longer purchase decentralized renewable energy and battery energy storage systems or purchase
them at a lower rate, it would materially and adversely affect our business, operating results, financial condition and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may face significant costs relating to
environmental regulations for the storage and shipment of our lithium-ion battery packs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Federal, state, and local
regulations impose significant environmental requirements on the manufacture, storage, transportation, and disposal of various components
of advanced energy storage systems. Although we believe that our operations are in material compliance with applicable environmental regulations,
there can be no assurance that changes in such laws and regulations will not impose costly compliance requirements on us or otherwise
subject us to future liabilities. Moreover, federal, state, and local governments may enact additional regulations relating to the manufacture,
storage, transportation, and disposal of components of advanced energy storage systems. Compliance with such additional regulations could
require us to devote significant time and resources and could adversely affect demand for our products. There can be no assurance that
additional or modified regulations relating to the manufacture, storage, transportation, and disposal of components of advanced energy
systems will not be imposed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our future growth and success is partly
correlated with and thus dependent upon the continuing rapid adoption of decentralized renewable energy.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our growth in the upcoming
years is partly dependent upon the adoption of individual renewable energy by businesses and consumers. The market for individual installed
renewable energy is still rapidly evolving, characterized by rapidly changing technologies, competitive pricing and competitive factors,
evolving government regulation and industry standards and changing consumer demands and behaviors, changing levels of concern related
to environmental issues and governmental initiatives related to climate change and the environment generally. Although demand for battery-energy
storage systems has grown in recent years, there is no guarantee of continuing future demand. If the market for battery-energy storage
systems develops more slowly than expected, or if demand for it decreases, our business, prospects, financial condition and operating
results would be harmed. The market for battery-energy storage systems could be affected by numerous factors, such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 22; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, sales of battery
energy storage systems can be cyclical, which may affect growth in acceptance of it. It is uncertain how macroeconomic factors will impact
demand for individual energy storage systems, particular as it is investment to the future. Any significant decline in demand from customers
could reduce demand for battery-energy storage systems and our products and services in particular.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The EV and battery energy storage market
currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities and others
to offset the purchase or operating cost of EVs, EV charging stations and battery storage systems. The reduction, modification, or elimination
of such benefits, or any delay in payment could cause reduced demand for our products or delay their purchase or production, which would
adversely affect our financial results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. and German federal
governments, foreign governments and some state and local governments provide incentives to end users and purchasers of EVs, EV charging
stations and battery energy storage systems in the form of rebates, tax credits and other financial incentives, such as payments for regulatory
credits. The EV and battery energy storage market relies on these governmental rebates, tax credits and other financial incentives to
significantly lower the effective price to customers. However, these incentives may expire on a particular date, end when the allocated
funding is exhausted, or be reduced or terminated as a matter of regulatory or legislative policy. In addition, there may be delays in
the payment of rebates, or in the recognition of tax credits, which could affect the timing of purchases by customers and also result
in a delay or reduction in the production cycle. All of these events could result in an adverse effect on our financial results.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The EV charging and battery-energy storage
markets are characterized by rapid technological change, which requires us to continue to develop new products and product innovations
and maintain and expand our intellectual property portfolio. Any delays in such development could adversely affect market adoption of
our products and our business, financial condition and operational result.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Continuing technological changes
in battery, battery energy storage systems and other technologies could adversely affect adoption of current EV charging and energy storage
technology and/or our products and services. Our future success will depend upon our ability to develop and introduce a variety of new
capabilities and innovations to our existing product offerings, as well as introduce a variety of new product offerings, to address the
changing needs of the market and business models. As new products are introduced, gross margins tend to decline in the near term and improves
as the product become more mature and with a more efficient manufacturing process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As EV and battery energy storage
technologies change, we may need to upgrade or adapt our platform technology and introduce new products and services in order to serve
our customers that have the latest technology, which could involve substantial costs. In addition, changes in federal and state regulatory
requirements, such as German charging station decree, which regulates for example contactless payment functionality on EV charging stations,
could require us to develop and adopt technologies for our charging stations that we would otherwise not adopt, in order to ensure we
remain in compliance with applicable law. Even if we are able to keep pace with changes in technology, and develop new products and services,
our research and development expenses could increase, our gross margins could be adversely affected in some periods and our prior products
could become obsolete more quickly than expected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot guarantee that any
new products will be released in a timely manner, or at all, or achieve market acceptance. Delays in delivering new products that meet
customer requirements could damage our relationships with customers and lead them to seek alternative providers. Delays in introducing
products and innovations or the failure to offer innovative products or services at competitive prices may cause existing and potential
customers to purchase our competitors&#8217; products or services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to devote
adequate resources to develop products or cannot otherwise successfully develop products or services that meet customer requirements on
a timely basis or that remain competitive with technological alternatives, our products and services could lose market share, our revenue
will decline, we may experience higher operating losses and our business and prospects will be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business may be adversely affected by
labor union activities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although none of our employees
are currently represented by a labor union, it is common throughout the EV and battery storage industry generally for many employees at
companies to belong to a union, which can result in higher employee costs and increased risk of work stoppages. We may also directly and
indirectly depend upon other companies with unionized work forces, such as parts suppliers and trucking and freight companies, and work
stoppages or strikes organized by such unions could have a material adverse impact on our business, financial condition or operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain estimates of market opportunity
and forecasts of market growth included in this Annual Report may prove to be inaccurate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Annual Report includes
estimates of the addressable market for our solutions and the EV and battery storage market in general. Market opportunity estimates and
growth forecasts, whether obtained from third-party sources or developed internally, are subject to significant uncertainty and are based
on assumptions and estimates that may prove to be inaccurate. The estimates and forecasts in this Annual Report relating to the size and
expected growth of the target market, market demand and adoption, capacity to address this demand and pricing may also prove to be inaccurate.
In particular, estimates regarding the current and projected market opportunity are difficult to predict. The estimated addressable market
may not materialize for many years, if ever, and even if the markets meet the size estimates and growth forecasted, our business could
fail to grow at similar rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Technology, Intellectual
Property and Infrastructure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may need to defend against intellectual
property infringement or misappropriation claims, which may be time-consuming and expensive.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the holders
of intellectual property rights may assert their rights and urge us to take licenses, and/or may bring suits alleging infringement or
misappropriation of such rights. There can be no assurance that we will be able to mitigate the risk of potential suits or other legal
demands by competitors or other third parties. Accordingly, we may consider entering into licensing agreements with respect to such rights,
although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur, and such
licenses and associated litigation could significantly increase our operating expenses. In addition, if we are determined to have or believe
there is a high likelihood that we have infringed upon or misappropriated a third party&#8217;s intellectual property rights, we may be
required to cease making, selling or incorporating certain key components or intellectual property into the products and services we offer,
to pay substantial damages and/or royalties, to redesign our products and services, and/or to establish and maintain alternative branding.
In addition, to the extent that our customers and business partners become the subject of any allegation or claim regarding the infringement
or misappropriation of intellectual property rights related to our products and services, we may be required to indemnify such customers
and business partners. If we were required to take one or more such actions, our business, prospects, operating results and financial
condition could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial
costs, negative publicity and diversion of resources and management attention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business may be adversely affected if
we are unable to protect our technology and intellectual property from unauthorized use by third parties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success depends, at least
in part, on our ability to protect our core technology and intellectual property. To accomplish this, we rely on, and plan to continue
relying on, a combination of patents, trade secrets (including know-how), employee and third-party nondisclosure agreements, copyright,
trademarks, intellectual property licenses and other contractual rights to retain ownership of, and protect, our technology. Failure to
adequately protect our technology and intellectual property could result in competitors offering similar products, potentially resulting
in the loss of some of our competitive advantage and a decrease in revenue which would adversely affect our business, prospects, financial
condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The measures we take to protect
our technology intellectual property from unauthorized use by others may not be effective for various reasons, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any patent applications we submit may not result in the issuance of patents;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the scope of issued patents may not be broad enough to protect proprietary rights;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any issued patents may be challenged by competitors and/or invalidated by courts or governmental authorities;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs associated with enforcing patents, confidentiality and invention agreements or other intellectual property rights may make aggressive enforcement impracticable;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">current and future competitors may circumvent patents or independently develop similar trade secrets or works of authorship, such as software;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54.9pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">proprietary designs and technology embodied in our products may be discoverable by third-parties through means that do not constitute violations of applicable laws.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Patent, trademark, and trade
secret laws vary significantly throughout the world. Some foreign countries do not protect intellectual property rights to the same extent
as do the laws of Germany. Further, policing the unauthorized use of our intellectual property in foreign jurisdictions may be difficult
or impossible. Therefore, our intellectual property rights may not be as strong or as easily enforced outside of Germany.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain patents in the EV
and battery storage space may come to be considered &#8220;standards essential.&#8221; If this is the case with respect to any of our
patents, we may be required to license certain technology on &#8220;fair, reasonable and non-discriminatory&#8221; terms, decreasing revenue.
Further, competitors, vendors, or customers may, in certain instances, be free to create variations or derivative works of our technology
and intellectual property, and those derivative works may become directly competitive with our offerings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>In addition to patented technology, we rely
on unpatented proprietary technology, trade secrets, designs, experiences, work flows, data, processes, software and know-how.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on proprietary information
(such as trade secrets, designs, experiences, work flows, data, know-how and confidential information) to protect intellectual property
that may not be patentable or subject to copyright, trademark, trade dress or service mark protection, or that we believe is best protected
by means that do not require public disclosure. We generally seek to protect this proprietary information by entering into confidentiality
agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants,
customers, contractors and third parties. However, we may fail to enter into the necessary agreements, and even if entered into, such
agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary
information, may be limited as to their term and may not provide adequate remedies in the event of unauthorized disclosure or use of proprietary
information. We have limited control over the protection of trade secrets used by our current or future manufacturing counterparties and
suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition, our proprietary
information may otherwise become known or be independently developed by our competitors or other third parties. To the extent that our
employees, consultants, customers, contractors, advisors and other third parties use intellectual property owned by others in their work
for it, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming litigation could
be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary
information could adversely affect our competitive business position. Furthermore, laws regarding trade secret rights in certain markets
where we operate may afford little or no protection to our trade secrets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></p><div>

</div><!-- Field: Page; Sequence: 25; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also on physical and electronic
security measures to protect our proprietary information, but cannot provide assurance that these security measures will not be breached
or provide adequate protection for our property. There is a risk that third parties may obtain and improperly utilize our proprietary
information to our competitive disadvantage. We may not be able to detect or prevent the unauthorized use of such information or take
appropriate and timely steps to enforce our intellectual property rights, and our business, financial condition and results of operations
could be materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The current lack of international standards
may lead to uncertainty, additional competition and further unexpected costs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Lack of industry standards
for EV High-Power-Charger and battery storage system management and, coupled with utilities, photovoltaic installation companies and other
large organizations mandating their own adoption of specifications that have not become widely adopted in the industry, may hinder innovation
or slow new product or new feature introduction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, automobile manufacturers
may choose to utilize their own proprietary systems, which could lock out competition for EV chargers, or to use their size and market
position to influence the market, which could limit our market and reach to customers, negatively impacting our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our technology has had and in the future
could have undetected defects, errors or bugs in hardware or software which has and could reduce market adoption, damage our reputation
with current or prospective customers, and/or expose us to product liability and other claims that could materially and adversely affect
our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been and in the future
could be subject to claims that High-Power-Charger and battery storage systems are defective or have malfunctioned, or even that persons
were injured or purported to be injured as a result of such defects, and our customers may bring legal claims against the Company to attempt
to hold it liable. Any insurance that we carry may not be sufficient or it may not apply to all situations. Similarly, to the extent that
such malfunctions are related to components obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions.
For example, certain of our customers have experienced a malfunction in our High-Power Charger that we believe is likely the result of
a defective semiconductor component, which has required us to work with our third-party supplier of such component to inspect and implement
countermeasures to address these defects and may require us to replace such products under our warranty. These activities have resulted
in an increase to our special warranty provision in other expenses for the year ended December 31, 2021 as compared to the year ended
December 31, 2020 as detailed under &#8220;Item 5. Operating and Financial Review and Prospects &#8211; Operating Results &#8211; Results
of Operations &#8211; Comparison of the Twelve&#160;Months Ended December 31, 2021 and 2020 &#8211; Other Expenses.&#8221; We expect to
continue to address this issue, and this defect or similar events in the future could adversely affect our brand, relationships with customers
and vendors, operating results or financial condition.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, our software
platform is complex, developed for over a decade by many developers, and includes a number of licensed third-party commercial and open-source
software libraries. Our software has contained defects and errors and may in the future contain undetected defects or errors. We are continuing
to evolve the features and functionality of our platform through updates and enhancements, and as we do, we may introduce additional defects
or errors that may not be detected until after deployment to customers. In addition, if our products and services, including any updates
or patches, are not implemented or used correctly or as intended, inadequate performance and disruptions in service may result.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any defects or errors in product
or services offerings, or the perception of such defects or errors, or other performance problems could result in any of the following,
each of which could adversely affect our business and results of our operations:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we have contractual
protections, such as warranty disclaimers and limitation of liability provisions, in many of our agreements with customers, resellers
and other business partners, such protections may not be uniformly implemented in all contracts and, where implemented, may not fully
or effectively protect from claims by customers, reseller, business partners or other third parties. Any insurance coverage or indemnification
obligations of suppliers may not adequately cover all such claims, or cover only a portion of such claims. A successful product liability,
warranty, or other similar claim could have an adverse effect on our business, operating results and financial condition. In addition,
even claims that ultimately are unsuccessful could result in expenditure of funds in litigation, divert management&#8217;s time and other
resources and cause reputational harm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we rely on some
open-source software and libraries issued under the General Public License (or similar &#8220;copyleft&#8221; licenses) for development
of our products and may continue to rely on similar copyleft licenses. Third-parties may assert a copyright claim against us regarding
our use of such software or libraries, which could lead to the adverse results listed above. Use of such software or libraries may also
force us to provide third parties, at no cost, the source code to our proprietary software, which may decrease revenue and lessen any
competitive advantage we have due to the secrecy of our source code.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We expect to incur research and development
costs and devote significant resources to developing new products, which could significantly reduce our profitability and may never result
in revenue to the Company</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our future growth
depends on penetrating new markets, adapting existing products to new applications and customer requirements, and introducing new
products that achieve market acceptance. We plan to incur significant research and development costs in the future as part of our
efforts to design, develop, manufacture and introduce new products and enhance existing products. ADSE&#8217;s research and not
capitalized development expenses were kEUR 749, kEUR 2,012, and kEUR 1,701 during the fiscal years ended December 31, 2020, 2021,
and 2022 respectively, and are likely to grow in the future. Further, our research and development program may not produce
successful results, and our new products may not achieve market acceptance, create additional revenue or become profitable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Customer-Related Risks</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to offer high-quality support
to customers, battery energy storage and charging station owners and users, our business and reputation will suffer.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once a customer has installed
our platforms and subscribed to our products and services, customers will rely on us to provide support services to resolve any issues
that might arise in the future. Rapid and high-quality customer support is important so owners can provide services and end use customers
can receive reliable service. The importance of high-quality customer support will increase as we seeks to expand our business and pursue
new customers and geographies. If we do not quickly resolve issues and provide effective support, our ability to retain customers or sell
additional products and services to existing customers could suffer and our brand and reputation could be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to effectively expand our sales
and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our solutions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to grow our customer
base, achieve broader market acceptance, grow revenue, and achieve and sustain profitability will depend, to a significant extent, on
our ability to effectively expand our sales and marketing operations and activities. Sales and marketing expenses represent a significant
percentage of our total revenue, and our operating results will suffer if sales and marketing expenditures do not contribute significantly
to increasing revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are substantially dependent
on our direct sales force to obtain new customers. We plan to continue to expand our direct sales force both domestically and internationally,
but we may not be able to recruit and hire a sufficient number of sales personnel, which may adversely affect our ability to expand our
sales capabilities. New hires require significant training and time before they achieve full productivity, particularly in new sales territories.
Recent hires and planned hires may not become as productive as quickly as anticipated, and we may be unable to hire or retain sufficient
numbers of qualified individuals. Furthermore, hiring sales personnel in new countries can be costly, complex and time-consuming, and
requires additional set up and upfront costs that may be disproportionate to the initial revenue expected from those countries. There
is significant competition for direct sales personnel with the strong sales skills and technical knowledge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to achieve significant
revenue growth in the future will depend, in large part, on our success in recruiting, training, incentivizing and retaining a sufficient
number of qualified direct sales personnel and on such personnel attaining desired productivity levels within a reasonable amount of time.
Our business will be harmed if continuing investment in our sales and marketing capabilities does not generate a significant increase
in revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a concentration of sales with two
key customers and any substantial reduction in sales to such customers would have a material adverse effect on our results of operations
and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we expect to significantly
diversify our customer basis in the next twelve months, historically we have had one major customer that comprised approximately 87%,
56%, and 27% of our revenues in 2020, 2021,&#160;and 2022, respectively. In 2022, there was one other customer that comprised 31% of our
total revenue. If we are not able to sufficiently diversify our customer base, we will remain subject to significant risks associated
with a highly concentrated customer base.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This concentration exposes
our business, financial condition and operating results to a number of risks, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a highly concentrated business environment, if a particular customer does not place an order, or if they delay or cancel orders, we may
not be able to replace the business.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
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a result of this concentrated customer base, single customers represent a greater portion of our sales and, consequently, have greater
commercial negotiating leverage. Customers may have aggressive policies regarding engaging alternative, second-source suppliers for the
products we offer and, in addition, may seek and, on occasion, receive pricing, payment, intellectual property-related or other commercial
terms that may have an adverse impact on our business. Any of these changes could negatively impact our prices, customer orders, revenues,
and gross margins.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
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highly concentrated business environment also increases our exposure to risks related to the financial condition of each of our customers.
To the extent our customers experience liquidity issues in the future, we may be required to incur additional credit losses with respect
to receivables owed to us by those customers. In addition, customers with liquidity issues may be forced to reduce purchases of our equipment,
delay deliveries of our products, discontinue operations or may be acquired by one of our customers, and in either case such event would
have the effect of further consolidating our customer base.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any of these factors could
have a material adverse effect on our business, financial condition and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Customer relationships with start-ups may present more risks
than with established companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A growing portion of the Company&#8217;s
current customer base is comprised of start-up companies. Customer relationships with start-up companies present special risks because
these companies do not have an extensive operating history. As a result, there is less demonstration of market acceptance of their products
or services, making it harder for us to anticipate needs and requirements than with established customers. In addition, funding for such
companies may be more difficult to obtain and these customer relationships may not continue or materialize to the extent we plan or previously
experienced. Further, supply chain risks arising from COVID-19 policies or geopolitical turmoil may have a more significant impact on
start-up customers than with established customers. This may result in additional credit risk, including but not limited to the collection
of trade accounts receivables and payment for their inventory. Although we perform ongoing credit evaluations of our customers and adjust
our allowance for doubtful accounts receivable for all customers, including start-up customers, based on the information available, these
allowances may not be adequate. If we do not have adequate allowances recorded, our results of operations may be negatively affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial, Tax and Accounting-Related Risks
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our financial condition and results of operations
are likely to fluctuate in future periods, which could cause our results for a particular period to fall below expectations, resulting
in a decline in the price of Ordinary Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial condition and
results of operations have fluctuated in the past and may continue to fluctuate in the future due to a variety of factors, many of which
are beyond our control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the other risks
described herein, the following factors could also cause our financial condition and results of operations to fluctuate:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
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timing and volume of new sales;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
in service costs, particularly due to unexpected costs of servicing and maintaining chargers;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
timing of new product introductions, which can initially have lower gross margins;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">weaker
than anticipated demand for Higher-Power-Charger and battery storage system, whether due to changes in government incentives and policies
or due to other conditions;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
in sales and marketing or research and development expenses;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">supply
chain interruptions and manufacturing or delivery delays;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
timing and availability of new products relative to our customers&#8217; and business partners&#8217; expectations;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
length of the sales and installation cycle for a particular customer;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact of COVID-19 on our workforce, or those of our customers, suppliers, vendors or business partners;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ability
to attract and retain qualified personnel; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
changes in federal, state, local or foreign government incentive programs, which can affect demand for EVs and battery storage systems.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fluctuations in operating
results and cash flow could, among other things, give rise to short-term liquidity issues. In addition, revenue, and other operating results
may fall short of the expectations of investors and financial analysts, which could have an adverse effect on the price of the common
stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our reported financial results may be negatively
impacted by changes in IFRS.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IFRS is subject to the requirements
of IFRS as issued by the IASB, the interpretation by the International Financial Reporting Standards Interpretation Committee (&#8220;<span style="text-decoration:underline">IFRS
IC</span>&#8221;), the SEC and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles
or interpretations could have a significant effect on reported financial results, and may even affect the reporting of transactions completed
before the announcement or effectiveness of a change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The ability of the Company to utilize net
operating loss and tax credit carryforwards is conditioned upon the Company attaining profitability and generating taxable income. The
Company has incurred significant net losses since inception and it is anticipated that the Company will continue to incur significant
losses. Additionally, the Company&#8217;s ability to utilize net operating loss and tax credit carryforwards to offset future taxable
income may be limited.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE generated a loss carryforward
in its development phase in an amount of kEUR 82.796 as of its financial year ended December 31, 2022 which may be used to off-set taxes
in Germany on future profits. As a matter of German tax law, loss carryforwards will be disregarded for tax purposes in case of a change
of control unless certain exemptions are met (e.g. valuation issues of hidden reserves). While currently management is optimistic that
these criteria can be met in whole or in part and thus loss carryforwards will continue to be available for the future, there is no certainty
that the German Tax Authorities will recognize this assessment as it has a certain discretionary scope to evaluate hidden reserves and
company values.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will need to improve the operational
and financial systems to support continuous growth, increasingly complex business arrangements, and rules governing revenue and expense
recognition and any inability to do so will adversely affect our billing and reporting.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To manage the growth of our
operations and increasing complexity, we will need to improve the operational and financial systems, procedures, and controls and continue
to increase systems automation to reduce reliance on manual operations. Any inability to do so will affect our manufacturing operations,
customer billing and reporting. Our current and planned systems, procedures and controls may not be adequate to support new complex arrangements
we enter into and the rules governing revenue and expense recognition for our future operations and expected growth. Delays or problems
associated with any improvement or expansion of our operational and financial systems and controls could adversely affect our relationships
with our customers, cause harm to our reputation and brand and could also result in errors in our financial and other reporting. We expect
that complying with these rules and regulations will increase our legal and financial compliance costs and will make some activities more
time-consuming and costly. We cannot predict or estimate the amount or timing of additional costs it may incur to respond to these requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As a public company, we have identified
material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future. Failure
to remediate such material weaknesses in the future or to maintain an effective system of internal control could impair our ability to
comply with the financial reporting and internal controls requirements for publicly traded companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have&#160;limited accounting
and financial reporting personnel and other resources with which to address the internal controls and procedures required for public companies.
Becoming a U.S.-listed public company, we operate in an increasingly demanding regulatory environment, which requires us to comply with
the Sarbanes-Oxley Act of 2002 (the &#8220;<span style="text-decoration:underline">Sarbanes-Oxley Act</span>&#8221;), Nasdaq regulations, SEC rules and regulations, expanded
disclosure requirements, accelerated reporting requirements and more complex accounting rules. Company responsibilities required by the
Sarbanes-Oxley Act include establishing corporate oversight and adequate internal control over financial reporting and disclosure controls
and procedures. Effective internal controls in accordance with the Sarbanes-Oxley Act are necessary for us to produce reliable financial
reports and are important to help prevent financial fraud.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since becoming a public company,
ensuring that we have adequate internal financial and accounting controls and procedures in place to produce accurate financial statements
on a timely basis has become costly and a time-consuming effort. In addition, the rapid growth of our operations has created a need for
additional resources within the accounting and finance functions in order to produce timely financial information and to ensure the level
of segregation of duties customary for a public company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 30; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Our
management is also required, on a yearly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and
material weaknesses identified. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement in our annual consolidated financial statements might
not be prevented or detected on a timely basis. As described in &#8220;Item 15. Controls and Procedures&#8221; , there were several material
weaknesses identified in our disclosure and internal controls over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the process of designing
and implementing measures to improve our internal control over financial reporting to remediate the material weaknesses, including by
implementing new information technology and systems for the preparation of the financial statements, implementing additional review procedures
within our accounting and finance department, hiring additional staff and engaging external accounting experts to support improving our
accounting processes and procedures and supplement our internal resources in our computation processes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are working to develop
and implement a remediation plan as soon as practicable. Our remediation plan, which is continuing to be developed, can only be accomplished
over time, and these initiatives may not accomplish their intended effects. Failure to maintain our internal control over financial reporting
could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis. Likewise,
if our financial statements are not filed on a timely basis, we could be subject to regulatory actions, legal proceedings or investigations
by Nasdaq, the SEC or other regulatory authorities, which could result in a material adverse effect on our business and/or we may not
be able to maintain compliance with certain of our agreements. Ineffective internal controls could also cause investors to lose confidence
in our financial reporting, which could have a negative effect on our stock price, business strategies and ability to raise capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We anticipate that the process
of building our accounting and financial functions and infrastructure will result in substantial costs, including significant additional
professional fees and internal costs. Any disruptions or difficulties in implementing or using such a system could adversely affect our
controls and harm our business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion of management&#8217;s
attention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even after the remediation
of our material weaknesses, our management does not expect that our internal controls ever will prevent or detect all errors and all fraud.
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s
objectives will be met. No evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur
or that all control issues and instances of fraud, if any, within the business will have been detected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are not able to comply
with the requirements of Section 404(a) of the Sarbanes-Oxley Act in a timely manner, or if we are unable to maintain proper and effective
internal controls, we may not be able to produce timely and accurate financial statements. If we cannot provide reliable financial reports
or prevent fraud, our business and results of operations could be harmed, investors could lose confidence in our reported financial information
and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We identified material weaknesses in EUSG&#8217;s
internal control over financial reporting with respect to EUSG&#8217;s previously issued financial statements. These material weaknesses
could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely
manner, and we may face litigation and other risks as a result of the material weakness in EUSG&#8217;s internal control over financial
reporting.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management is responsible
for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Management
also evaluates the effectiveness of our internal controls and we will disclose any changes and material weaknesses identified through
such evaluation in those internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial
statements will not be prevented or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing in 2021,
in light of recent comments issued by the SEC, EUSG, a predecessor in interest to ADSE, re-evaluated its application of ASC 480-10-S99-3A
to its accounting classification of its redeemable Class A ordinary shares (the &#8220;<span style="text-decoration:underline">Public Shares</span>&#8221;) issued as part of
the units sold in EUSG&#8217;s initial public offering (&#8220;<span style="text-decoration:underline">IPO</span>&#8221;) in January 2021. EUSG determined that, at the closing
of its IPO, and in all of its subsequent periodic reports filed with the SEC, through and including the Form 10-Q for the quarterly period
ended July 31, 2021, it had improperly valued its Public Shares subject to possible redemption. EUSG had previously determined the Public
Shares subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result
in net tangible assets being less than $5,000,001. EUSG&#8217;s management determined that the Public Shares issued during the IPO can
be redeemed or become redeemable subject to the occurrence of future events considered outside of EUSG&#8217;s control. Therefore, management
concluded that the redemption value should include all Public Shares subject to possible redemption, resulting in the Public Shares subject
to possible redemption being equal to its redemption value. As a result, management restated temporary equity and permanent equity. This
resulted in a restatement to the initial carrying value of the Public Shares subject to possible redemption with the offset recorded to
additional paid-in capital (to the extent available), accumulated deficit and ordinary shares.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EUSG management concluded
that in light of the error described above, a material weakness exists in EUSG&#8217;s internal control over financial reporting related
to EUSG&#8217;s accounting for complex financial instruments and that, because of this and additional material weaknesses identified in
the fiscal quarters ended January 31, 2021, April 30, 2021, and July 31, 2021, EUSG&#8217;s disclosure controls and procedures were not
effective for all periods noted above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EUSG has restated its previously
issued financial statements to report all Public Shares as temporary equity and implemented a remediation plan to remediate these material
weakness surrounding EUSG&#8217;s historical presentation of the Public Shares but can give no assurance that the measures it has taken
will prevent any future material weaknesses or deficiencies in internal control over financial reporting. Even though we have strengthened
controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors
or to facilitate the fair presentation of our financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, as a result of
such material weakness, the restatements, the change in accounting classification of all of the EUSG Class A ordinary shares as temporary
equity, and other matters raised or that may in the future be raised by the SEC, we face potential for litigation or other disputes which
may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the
restatement and material weaknesses in our internal control over financial reporting and the preparation of our financial statements.
As of the date of this Annual Report, we have no knowledge of any such litigation or dispute. However, we can provide no assurance that
such litigation or dispute will not arise in the future. Any such litigation or dispute, whether successful or not, could have a material
adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Irish, German and European insolvency laws
are substantially different from U.S. insolvency laws and may offer our shareholders less protection than they would have under U.S. insolvency
laws.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an Irish public limited
company and as a company with its &#8216;centre of main interest&#8217; in Germany, we are subject to Irish and German insolvency laws
in the event any insolvency proceedings are initiated against us including, among other things, Regulation (EU) 2015/848 of the European
Parliament and of the Council of May&#160;20, 2015 on insolvency proceedings. Should courts in another European country determine that
the insolvency laws of that country apply to us in accordance with and subject to such EU regulations, the courts in that country could
have jurisdiction over the insolvency proceedings initiated against us. Insolvency laws in Germany, Ireland, or the relevant other European
country, if any, may offer our shareholders less protection than they would have under U.S. insolvency laws and make it more difficult
for our shareholders to recover the amount they could expect to recover in a liquidation under U.S. insolvency laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to the Regulatory Environment
in which the Company Operates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Existing and future environmental health
and safety laws and regulations could result in increased compliance costs or additional operating costs or construction costs and restrictions.
Failure to comply with such laws and regulations may result in substantial fines or other limitations that may adversely impact our financial
results or results of operation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and its operations,
as well as those of the Company&#8217;s contractors, suppliers and customers, are subject to certain environmental laws and regulations,
including laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic
wastes and hardware, whether hazardous or not. These laws may require the Company or others in the Company&#8217;s value chain to obtain
permits and comply with procedures that impose various restrictions and obligations that may have material effects on the Company&#8217;s
operations. If key permits and approvals cannot be obtained on acceptable terms, or if other operational requirements cannot be met in
a manner satisfactory for the Company&#8217;s operations or on a timeline that meets the Company&#8217;s commercial obligations, it may
adversely impact its business.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Environmental and health and
safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational,
national, sub-national and/or local level or new or modified regulations that may be implemented under existing law. The nature and extent
of any changes in these laws, rules, regulations and permits may be unpredictable and may have material effects on our business. Future
legislation and regulations or changes in existing legislation and regulations, or interpretations thereof, including those relating to
hardware manufacturing, electronic waste or batteries, could cause additional expenditures, restrictions and delays in connection with
our operations as well as other future projects, the extent of which cannot be predicted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we currently rely
on third parties to ensure compliance with certain environmental laws, including those related to the disposal of hazardous and non-hazardous
wastes. Any failure to properly handle or dispose of such wastes, regardless of whether such failure is the Company&#8217;s or its contractors,
may result in liability under environmental laws, under which liability may be imposed without regard to fault or degree of contribution
for the investigation and clean-up of contaminated sites, as well as impacts to human health and damages to natural resources. Additionally,
we may not be able to secure contracts with third parties to continue their key supply chain and disposal services for our business, which
may result in increased costs for compliance with environmental laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to an increasing focus on
environmental, social and governance requirements, which could result in additional costs or reputational damage.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The increasing environmental,
social and governance requirements from governments and customers as well as potential financing restrictions from governments on carbon
emitting processes could result in additional supply chain and operational costs. Additionally, business involvement in sensitive environmental,
social or governance activities might be negatively perceived and trigger adverse media attention. This could lead to reputational damage
and have an impact on achieving our business goals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business and territories that we operate
in are subject to changes of regulations, laws and policies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a growing company with
operations commencing in new territories, we are exposed to various product- and country-related regulations, laws and policies influencing
our business activities and processes. We monitor the political and regulatory landscape in all our key markets to anticipate potential
problem areas, with the aim of quickly adjusting our business activities and processes to reflect the changed conditions. However, any
changes in regulations, laws and policies could adversely affect our business activities and processes as well as our financial condition
and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Associated with Being a U.S. Public Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We incur significant costs and devote substantial
management time as a result of being subject to reporting requirements in the United States, which may adversely affect our operating
results in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a company subject to reporting
requirements in the United States, we incur significant legal, accounting and other expenses that we would not have incurred as a private
Irish company. For example, we are subject to the reporting requirements of the Exchange Act and are required to comply with the applicable
requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations
subsequently implemented by the SEC, including the establishment and maintenance of effective disclosure and financial controls and changes
in corporate governance practices. Compliance with these requirements increases our legal and financial compliance costs and makes some
activities more time consuming and costly, while also diverting management attention. In particular, we expect to incur significant expenses
and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which
will increase when we are no longer an emerging growth company as defined by the JOBS Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Ownership of Our Ordinary
Shares and Warrants </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>An active trading market of the Ordinary
Shares and Warrants may not be sustained and investors may not be able to resell their Ordinary Shares and Warrants at or above the price
for which they purchased the securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An active trading market for
the Ordinary Shares and Warrants may not be sustained. In the absence of an active trading market for the Ordinary Shares and/or Warrants,
investors may not be able to sell their Ordinary Shares or Warrants, respectively, at or above the price they paid at the time that they
would like to sell. In addition, an inactive market may impair our ability to raise capital by selling shares or equity securities and
may impair our ability to acquire business partners by using the Ordinary Shares as consideration, which, in turn, could harm our business.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The trading price of the Ordinary Shares
or Warrants may be volatile, and holders of the Ordinary Shares or Warrants could incur substantial losses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stock market in general
has experienced extreme volatility in the wake of the COVID-19 pandemic Russia&#8217;s ongoing incursion into Ukraine, and increases in
inflation rates that have often been unrelated to the operating performance of particular companies. As a result of this volatility, shareholders
may not be able to sell their Ordinary Shares or Warrants at or above the price paid for the securities. The market price for the Ordinary
Shares and Warrants may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 34; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The future exercise of registration rights
may adversely affect the market price of Ordinary Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of our shareholders
have registration rights for restricted securities under the terms of our Registration Rights Agreement with the Sponsor and certain other
shareholders of ADSE Holdco and Subscription Agreement with the PIPE Investors, which provide for customary &#8220;demand&#8221; and &#8220;piggyback&#8221;
registration rights for certain shareholders. Sales of a substantial number of Ordinary Shares pursuant to the resale registration statement
in the public market could occur at any time the registration statement remains effective. In addition, certain registration rights holders
can request underwritten offerings to sell their securities. These sales, or the perception in the market that the holders of a large
number of shares intend to sell shares, could reduce the market price of our Ordinary Shares. See &#8220;Item 7. Major Shareholders and
Related Party Transactions<i>&#8212;</i>7.B. Related Party Transactions&#8201;&#8212;Registration Rights Agreement.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain shareholders that own a significant&#160;percentage
of the Company may have interests that conflict with the Company&#8217;s or yours in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Two of our shareholders beneficially
own approximately 57.4% of the outstanding Ordinary Shares. See &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;7.A.
Major Shareholders.&#8221; For so long as these shareholders continue to own a significant&#160;percentage of our Ordinary Shares, they
will be able to significantly influence or effectively control the composition of our board of directors and the approval of actions requiring
shareholder approval through their voting power. Accordingly, for such period of time, these shareholders will have significant influence
with respect to our management, business plans and policies, including the appointment and removal of our officers. In particular, for
so long as these shareholders continue to own a significant&#160;percentage of the outstanding Ordinary Shares, they will be able to cause
or prevent a change of control of the Company or a change in the composition of our board of directors and could preclude any unsolicited
acquisition of the Company. The concentration of ownership could deprive you of an opportunity to receive a premium for your Ordinary
Shares as part of a sale of the Company and ultimately might affect the market price of the Ordinary Shares.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our staggered board will limit your ability
to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of Ordinary Shares
may view as beneficial.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s Memorandum
and Articles of Association (&#8220;<span style="text-decoration:underline">M&amp;A</span>&#8221;) provides that our board of directors has three classes of directors with staggered
terms of up to three years until his or her successor is designated and qualified. During such term, our shareholders will have no power
to remove directors without cause. The Company&#8217;s staggered board will limit your ability to influence corporate matters and could
also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect
of depriving the holders of Ordinary Shares and Warrants of the opportunity to sell their Ordinary Shares at a premium over the prevailing
market price. Additionally, our staggered board may discourage proxy contests for the election of directors and purchases of substantial
blocks of Ordinary Shares by making it more difficult for a potential acquirer to gain control of our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No individual, group or other
company will hold in excess of 50% of the voting power for the election of directors of the Company. Accordingly, we will not be a &#8220;controlled
company&#8221; under the rules of the Nasdaq Stock Market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may issue additional Ordinary Shares
or other equity securities without seeking approval of the shareholders, which would dilute your ownership interests and may depress the
market price of the Ordinary Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has Warrants outstanding
to purchase up to an aggregate of 11,662,486 Ordinary Shares. In addition to the PIPE Financing, we may choose to seek third-party financing
to provide additional working capital for our business, in which event the Company may issue additional equity securities. We may also
issue additional Ordinary Shares or other equity securities of equal or senior rank in the future for any reason or in connection with,
among other things, future acquisitions, the redemption of outstanding warrants, or repayment of outstanding indebtedness, without shareholder
approval, in a number of circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s issuance
of additional Ordinary Shares or other equity securities of equal or senior rank would have the following effects:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 35; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There may be less publicly available information
concerning the Company than there is for issuers that are not foreign private issuers because it is anticipated that the Company will
be considered a foreign private issuer and will be exempt from a number of rules under the Exchange Act and will be permitted to file
less information with the SEC than issuers that are not foreign private issuers and the Company, as a foreign private issuer, will be
permitted to follow home country practice in lieu of the listing requirements of Nasdaq, subject to certain exceptions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A foreign private issuer under
the Exchange Act is exempt from certain rules under the Exchange Act, and is not required to file periodic reports and financial statements
with the SEC as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private
issuers, or to comply with Regulation FD, which restricts the selective disclosure of material non-public information. It is anticipated
that we will be exempt from certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange
Act. The members of the Company&#8217;s board of directors, officers and principal shareholders will be exempt from the reporting and
&#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act. Accordingly, there may be less publicly available
information concerning the Company than there is for companies whose securities are registered under the Exchange Act but are not foreign
private issuers, and such information may not be provided as promptly as it is provided by such companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, certain information
may be provided by the Company in accordance with Irish law, which may differ in substance or timing from such disclosure requirements
under the Exchange Act. As a foreign private issuer, under Nasdaq rules we will be subject to less stringent corporate governance requirements.
Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer to follow its home country practice in lieu of the
listing requirements of Nasdaq, including, for example, certain internal controls as well as board, committee and director independence
requirements. We do not currently intend to follow any Irish corporate governance practices in lieu of Nasdaq corporate governance rules,
but we cannot assure you that this will not change. If the Company determines to follow Irish corporate governance practices in lieu of
Nasdaq corporate governance standards, we will disclose each Nasdaq rule that we do not intend to follow and describe the Irish practice
that we will follow in lieu thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may lose our foreign private issuer status
in the future, which could result in significant additional cost and expense.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the future, we would lose
our foreign private issuer status if a majority of our shareholders, directors or management are U.S. citizens or residents and we fail
to meet additional requirements necessary to avoid loss of foreign private issuer status. Although our management has elected to comply
with certain U.S. regulatory provisions, our loss of foreign private issuer status would make such provisions mandatory. The regulatory
and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher. If we are not a foreign private
issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are
more detailed and extensive than the forms available to a foreign private issuer. For example, the annual report on Form&#160;10-K requires
domestic issuers to disclose executive compensation information on an individual basis with specific disclosure regarding the domestic
compensation philosophy, objectives, annual total compensation (base salary, bonus, and equity compensation) and potential payments in
connection with change in control, retirement, death or disability, while the annual report on Form 20-F permits foreign private issuers
to disclose compensation information on an aggregate basis. We would also have to mandatorily comply with U.S. federal proxy requirements,
and our officers, directors, and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions
of Section&#160;16 of the Exchange Act. We may also be required to modify certain of our policies to comply with good governance practices
associated with U.S. domestic issuers and convert from IFRS to U.S. GAAP. Such conversion and modifications will involve additional costs.
In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that
are available to foreign private issuers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not
publish research or publish inaccurate or unfavorable research about our business, the market price of the Ordinary Shares and/or Warrants
and trading volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price for the Ordinary
Shares and Warrants depends in part on the research and reports that securities or industry analysts publish about the Company or the
Company&#8217;s business. If industry analysts cease coverage of the Company, the trading price for the Ordinary Shares and/or Warrants
would be negatively affected. In addition, if one or more of the analysts who cover the Company downgrade the Ordinary Shares and/or Warrants
or publish inaccurate or unfavorable research about the Company&#8217;s business, the Ordinary Share and/or Warrant price would likely
decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for the Ordinary Shares
and/or Warrants could decrease, which might cause the Ordinary Share and/or Warrant price and trading volume to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future changes in U.S. and foreign tax laws
could adversely affect us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Congress, the Organisation
for Economic Co-operation and Development, and government agencies in jurisdictions where we and our affiliates do business have focused
on issues related to the taxation of multinational corporations. In particular, specific attention has been paid to &#8220;base erosion
and profit shifting&#8221;, where payments are made between affiliates from a jurisdiction with high tax rates to a jurisdiction with
lower tax rates. As a result the tax laws in Ireland, Germany, the U.S. and other countries in which we and our affiliates do business
could change, on a prospective or retroactive basis, and any such change could adversely affect us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may redeem your Public Warrants prior
to their exercise at a time that is disadvantageous to you, thereby making such warrants worthless.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may redeem your Public
Warrants prior to their exercise at a time that is disadvantageous to you, thereby making such warrants worthless. We will have the ability
to redeem outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
warrant, provided that the last sales price of the Ordinary Shares reported has been at least $18.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) on each of 20 trading days within the 30 trading
day period ending on the third trading day prior to the date on which a notice of redemption is sent to the warrantholders. We will not
redeem the warrants as described above unless (i) a registration statement under the Securities Act covering the Ordinary Shares issuable
upon exercise of such warrants is effective and a current prospectus relating to those Ordinary Shares is available throughout the 30-day
redemption period or (ii) we have elected to require the exercise of the Public Warrants on a cashless basis; provided, however, that
if and when the Public Warrants become redeemable by the Company, we may not exercise such redemption right if the issuance of Ordinary
Shares upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or we
are unable to effect such registration or qualification. Redemption of the outstanding Public Warrants could force you (i) to exercise
your Public Warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) to sell your
Public Warrants at the then-current market price when you might otherwise wish to hold your Public Warrants, or (iii) to accept the nominal
redemption price which, at the time the outstanding Public Warrants are called for redemption, is likely to be substantially less than
the market value of your Public Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recent trading prices for
the Ordinary Shares have not met the $18.00 per share threshold at which the Public Warrants would become redeemable. In such a case,
the holders will be able to exercise their Public Warrants prior to redemption for a number of Ordinary Shares determined based on the
fair market value of the Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The value received upon exercise
of the Public Warrants (1) may be less than the value the holders would have received if they had exercised their Public Warrants at a
later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Public Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>ADSE Holdco may be or become a passive foreign
investment company (&#8220;PFIC&#8221;), which could result in adverse U.S. federal income tax consequences to U.S. Holders. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If ADSE Holdco is a PFIC for
any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section titled &#8220;Item
10.E. Taxation &#8212; Material U.S. Federal Income Tax Considerations) of Ordinary Shares or Warrants, the U.S. Holder may be subject
to adverse U.S. federal income tax consequences and additional reporting requirements. ADSE Holdco does not currently expect to be treated
as a PFIC for the current or future taxable years. However, this conclusion is a factual determination that must be made annually at the
close of each taxable year and depends, among other things, upon the composition of ADSE Holdco&#8217;s gross income and assets and its
market capitalization, which is likely to fluctuate. Accordingly, there can be no assurance that Parent will not be treated as a PFIC
for any taxable year. For a more detailed discussion of certain material U.S. federal income tax consideration that may be relevant to
a U.S. Holder in respect of ADSE Holdco&#8217;s PFIC classification, please see the section titled &#8220;Item 10.E. Taxation &#8212;
Material U.S. Federal Income Tax Considerations &#8212; Passive Foreign Investment Company Status.&#8221; U.S. Holders are urged to consult
their tax advisors regarding the possible application of the PFIC rules to acquiring, owning and disposing of Ordinary Shares and Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investors may face difficulties in protecting
their interests, and their ability to protect their rights through the U.S. federal courts may be limited, because we are formed under
Irish law.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a company formed under
the laws of Ireland, all of our properties are located outside of the United States, a majority of our directors and officers reside outside
of the United States and all of our assets are and a majority of our assets are likely in the future to be located outside of the United
States. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights
against the Company, to effect service of process upon our directors or officers or to enforce judgements of United States courts predicated
upon civil liabilities and criminal penalties on our directors under United States laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our corporate affairs will
be governed by the Company&#8217;s M&amp;A, the Irish Companies Act and the common law of Ireland. The rights of shareholders to take
action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors under Irish law are
governed by the Irish Companies Act and the common law of Ireland. The rights of our shareholders and the fiduciary responsibilities of
our directors under Irish law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, Ireland has a less developed body of securities laws as compared to the United States, and some states,
such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. See &#8220;<i>Comparison of Corporate
Governance and Shareholder Rights</i>&#8221; in the Company&#8217;s Registration Statement on Form F-4 declared effective by the SEC on
December 7, 2021 for a discussion of certain differences between Irish and Cayman Islands corporate law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The jurisdiction and choice of law clauses
set forth in the Amended and Restated Warrant Agreement, and our status as an Irish company, may have the effect of limiting a warrantholder&#8217;s
ability to effectively pursue its legal rights against us in any United States court.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Amended and Restated Warrant
Agreement provides that disputes arising under the Amended and Restated Warrant Agreement are governed by New York law and that the Company
consents to jurisdiction in courts of the State of New York or the United States District Court for the Southern District of New York.
This provision may limit the ability of warrantholders to bring a claim against the Company other than in courts of the State of New York
or the United States District Court for the Southern District of New York and may limit a warrantholder&#8217;s ability to bring a claim
in a judicial forum that it finds more favorable for disputes under the Amended Warrant Agreement. The Amended and Restated Warrant Agreement,
however, also expressly makes clear that this choice of law and forum provision shall not restrict a warrantholder from bringing a claim
under the Exchange Act in any federal or state court having jurisdiction over such claim. To the extent that any such claims may be based
upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder. Furthermore, Section 22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act or the rules and regulations thereunder. Irrespective of the ability of a warrantholder to bring an action in any such forum, due
to the fact that we are an Irish company with all of our properties located outside of the United States, if a warrantholder brings a
claim against us under the Amended Warrant Agreement, the Securities Act or Exchange Act, or otherwise, such warrantholder may have difficulty
pursuing its legal rights against us in any United States courts having jurisdiction over any such claims.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A transfer of Ordinary Shares or Warrants,
other than one effected by means of the transfer of book-entry interests in the Depositary Trust Company, may be subject to Irish stamp
duty.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Irish Revenue Commissioners
have confirmed that transfers of Ordinary Shares and Warrants effected by means of the transfer of book entry interests in the Depositary
Trust Company (&#8220;<span style="text-decoration:underline">DTC</span>&#8221;) will not be subject to Irish stamp duty. It is anticipated that the majority of Ordinary Shares
and Warrants will be traded through DTC by brokers who hold such shares on behalf of customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, if you hold your
Ordinary Shares and/or Warrants directly rather than beneficially through DTC, any transfer of your Ordinary Shares and/or Warrants could
be subject to Irish stamp duty (currently at the rate of 1% of the higher of the price paid or the market value of the Ordinary Shares
or Warrants acquired). Payment of Irish stamp duty is generally a legal obligation of the transferee. The potential for stamp duty could
adversely affect the price of your Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If the Ordinary Shares or Warrants are not
eligible for deposit and clearing within the facilities of DTC, then transactions in the Ordinary Shares and/or Warrants may be disrupted.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The facilities of DTC are
a widely-used mechanism that allow for rapid electronic transfers of securities between the participants in the DTC system, which include
many large banks and brokerage firms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Ordinary Shares and the
Warrants are eligible for deposit and clearing within the DTC system. We have entered into arrangements with DTC whereby we have agreed
to indemnify DTC for any Irish stamp duty that may be assessed upon it as a result of its service as a depository and clearing agency
for the Ordinary Shares and such Warrants. Accordingly, DTC has agreed to accept the Ordinary Shares and Warrants for deposit and clearing
within its facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, while DTC has accepted
the Ordinary Shares and/or Warrants, it generally will have discretion to cease to act as a depository and clearing agency for the Ordinary
Shares and/or Warrants. If DTC determined at any time that the Ordinary Shares and/or Warrants were not eligible for continued deposit
and clearance within its facilities, then we believe the Ordinary Shares and/or Warrants would not be eligible for continued listing on
a U.S. securities exchange and trading in the Ordinary Shares and/or Warrants would be disrupted. While we would pursue alternative arrangements
to preserve the Company&#8217;s listing and maintain trading, any such disruption could have a material adverse effect on the trading
price of the Ordinary Shares and/or Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>In certain limited circumstances, dividends
paid by the Company may be subject to Irish dividend withholding tax.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not intend to pay dividends
on our Ordinary Shares in the foreseeable future. If we were to declare and pay dividends, in certain limited circumstances, dividend
withholding tax (currently at a rate of 25%) may arise in respect of dividends paid on the Ordinary Shares. A number of exemptions from
dividend withholding tax exist such that shareholders resident in the U.S. and other exempt countries may be entitled to exemptions from
dividend withholding tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Irish Revenue Commissioners
have confirmed that shareholders resident in the U.S. that hold their Ordinary Shares through DTC will not be subject to dividend withholding
tax, provided the addressees of the beneficial owners of such Ordinary Shares in the records of the brokers holding such Ordinary Shares
are recorded as being in the U.S. (and such brokers have further transmitted the relevant information to a qualifying intermediary appointed
by the Company). However, other holders of Ordinary Shares may be subject to dividend withholding tax, which could adversely affect the
price of their Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Dividends received by Irish residents and
certain other shareholders may be subject to Irish income tax.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders entitled to an
exemption from Irish dividend withholding tax on dividends received from the Company will not be subject to Irish income tax in respect
of those dividends unless they have some connection with Ireland other than their shareholding in the Company (for example, they are resident
in Ireland). Shareholders who receive dividends subject to Irish dividend withholding tax will generally have no further liability to
Irish income tax on those dividends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ordinary Shares or Warrants received by
means of a gift or inheritance could be subject to Irish capital acquisitions tax.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Irish capital acquisitions
tax (&#8220;<span style="text-decoration:underline">CAT</span>&#8221;) could apply to a gift or inheritance of Ordinary Shares or Warrants irrespective of the place of residence,
ordinary residence or domicile of the parties. This is because Ordinary Shares and Warrants will be regarded as property situated in Ireland.
The person who receives the gift or inheritance has primary liability for CAT. Gifts and inheritances passing between spouses are exempt
from CAT. Children have a tax-free threshold of &#8364;335,000 in respect of taxable gifts or inheritances received from their parents.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is recommended that each
shareholder consult his or her own tax advisor as to the tax consequences of holding Ordinary Shares and Warrants in, and receiving distributions
from, the Company.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions in the Company&#8217;s M&amp;A
and under Irish law could make an acquisition of the Company more difficult, may limit attempts by Company shareholders to replace or
remove the Company&#8217;s management, may limit shareholders&#8217; ability to obtain a favorable judicial forum for disputes with the
Company or the Company&#8217;s directors, officers, or employees, and may limit the market price of the Ordinary Shares and/or Warrants.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions in the Company&#8217;s
M&amp;A may have the effect of delaying or preventing a change of control or changes in the Company&#8217;s management. The Company&#8217;s
M&amp;A include provisions that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
that the Company&#8217;s board of directors is classified into three classes of directors with staggered three-year terms;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">permit
the board of directors to establish the number of directors and fill any vacancies and newly created directorships; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibit
shareholder action by written consent without unanimous approval of all holders of Ordinary Shares.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Company&#8217;s M&amp;A contains exclusive
forum provisions for certain claims, which could limit the Company&#8217;s shareholders&#8217; ability to obtain a favorable judicial
forum for disputes with us or our directors, officers or employees.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s M&amp;A
provides that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States
of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause
of action arising under the Exchange Act or the Securities Act 1933 of the United States (the &#8220;<span style="text-decoration:underline">Federal Forum Provision</span>&#8221;).
Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all claims brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Our decision to adopt the Federal Forum Provision
followed a decision by the Supreme Court of the State of Delaware holding that such provisions are facially valid under Delaware law.
While there can be no assurance that federal or state courts will follow the holding of the Delaware Supreme Court or determine that the
Federal Forum Provision should be enforced in a particular case, application of the Federal Forum Provision means that suits brought by
the Company&#8217;s shareholders to enforce any duty or liability created by the Securities Act must be brought in federal court and cannot
be brought in state court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 27 of the Exchange
Act creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the Exchange Act or the
rules and regulations thereunder and the Company&#8217;s M&amp;A confirms that the federal district courts of the United States of America
will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Exchange Act. Accordingly, actions
by the Company&#8217;s shareholders to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder
must be brought in federal court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person or entity purchasing
or otherwise acquiring or holding any interest in any of the Company&#8217;s securities shall be deemed to have notice of and consented
to our exclusive forum provisions, including the Federal Forum Provision. Additionally, the Company&#8217;s shareholders cannot waive
compliance with the federal securities laws and the rules and regulations thereunder. These provisions may lead to the Company&#8217;s
shareholders incurring increased costs if they were to bring a claim against the Company, and may limit the Company&#8217;s shareholders&#8217;
ability to bring a claim in a judicial forum they find favorable for disputes with the Company or the Company&#8217;s directors, officers,
or other employees, which may discourage lawsuits against the Company and the Company&#8217;s directors, officers, and other employees
and agents. Alternatively, if a court were to find the choice of forum provision contained in the Company&#8217;s M&amp;A to be inapplicable
or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which may have
an adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a matter of Irish law,
the Company&#8217;s shareholders are bound by the provisions of the Company&#8217;s M&amp;A. An Irish court would be expected to recognize
the exclusive jurisdiction of the federal district courts of the United States of America in respect of causes of action arising under
the Exchange Act or the Securities Act 1933.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As an Irish public limited company, certain
capital structure decisions regarding the Company will require the approval of the shareholders of the Company, which may limit our flexibility
to manage our capital structure.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Irish law generally provides
that a board of directors may allot and issue shares (or rights to subscribe for or convert into shares) if authorized to do so by a company&#8217;s
constitution or by an ordinary resolution. Such authorization may be granted for up to the maximum of a company&#8217;s authorized but
unissued share capital and for a maximum period of five years, at which point it must be renewed by another ordinary resolution. The Company&#8217;s
M&amp;A authorizes the Board of Directors of the Company to allot shares up to the maximum of the Company&#8217;s authorized but unissued
share capital until December 22, 2026. This authorization will need to be renewed by ordinary resolution upon its expiration and at periodic
intervals thereafter. Under Irish law, an allotment authority may be given for up to five years at each renewal, but governance considerations
may result in renewals for shorter periods or for less than the maximum permitted number of shares being sought or approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While Irish law also generally
provides shareholders with pre-emptive rights when new shares are issued for cash, it is possible for the Company&#8217;s M&amp;A, or
for shareholders of the Company in a general meeting, to exclude such pre-emptive rights. The Company&#8217;s M&amp;A excludes pre-emptive
rights until December 22, 2026. This exclusion will need to be renewed by special resolution upon its expiration and at periodic intervals
thereafter. Under Irish law, a disapplication of pre-emption rights may be authorized for up to five years at each renewal, but governance
considerations may result in renewals for shorter periods or for less than the maximum permitted number of unissued shares being sought
or approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Attempted takeovers of the Company will
be subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the Irish
Takeover Rules, which regulate the conduct of takeovers of, and certain other relevant transactions affecting, Irish public limited companies
listed on certain stock exchanges, including Nasdaq. The Irish Takeover Rules are administered by the Irish Takeover Panel, which has
supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules operate to ensure that no offer is frustrated
or unfairly prejudiced and, in situations involving multiple bidders, that there is a level playing field. For example, pursuant to the
Irish Takeover Rules, the Board of Directors of the Company will not be permitted, without shareholder approval, to take certain actions
which might frustrate an offer for Ordinary Shares once the Board of Directors of the Company has received an approach that might lead
to an offer or has reason to believe that an offer is, or may be, imminent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Irish Takeover Rules,
if an acquisition of Ordinary Shares were to increase the aggregate holdings of the acquirer (together with its concert parties) to 30%
or more of the voting rights of the Company, such acquirer and, in certain circumstances, its concert parties would be required (except
with the consent of the Irish Takeover Panel) to make an offer for the outstanding Ordinary Shares at a price not less than the highest
price paid by such acquirer or its concert parties for Ordinary Shares during the previous 12 months. This requirement would also be triggered
by the acquisition of Ordinary Shares by any person holding (together with its concert parties) between 30% and 50% of the voting rights
of the Company if the effect of such acquisition were to increase that person&#8217;s voting rights by 0.05% within a 12-month period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anti-takeover provisions in
the Company&#8217;s M&amp;A could make an acquisition of the Company more difficult. The Company&#8217;s M&amp;A contains provisions that
may delay or prevent a change of control, discourage bids at a premium over the market price of Ordinary Shares, adversely affect the
market price of Ordinary Shares, and adversely affect the voting and other rights of shareholders of the Company. These provisions include:
(i) permitting the Board of Directors of the Company to issue preference shares without the approval of Company Shareholders, with such
rights, preferences and privileges as they may designate; and (ii) allowing the Board of Directors of the Company to adopt a shareholder
rights plan upon such terms and conditions as it deems expedient in the interests of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 4. INFORMATION ON THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4.A. History and Development of the Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADS-TEC ENERGY PLC, a public
limited company incorporated in Ireland (&#8220;<span style="text-decoration:underline">ADSE Holdco</span>&#8221;, the &#8220;<span style="text-decoration:underline">Company</span>&#8221;, &#8220;<span style="text-decoration:underline">we</span>&#8221;,
&#8220;<span style="text-decoration:underline">us</span>&#8221;, &#8220;<span style="text-decoration:underline">our</span>&#8221; or similar terms), was incorporated in Ireland on July 26, 2021 as a public limited
company. ADSE Holdco serves as a holding company for ADSE GM and its subsidiaries. Prior to the Transactions (as defined below), we did
not conduct any material activities other than those incident to our formation and certain matters related to the Business Combination,
such as the making of certain required securities law filings. Upon the Closing (as defined below) of the Transactions, ADSE GM became
the direct, wholly owned subsidiary of the Company, and holds all material assets and conducts all business activities and operations
of the Company. The Company&#8217;s principal executive office is located at 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. The Company&#8217;s
telephone number is +353 1 920 1000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 10, 2021, ADSE Holdco
entered into a business combination agreement (the &#8220;<span style="text-decoration:underline">Business Combination Agreement</span>&#8221;) with EUSG, ADSE GM, Merger Sub,
and the shareholders of ADSE GM (&#8220;<span style="text-decoration:underline">ADSE GM Shareholders</span>&#8221;), pursuant to which (i) EUSG would merge with and into Merger
Sub (the &#8220;<span style="text-decoration:underline">Merger</span>&#8221;), with Merger Sub being the surviving entity of the Merger and continuing as a wholly-owned subsidiary
of ADSE Holdco, followed immediately by (ii) the transfer by Bosch Thermotechnik GmbH (&#8220;<span style="text-decoration:underline">Bosch</span>&#8221;) to ADSE Holdco, and
ADSE Holdco&#8217;s acquisition from Bosch, of certain shares of ADSE GM in exchange for the Cash Consideration (as defined in the Business
Combination Agreement) (the &#8220;<span style="text-decoration:underline">Bosch Acquisition</span>&#8221;), and (iii) concurrently with the Bosch Acquisition, ADSH, and Bosch
would transfer as contribution to ADSE Holdco, and ADSE Holdco would assume from ADSH and Bosch, certain shares of ADSE GM in exchange
for Ordinary Shares (the &#8220;<span style="text-decoration:underline">Share-for-Share Exchange</span>&#8221; and, together with the Merger, the Bosch Acquisition and the other
transactions contemplated by the Business Combination Agreement, the &#8220;<span style="text-decoration:underline">Transactions</span>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 22, 2021, the
parties to the Business Combination Agreement consummated the Transactions (the &#8220;<span style="text-decoration:underline">Closing</span>&#8221;), resulting in EUSG ceasing
to exist and ADSE GM becoming a wholly-owned subsidiary of ADSE Holdco and the securityholders of ADSE GM and EUSG becoming securityholders
of ADSE Holdco. On the business day immediately prior to the closing of the Merger, EUSG consummated the closing of a series of subscription
agreements with accredited investors for the sale in a private placement of 15,600,000 Class A ordinary shares of EUSG (&#8220;<span style="text-decoration:underline">EUSG
Class A Ordinary Shares</span>&#8221;) for an aggregate investment of approximately $156 million, which shares were automatically cancelled
in exchange for 15,600,000 Ordinary Shares upon the closing of the Transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco is subject to
certain of the informational filing requirements of the Exchange Act. Since ADSE Holdco is a &#8220;foreign private issuer&#8221;, it
is exempt from the rules&#160;and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and the
officers, directors and principal shareholders of ADSE Holdco are exempt from the reporting and &#8220;short-swing&#8221; profit recovery
provisions contained in Section&#160;16 of the Exchange Act with respect to their purchase and sale of Ordinary Shares. In addition, ADSE
Holdco is not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. public companies whose
securities are registered under the Exchange Act. However, ADSE Holdco is required to file with the SEC an Annual Report on Form&#160;20-F
containing financial statements audited by an independent accounting firm and is subject to the provisions of the Irish Companies Act
2014.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC also maintains a website
at&#160;<i>http://www.sec.gov</i>&#160;that contains reports and other information that ADSE Holdco files with or furnishes electronically
to the SEC. Such information can also be found on ADSE Holdco&#8217;s website (https://www.ads-tec-energy.com/en/). The information on
or accessible through our website is not part of, and is not incorporated by reference into, this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4.B. Business Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Vision</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our vision is to accelerate
the transition from a primarily fossil-based economy to a majority all-electric, carbon (CO2) neutral economy by supplying intelligent
and scalable battery-based ecosystem platforms consisting of hardware, software and services upon which our customers can operate their
individual energy-related business models in the areas of electric vehicle (EV) ultra-fast charging on power limited grids, residential
sector coupling, and a wide range of commercial and industrial applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a supplier of integrated
technology platforms (ecosystem platforms) that enable customers to run their EV charging and energy business models on those decentralized
platforms. Our ecosystem platforms consist of hardware, software and services and are designed to provide key functions such as flexibility
(energy storage with a battery), intelligent energy- and data management, as well as a wide range of related and recurring digital and
physical services. We believe that these decentralized ecosystem platforms will play a significant role in the transition to a low carbon
economy. These decentralized systems are getting more and more complex as the level of integration increases. Development must follow
continuous changes in regulatory requirements and component improvements. Batteries, power inverters and all the software and security
involved must be serviceable and maintained over a long period of time. For the leading players in the future energy market such as utilities
and operators, the question of which platforms to invest in and run their business on will, in our opinion, be based on the quality and
total cost of ownership of such platforms. Our core business is providing and servicing these ecosystem platforms to, ideally, all of
the future power companies, in principle, striving to reach a CO2 neutral world. Due to the depth of our experience and capabilities across
a wide range of technical disciplines, we have positioned ourselves as partner of choice for customers running their business and serving
their end-customers on these platforms. We strive to penetrate three main domains of the decentralized energy market: (1) Ultra-fast Charging
on power limited grids; (2) Residential sector coupling; and (3) Commercial &amp; Industrial applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The High Power Charging opportunity</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EVs are expected to play a
significant role in mobility. Bloomberg NEF (&#8220;<span style="text-decoration:underline">BNEF</span>&#8221;) expects that yearly sales of electric vehicles globally will reach
double digit millions per year between 2026 and 2030. This will lead to a strong increase of EVs in the vehicle population, requiring
increasingly quick, reliable, and comfortable charging. Consumers expect at least a comparable convenience and freedom of mobility they
are used to with internal combustion vehicles (ICV) today. Charging within hours might be acceptable if the car is not needed (for example,
at night or at the workplace). With an upcoming mobility mass-market, we expect that vehicle owners will want to recharge their vehicles
to gain meaningful additional range quickly not only during long-distance travel, but also within the local area they are situated. It
cannot be expected that people will be willing to plan a journey like people did 100 years ago. Sudden events, spontaneous rides and unexpected
travel must be covered. Hence, ultra-high-power chargers must be widely available in a wide-area network, not only on the highway. Our
equipment, which allows the driver to add 100 miles of range in less than 10 minutes (if the car allows sufficient power input), addresses
this need of ultra-fast charging everywhere.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Charging electric vehicles
in minutes typically requires DC fast charging with charging power in excess of 100kW. We believe that power grids are generally not designed
to provide this amount of power at all locations without an upgrade of the grid. We believe, from an economic perspective, that it will
not likely be considered reasonable to expand and upgrade the grids everywhere to provide this amount of power just for temporary charging.
We have developed a solution to provide a quick charge within minutes with up to 320KW, which we believe will enable ultra-high charging
power on a lower power grid connection starting from 30/50 KW subject to local regulation. Our charger works with an internal battery
buffer. The buffer will be filled from the existing grid at a lower power rate. As soon as the car shows up to get recharged, the available
grid power can be boosted up to 320KW by using the buffered energy in the charger.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These decentralized chargers
must be small and quiet. Installations at gas stations, condominiums, apartment houses, and in major downtown metropolitan areas, must
comply with the given limitations of space, grid access and noise acceptance. We are focused on ultra-high-power chargers on power-limited
grids. We intend to provide these platforms to all types of charging companies so they can enhance their existing product portfolio.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The Energy transition opportunity</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the global
objective of a CO2 neutral energy system requires a more or less &#8220;majority-electric energy system&#8221;. The transition will be
driven by regenerative energy generation, such as solar, wind and water energy generation, which leads to two central challenges in energy
production. First, the production of energy from regenerative sources fluctuates as wind is not constant but is part of changing weather
conditions, and solar energy fluctuates with day and night, yearly seasons, and the current weather. Due to this and the fact that the
regenerative sources need to follow the natural conditions and cannot be located everywhere, regenerative energy is best produced in decentralized
and scalable units. Therefore, some of the centralized power plants are going to be replaced by decentralized systems capable of coping
with volatile power generation. We believe that the demand on the energy system will further increase with the roll-out of electric vehicles
being a large contributor. We believe the asynchronous power generation and consumption patterns need to be balanced, and a temporary
energy and power surplus needs to be provided flexibly on demand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our view, the only way
to manage this transition will be based on millions of distributed intelligent ecosystem platforms. These ecosystem platforms are an integrated
combination of energy-buffers, power-electronics, controls, and state of the art security. In the future, energy providers are expected
to operate and manage these decentralized ecosystem platforms by connecting them to &#8220;virtual powerplants&#8221;. Driven by IT-based
and very intelligent systems and algorithms, the future power companies will find and manage the operational balance of such decentralized
systems in order to ensure reliable energy supply and local peak power to the economy. Energy companies will in the future be not only
the traditional power/electricity companies but also other utility, oil and gas companies, and automotive original equipment manufacturers,
as well as new players such as start-ups with new digital business models. It is our mission to provide such future energy providers with
the best and most reliable decentralized ecosystem platforms accompanied by services over long-term periods to run their own complex business
models and serve the end-customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customers need to make
significant long-term investments in the build-out of the energy infrastructure be it for a charging infrastructure for electro-mobility,
energy storage systems for industrial or utility applications or residential solutions for sector coupling at the end-customer. It is
the core business of ADSE to provide these ecosystem platforms to all kinds of future power companies in flexible contractual set-ups
including long-term services. The market in which ADSE operates is characterized by strong growth, new market entrants among its customers,
and constantly evolving customer preferences, technology and regulations. Due to our strategy to have the core technology and know-how
in-house, and the resulting ability to continuously adapt our portfolio to new regulatory or market requirements, we are able to offer
solutions for the long-term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The conditions of national,
regional and even local energy systems may vary significantly and may require individual solutions. This is not only due to local regulations
and governmental strategies, but also because of individual combinations and use cases. Local generators provide power when the sun is
shining, or the wind is blowing, but not always when the power is needed, or when people want to charge their cars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not selling to the
private end customer. We are not a utility company or a charge point operator. We aim to be the partner of choice for the future power
companies and to provide highly integrated ecosystem platforms and services so they can run and optimize their businesses. We are offering
a range of digital services to the partners which enables them to optimize their individual business model.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our products will
often be considered as part of the &#8220;critical infrastructure&#8221; when this transition happens. It is very important that these
assets can be maintained and operated safely and securely over a long period of time. It is a question of total cost of ownership and
reliability. We help to reduce the risk for our customers by taking care of these decentralized complex assets. This is possible because
of our ability to develop and service these products in-house, which minimizes the dependency on component suppliers such as battery-systems
or power-electronics providers. We can even provide in house the relevant software and firmware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Products and Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our portfolio of ecosystem
platforms target the market in three areas: (i) DC-based ultra-fast charging for EVs on power limited grids, (ii) energy storage and management
solutions for commercial &amp; industrial applications, and (iii) energy storage and management solutions for residential sector coupling
applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Charging</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ADSE charging product
portfolio offers battery-supported fast charging solutions for electromobility with up to 320 KW charging power. The combination with
energy storage enables applications in areas where the grid performance is insufficient to directly provide ultra-fast charging. ADSE
offers stationary (ChargeBox), semi-mobile (ChargePost) and mobile solutions (ChargeTrailer, a mobile ultra-high-power charging park with
10 DC outlets per trailer).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The portfolio comprises three
platforms:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>ChargeBox. </i>This is
the existing system which is certified in Europe (CE) and the US (UL). The product is in full production and we currently have capacity
to produce up to 5,000 systems per year. The ChargeBox is perfect for separated installations of up to two dispensers and the ChargeBox
which contains the battery and power inverters. Based on a very small footprint (approx. 1.2 x 1.2 meters), the ChargeBox can be installed
almost anywhere where space is scarce. Up to two dispensers (charging cable outlets) can be installed separated up to 100m with a small
footprint of approximately 400 x 400mm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>ChargePost. </i>The ChargePost
is a product that became available in late 2022. It can be connected to existing low power grids and requires virtually no additional
construction work in most situations, starting with approximately 20kW at 400 V. Furthermore, the ChargePost can have advertisement screens
allowing our partners and customers an additional revenue stream out of the investment. Grid services such as bidirectional operations
and physical services such as frequency regulation or reactive power supply will be able to be operated on this system. The ChargePost
is a semi-mobile ultra-high-power charger which can easily follow the demand by providing up to 300KW charging power even on low powered
grids.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ChargePost can be placed
in space-restricting locations, such as city centres, gas stations, shopping malls, residential areas and in companies for permanent or
temporary use. One advantage for network operators is that they can be relocated if certain sites develop more strongly than others. Operators
may optimize their investment in case the location shows a weaker utilization than expected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>ChargeTrailer. </i>The
ChargeTrailer is, to our knowledge, the world&#8217;s most powerful mobile high power charging system in the form of a standard truck
trailer size and weight. Ten electric vehicles can be charged simultaneously with up to 320 kW each. The battery modules currently have
a storage capacity of 2.1MWh. It is effectively a mobile ultra-high power charge park. The charging technology is suitable to a variety
of use cases including the installation on high-traffic routes during holiday periods, for marketing or press events, for driving events
of electrified vehicles and as a charging facility at festivals. The trailers are planned by ADSE&#8217;s customers to travel all over
Europe providing temporary charging power.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The truck has several integrated
inverters, air-conditioning, an energy management unit, a security firewall, as well as a communication unit via mobile radio and DC-charging
technology. The ChargeTrailer offers a scalable AC connection to the 400 V distribution grid. The ChargeTrailer is designed for outdoor
use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Source:
Bloomberg NEF</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commercial &amp; Industrial</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The energy transition will
also take place on commercial and industrial sites. ADSE has a broad range of experience in this area. Potential uses for these products
include peak shaving, black start, grid services, and self-optimization. Today, ADSE is using standard inverters from the market. In the
future, ADSE intends to use its own inverter system which allows a better control of the margin, stable ability to act, and independency
from suppliers. The C&amp;I market is expected to grow significantly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our product offerings in C&amp;I
include the PowerBooster, the Container-Systems and the Rack systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>PowerBooster</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PowerBooster is a battery
energy system with an integrated inverter, security, and communication unit. It provides, for example, boosting capacity for the charging
process. Power and capacity may vary due to inverter and battery cell types.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Potential uses for the PowerBooster
are, among others, peak load capping, as a buffer-storage for self-consumption of solar power, and for emergency power supply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the storage
function of the PowerBooster, the decentralised battery system can be installed as grid service stations directly at the site and can
be connected to the 400 V distribution networks. Additional functions such as voltage stability, delay for optimum bandwidth utilisation
of the network, frequency regulation, and reactive power supply are possible. It is for these distribution networks, which might be temporarily
overloaded due to renewable supply, that smart grids are in high demand in order to better utilize existing networks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Container-System</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For large-scale applications,
ADSE supplies custom battery systems as complete 20- or 40-foot container solutions with up to the MW and MWh capacity. The modular design
and the comprehensive IT management system allow virtually unlimited scalability of the container solution. The Container-Systems are
built with power electronics and inverters from various manufacturers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rack-System</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Storage Rack Systems address
the area of larger systems and infrastructures, providing power and storage capacities that range between 50kW/50kWh, and multiple MW/MWh
with nearly unlimited scaling options. The Rack systems can be supplied as storage components or as a complete system with power electronics
(inverter from third party suppliers), allowing for peak-shaving, and swarm operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i><img alt="" src="image_002.jpg"/></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>MultiScale</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PowerBooster with an ADSE
integrated MultiScale inverter is a pipeline product under development and will be rolled-out in the future. The MultiScale will be a
scalable AC/DC power inverter with its own control system and will extend the PowerBooster as well as the rack systems to create a fully
integrated energy storage solution. ADSE&#8217;s MultiScale system will offer emergency power supply in cases of power outages and stands
out with its compatibility with the ADSE scalable battery. Integrating their own power electronics will lead to a higher efficiency, lower
costs and extended service capabilities for the strong growing market in the area of C&amp;I.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Digital Services</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The energy management product
portfolio ranges from offline versions of a decentralized individual system to complex connected systems. ADSE&#8217;s current portfolio
includes their own BMS with a Digital Twin, Big-LinX Energy and the Energy Management System.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The integrated BMS is an in-house
solution that facilitates monitoring of battery cells during the operation. Big-LinX Energy is the cloud-based solution for monitoring
the system from anywhere and enables the administration and remote management of the installed systems. In addition, the Energy Management
system enables the operator to locally control the systems. Since ADSE has access to the software, it is possible to provide interfaces
and customized adaptions which allows operators and power companies to interconnect with ADSE platforms and integrate these into their
own energy management systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Residential</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The product portfolio Residential
is designed for the huge market of single and multi-family houses. In these applications, areas are often available for PV generators,
and the task of energy management goes beyond mere day/night shifts. Individual optimization options are available in a combination of
different operating modes. The goal is to synchronize production and consumption with the given boundary conditions and dynamic behavior
in the best possible way.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>MyPowerplant</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The energy transition will
take place in residential homes as well. We already have markets, such as Germany, with regulation and incentive schemes to accelerate
the use of renewable energy-operated systems. In the future, it is expected that residential heating systems will be expanded by electrical
heat pumps or fuel cells, PV gensets on rooftops, and electric vehicles in garages, which will be integral elements of the residential
energy system. Today we see early adopters, enthusiasts and people investing due to the subsidies they get from government installing
PV, but soon we expect the market of renewable energy technology for single and multi-family homes to become a mass-market, which will
require easy to install and preferably maintenance free solutions. Instead of many different suppliers of individual sub-systems (PV Inverter,
Battery-System and a Wallbox) with different interfaces, software, and controllers, we believe &#8220;all-in-one&#8221; platforms from
one supplier with a bespoke set of services will be needed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE is developing such an
all-in-one platform. It is called MyPowerplant. The system can be connected to 1/3 phase low powered grids, has a scalable battery, direct
PV module inputs and a DC/DC wallbox providing up to 20KW even at home.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ownership of this technology
allows for a long-term supply and service offering to our partners. They will be able integrate MyPowerplant in their own environment
and energy management and benefit from two sides: First, they can optimize their own energy management by connecting thousands of these
platforms to a virtual powerplant; and secondly, they can offer the end customer a perfect and reliable service package up to an offer
for an energy flat rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Opportunity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Charging</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The EV charging market is
profiting from the recent increase in the global demand. Based on stringent emission regulations and an increasing customer acceptance
of EVs, including the associated increase in the number of EV models offered by original equipment manufacturers (&#8220;<span style="text-decoration:underline">OEMs</span>&#8221;),
the demand has accelerated strongly. Going forward, ADSE expects that the EV market, accompanied by an increasing demand for chargers,
will continue to show strong growth, and expects prices for EVs to fall, partly due to lower battery costs, stronger performance of new
EVs and the availability of a charging infrastructure supported by public investments, incentives and regulations. According to BNEF,
the demand for EVs in ADSE&#8217;s target markets will increase between 2020 and 2025 by almost 30% per annum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_003.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the EV penetration is steadily
increasing, new vehicle models with a greater charging capacity, voltage (400V and 800V) and battery &#8212; such as the Porsche Taycan
&#8212; are in demand. Based on the continuous evolution of the EV&#8217;s performance, ADSE expects an increasing demand for the ultra-fast
charging infrastructure to make use of the technological advancement. This trend is fueled by a low consumer acceptance for long charging
periods of greater than 30 minutes. Therefore, ultra-fast charging (&gt;150kW) has gained significant importance and will experience significant
growth rates within the charging market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, we believe most of
the existing power grids in Europe and the U.S. are not designed for providing area-wide ultra-fast charging anywhere. As of today, the
low power from the grid is limiting the electro mobility. With ADSE&#8217;s charging systems, solutions are available which allow ultra-fast
charging despite the limitations of the grid. Profiting from the integrated battery buffer, the power received from the standard low power
grid connection (30 &#8211; 110 kW) will be used for continuously charging the integrated battery and allowing power output to the vehicle
of up to 320 kW.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i><img alt="" src="image_004.jpg"/></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying expansion
of the EV infrastructure is supported by government funds. According to eurelectric, investments of ~&#8364;400 billion in the EV infrastructure
are needed through 2030 in Europe, and the latest infrastructure program in the US includes up to $7.5 billion for charging platforms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Battery storage solutions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Going forward, renewable energy
will likely become the essential energy source by receiving broad political support and experiencing tailwinds from rising environmental
awareness. Up to 40% of world electricity in 2040 will come from renewable sources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, a main constraint
is that renewable energy sources aggravate the load of the electricity network as they strongly depend on weather conditions, which leads
to a fluctuating energy output. To provide the necessary flexibility, an intelligent network with local energy storage solutions and management
systems is required to accommodate changing electricity demand patterns of consumers, daily peaks in electricity consumption (e.g. through
EV charging) and the trend towards self-sufficient off-grid energy supply. Using electricity generated by renewable energy sources universally
requires the ability to couple energy consumers and producers with the use of intelligent energy management and battery systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Therefore, the strong growth
in these volatile energy sources requires high investments into smart grid technology and energy storage solutions in order to ensure
the requested power supply. According to BNEF, the expected boom in the energy storage market will draw $662 billion in investment over
the next two decades. The demand for storage will increase to balance higher proportion of variable, renewable generation and consumption
in the electricity systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE has a product portfolio
available and in the pipeline well-suited to address key challenges for the transition to a majority-electric world. Besides the energy
storage solutions for the commercial and industrial use, ADSE&#8217;s intelligent energy management system, MyPowerplant, promises to
generate high market demand based on the opportunity of sector coupling at home with the integration of PV, battery storage, DC charging
and energy management in one platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Distribution, Marketing and Strategic Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE has a product and eco-system-platform
and a development pipeline which will allow it to diversify in the three end-market segments: &#8220;Charging&#8221;, &#8220;Commercial
&amp; Industrial&#8221; and &#8220;Residential&#8221;. All three markets have already been served by ADSE. In general, ADSE applies a
B2B market approach serving all kinds of the Future Power Companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE sells to leading companies
operating the ADSE products and platforms. This can be a direct sales and support approach or by utilizing value-added resellers as distribution
partners. The decentralized energy market is changing rapidly, and ADSE is enabling its partners to follow this fast change. The marketing,
distribution and sales strategy follows the business strategy: ADSE is the company and partner serving the &#8220;Future Power Companies&#8221;
with best-in-class technology and long-term services to optimize the operation and TCO (total cost of ownership).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Direct sales relationships
are preferred for large and strategic long-term partners with strong regional and/or thematical market access. These customers are taking
advantage and benefit from a high level of integration of the ADSE platforms in their own business models, backend systems and decentralized
service concepts. These partners and ADSE customers are operating the infrastructure by themselves and optimize the offerings to a wide
range of end-customers. Examples for this type of partners are utility companies, oil &amp; gas companies, charge-point operators, etc.
ADSE may from time to time support direct sales relationships with financing to enable customer operation and purchase of ADSE platforms.
ADSE entered into its first such relationship in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Value-added resellers act
as multipliers for ADSE into the distributed local wide area networks for individual needs and business models. They have a strong existing
network and a highly skilled partner base, as well as the ability to ensure long-term customer satisfaction through a complete service
offering. The value-added reseller is running an established logistic and service network and helps its partners and customers to benefit
from adapting the products, platforms and services to their local and individual use. These can sometimes be niches with special but important
use cases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the outright
sales of products, platforms and services, ADSE may enter into partnership agreements with either direct sales customers or resellers
to pursue certain projects. These projects may include the acquisition of a financial interest in joint ventures or other project-related
forms of partnership. These partnerships would pursue specific market opportunities for selected products or in certain regions. Such
partnerships may also include ADSE entering into some form of limited exclusivity. If this is the case, the terms of the exclusivity may
limit other sales opportunities which could have been pursued without such an agreement. ADSE will only enter into such limited exclusive
relationships if it expects that the benefit from such a partnership would outweigh the potential disadvantages of any limitations which
might result from such partnership.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE pursues a B2B business
model and offers its products to preferred highly skilled and long-term oriented customers and partners. While ADSE provides technical
services, customized product adaption, and training, as well as customized support, spare parts, service agreements and digital services
to its customers and partners, the customer or partner maintains the direct contact and relationships with the end-users. ADSE believes
this business model creates a long-term partnership that is beneficial not only to ADSE and its customers/partners, but also the end-customer
who sees &#8220;one face to the customer&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE believes this approach
best suits a quick expansion of its market presence and long-term growth, and it also provides incentive for its customers and partners
to grow their business as well. If the customers and partners do not actively support ADSE&#8217;s products, they will not achieve the
full benefit of the ADSE platform integration in their business models. In addition, they may not qualify for local subsidies (for example
grid expansion or other solutions that are made more attractive due to such subsidies) or will not be as competitive in the markets they
serve. ADSE&#8217;s markets are very distinct and volatile in terms of how to address the existing and potential customers, hence ADSE
has developed and will further develop an individual go-to market strategy for each end-market and region. Market development will be
a strategic and ongoing important focus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Charging</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market for charging services,
or selling electric energy to drivers of electrified vehicles, is characterized by dynamic growth and the entrance of new market participants.
ADSE&#8217;s flexible go-to-market strategy &#8212; providing platforms and services to many owners and operators &#8212; allows it to
directly or indirectly serve all incumbent and future operators of charging equipment. ADSE serves the charging market either through
direct sales or resellers as distribution partners. Orders may be generated through any one of the market participants fulfilling crucial
functions in setting-up and operating charge points, including project developers, the charge point operator (CPO) itself, installation
and infrastructure service companies, energy companies, and site owners. Usually, ADSE&#8217;s customers or distribution partners fulfill
several of the above functions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to further improve
market penetration, ADSE has approached a large number of potential customers through a central mailing initiative. This generates leads
which are then shared with the distribution partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commercial &amp; Industrial</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the Commercial &amp; Industrial
segment, ADSE sees a trend from individual customer specific storage containers to flexible scalable solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Commercial customers with
energy storage requirements of just some hundred kW/kWh, ADSE utilizes both a direct sales approach and resellers. Resellers as distribution
partners have access to a large number of customers and can serve the entire market, such as specialized wholesalers, large installation
service companies, or companies who offer ADSE&#8217;s products as part of a complete product offering to their customers. Direct customers
are typically commercial companies with an individual energy storage need and the capability to operate it.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Industrial segment today
mainly comprises energy storage containers and the ADSE products &#8220;PowerBooster&#8221;. Storage sizes typically range from 100kWh
to single digit MWh. Customers require a specific solution for a certain energy management need and operate the systems by themselves.
Those customers are mainly served through direct sales. Besides the delivery of the product ADSE typically designs the required system
according to individual customer specifications in cooperation with the customer. In addition, ADSE sometimes participates in tenders
for larger projects. It is expected that the &#8220;commercial &amp; industrial&#8221; segment will benefit from the need that companies
will be measured according to their contribution to a CO2 neutral operation. Renewables, EV-Charging and local energy management will
get a higher priority and therefore flexibility such as decentralized energy management and storage will be needed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Residential</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Today, the market is mainly
characterized by small battery packs which are connected to the local PV-generator on the rooftop. In the future, there is a need for
a more intelligent sector coupling at the home in order to combine the power generation through PV and cogeneration of heat and power,
as well as with EV charging and providing grid services. Here, ADSE expects to be well-positioned with its future platform MyPowerplant.
Due to the general business model and the highly fragmented market, ADSE uses mostly resellers as distribution partners. Typically, ADSE
will sell to a value-added reseller who may be an energy utility, a wholesaler of home energy equipment, or a vendor of other complementary
home energy equipment with a network of their own, or independent electricians and installation and service companies who will undertake
the installation at the individual site and ensure the maintenance service. ADSE sees itself as the ideal partner to provide support along
the whole technology chain over many years to provide physical and digital services and interfaces. Those resellers have access to a larger
number of customers and can cover entire regions or product segments. In selected cases, ADSE may also serve customers directly who operate
the equipment by themselves as part of a network (swarm operation).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Environmental Issues</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE and its operations, as
well as those of ADSE&#8217;s contractors, suppliers and customers, are subject to certain environmental laws and regulations, including
laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic wastes
and hardware, whether hazardous or not. These laws may require ADSE or others in ADSE&#8217;s value chain to obtain permits and comply
with procedures that impose various restrictions and obligations that may have material effects on ADSE&#8217;s operations. The installation
of high power charger and battery storage systems at a particular site is generally subject to oversight and regulation in accordance
with provincial, state and local laws and ordinances relating to building codes, safety, environmental protection and related matters,
and typically requires various local and other governmental approvals and permits that may vary by jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Environmental and health and
safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational,
national, sub-national and/or local level or new or modified regulations that may be implemented under existing law. Future legislation
and regulations relating to hardware manufacturing, electronic waste or batteries, could cause additional expenditures, restrictions and
delays in connection with ADSE&#8217;s operations as well as other future projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, ADSE currently relies
on third parties to ensure compliance with certain environmental laws, including those related to the disposal of hazardous and non-hazardous
wastes. Any failure to properly handle or dispose of such wastes, regardless of whether such failure is ADSE&#8217;s or its contractors,
may result in liability under environmental laws, under which liability may be imposed without regard to fault or degree of contribution
to the investigation and clean-up of contaminated sites, as well as impacts to human health and damages to natural resources. Additionally,
ADSE may not be able to secure contracts with third parties to continue their key supply chain and disposal services for our business,
which may result in increased costs for compliance with environmental laws and regulations. See also &#8220;Risk Factors &#8212; <i>Existing
and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs
or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations
that may adversely impact our financial results or results of operation.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE is diversified across
the areas of charging for e-mobility, commercial &amp; industrial and residential applications and considers itself well-positioned in
the event of a market change or competitive dynamics in any of those segments individually.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the EV infrastructure charging
market (non-residential), ADSE focusses on battery-buffered ultra-fast charging systems. This comprises charging systems with a charging
power above 150kW. Due to its ability to provide ultra-fast charging even at power limited grids and hence its specific use cases, ADSE
regards battery-buffered ultra-fast chargers as a distinct market segment of ultra-fast chargers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE believes there are several
potential competitors still in the prototyping phase and may offer battery-based products similar to ADSE&#8217;s products in the future.
In terms of technical specifications in particular, due to the combination of high available charging power with a small footprint and
low noise emission, ADSE believes it is well-positioned compared to current and future competitors. A particular advantage of the HPC
Booster is that it can be located very flexibly at a broad range of potential customer sites due to the battery and charging pole being
separated (up to 100m apart from the ChargeBox). By continued R&amp;D efforts, ADSE strives to incorporate new technical developments
in battery technology, into its products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While ADSE sees battery-buffered
ultra-fast chargers as a separated market segment, non-battery buffered grid connected ultra-fast chargers do in principle compete with
battery-based ultra-fast chargers in those cases in which enough power at the current grid connection is available, or an upgrade of the
grid is economically reasonable or preferred by the investor for some reason. This may often be the case in typical applications such
as central charge parks or super chargers on near highway locations. ADSE sees compact and ultra-fast chargers with an integrated battery
buffers in many cases still as the more economic and more suitable solution, especially when high power rates are not requested continuously
or at least for the majority of the time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the number of EVs continues
to grow, so will the need for a charging infrastructure, including ultra-fast chargers. Solutions that do not have an integrated energy
storage capability rely on the available grid capacity, or need expensive and long-term expansion of the grid network to offer ultra-fast
charging. Solutions may also require a separate energy storage system with related investment costs and space requirements. Therefore,
ADSE sees itself in a good competitive position for the necessary extension of the EV-charging infrastructure based on existing grid conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the increasing EV population,
the number of wallboxes sold for home charging will likely increase as well. While home charging in principle may reduce the usage of
public charging, ADSE sees a strong market opportunity for public charging driven by the higher number of EVs in the market. Overall,
due to the different use cases and technology, ADSE does not see AC-wallboxes as separate and not directly competing market. In contrast,
ADSE sees a potential of DC charging at home or at company sites as a potential market opportunity in future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the incumbent
market participants the possibility persists of new players entering a still developing market and gaining market share with innovative
products. However, due to the advanced expertise and knowledge as well as the ecosystem platform technology and long-term services, ADSE
expects to be able to effectively compete even with such new potential market entrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the Commercial &amp; Industrial
segment, ADSE focuses on applications in which it believes it has a competitive advantage due to the overall platform integration accompanied
by digital and physical services. With the Multi-Scale based PowerBooster, ADSE will be able to offer an innovative product with an integrated
scalable power inverter providing a fully integrated energy storage solution to the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the Residential segment,
ADSE intends to offer a highly integrated eco-platform that specially addresses the needs of single and multifamily homes who would like
to integrate renewable energy generation at the site through PV or power-heat cogeneration units, DC-Charging at home, scalable energy
storage and a connection to the electricity grid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, with an increasing
market size for residential energy storage and management systems, competition from existing and new competitors may increase. Given a
fragmented end-customer base and the need to install those products at the individual site of use, ADSE relies on distribution partnerships.
For example, ADSE relies on heating systems manufacturers or installation companies and networks, depending on the individual market in
which ADSE operates. While ADSE believes that its current and future products are an attractive complement to the offering of its current
and potential future distribution partners, ADSE may have difficulties to attract distribution partners in the future, or such distribution
partners may not yield the revenues anticipated by ADSE for such partnerships which may limit our growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While ADSE sold its products
in the past mainly in Germany, ADSE has started to internationalize its business by selling and offering products in US and other markets
in Europe. While ADSE strives to develop and market its products on contractual terms and conditions in such way that its products comply
with the necessary regulation in those markets. Consequently, the competition in such markets may change over time significantly, and
other factors including but not limited to governmental or local regulation and subsidies may create obstacles for ADSE to compete in
such markets and may create limiting factors to its growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table represents the breakdown of
total revenues by geographic market for each of the last three financial years:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the revenue from
contracts with customers disaggregated by major products:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,774</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business performance of ADSE does not follow
a regular seasonality or cyclicality of results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Raw Materials and Suppliers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE sources primarily in
European Union and Asia a number of key raw materials, parts and supplies for the assembly of its products including but not limited to
semiconductors, power modules, battery cells, HVAC components, mechanical systems, electrical components, and electronic components, such
as conductors, switches, fuses and DC-meters. While ADSE strives to source standard components where possible, many components are sourced
from single suppliers for which it may not be possible to find an alternative source in a short period of time or even at all. In addition,
supplier changes may have impact on certification and customer acceptances. Further raw material may be subject to high price volatility
as for example in 2022 battery cells, semiconductors, power modules and electrical components. Due to ADSE competencies in design and
manufacturing and using own generated patents, it expects that in principle almost any supplier can be replaced over time. However, such
replacements may require additional development work, which may have negative impact on the ADSE&#8217;s ability to deliver products and
its profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Raw materials, parts and supplies
obtained from third-party vendors contained and may contain defects resulting in the malfunction of ADSE&#8217;s products. ADSE could
be subject to claims that its products are defective or have malfunctioned, or even that persons were injured or purported to be injured
as a result of such defects, and ADSE&#8217;s customers may bring legal claims against ADSE to attempt to hold it liable. Any insurance
that ADSE carries may not be sufficient or it may not apply to all situations. To the extent that such malfunctions are related to components
obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions. See &#8220;Item 3.D. Risk Factors
<i>&#8212; Our technology has had and in the future could have undetected defects, errors or bugs in hardware or software which has and
could reduce market adoption, damage our reputation with current or prospective customers, and/or expose us to product liability and other
claims that could materially and adversely affect our business</i>.&#8221; For example, certain of our customers have experienced a malfunction
in our High-Power Charger that we believe is the result of a defective semiconductor component, which has required us to work with our
third-party supplier of such component to inspect and repair these defects or replace such products under our warranty. We are in the
process of exchanging such affected products and have accrued approximately EUR 6.3 million in expenses for the fiscal year ended December
31, 2021 in connection with such process. See &#8220;Item 5. Operating and Financial Review and Prospects &#8211; Operating Results &#8211;
Results of Operations &#8211; Comparison of the Twelve&#160;Months Ended December 31, 2021 and 2020&#8211; Other Expenses.&#8221; We expect
to continue to address this issue, and this defect or similar events in the future could adversely affect our brand, relationships with
customers and vendors, operating results or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employees and Human Capital Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, ADSE
had 189 (2021: 109) employees, with 167 (2021: 105)in Europe and 22 (2021: 4) in the U.S. These employees include 32 (2021: 26) in sales
and marketing, 92 (2021: 48) in operations, 42 (2021: 33) in product development, and 23 (2021: 2) in general and administrative positions.
ADSE currently also relies, and may continue to rely, on professional employer organizations and staffing organizations for the employment
to complement our workforce. Additionally, ADSE has retained a number of expert advisors and consultants that help navigate it through
different aspects of its business. ADSE considers its relations with its employees to be good and has not experienced any work stoppages,
slowdowns or other serious labor problems that have materially impeded ADSE&#8217;s business operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE&#8217;s human capital
management objectives include, as applicable, identifying, recruiting, retaining, incentivizing, and integrating ADSE&#8217;s new and
existing employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 52; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Manufacturing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE has also decided to final
assemble its products in-house to ensure the constant high quality of its products and the scalability to meet the future demand. It is
the Company&#8217;s strong conviction that the demand for technology enabling the transition into the energy market will grow strongly
across all product segments quickly growing into a regulated mass market of energy infrastructure. ADSE has therefore consequently targeted
flexible but scalable assembly facilities. ADSE has also designed its facilities with a system based on principles developed and applied
in the leading industry sectors, and applies a rigorous discipline in all processes and continuous improvement principles. An important
aspect of ADSE&#8217;s facility design and digitized processes is that it can be cloned easily and quickly within a few months to expand
its capacities in line with market growth and its expansion in new markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE benefits from its highly
developed production process which combines the advantages from assembly and in-house engineering. The production facilities are located
around Dresden, Germany.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government, Regulation and Incentives</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE is subject to many forms
of government regulation in its current markets, primarily the European Union, but also in new markets like the United States. There is
not a primary agency that oversees the industry, but instead ADSE must comply with various federal, state and local rules and regulations.
The regulatory overlay relates to many areas of ADSE&#8217;s operations, but primarily to safety concerns surrounding the manufacture
and implementation of its products and systems. Violations of the applicable regulations may result in substantial civil and criminal
fines, penalties and/or orders to cease operations or to conduct or pay for corrective work. Customer demand for ADSE&#8217;s products
is and is expected to remain influenced by government regulations and economic incentives promoting fuel efficiency and alternate forms
of energy, and the availability of tax and other governmental incentives to purchase and operate electric vehicles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4.C. Organizational Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon consummation of the Transactions,
ADSE GM, based in N&#252;rtingen, Germany and entered in the commercial register of the Stuttgart Local Court under HRB 762810, became
a wholly-owned subsidiary of ADSE Holdco, an Irish public limited company duly incorporated under the laws of Ireland. ADSE US is a Delaware
corporation and wholly-owned subsidiary of ADSE GM. Immediately following consummation of the Transactions, Merger Sub was liquidated
and began the process for dissolution. ADSE&#8217;s organizational chart is below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_005.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4.D. Property, Plants and Equipment</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE&#8217;s headquarters
are located in N&#252;rtingen, Germany. Our properties consist of office space within general, commercial office buildings. The Company
also maintains five further facilities, two of which are located in Germany (Klipphausen and K&#246;ngen) and three are located in U.S.
(Auburn (AL), Plano (TX), Sarasota (FL)). These sites are used for production, as offices, as warehouses, as laboratories, and/or for
prototyping (K&#246;ngen).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Below is a list of our material
leased property as of the date of this Annual Report, including the type of property, our business area, location and approximate square
meterage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Location</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Square&#160;Meterage</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Owned/Leased</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 41%; text-align: left">Office and Laboratory </td><td style="width: 1%">&#160;</td>
    <td style="width: 25%; text-align: center">N&#252;rtingen, Germany </td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,577</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 20%; text-align: center">Long-term Leased</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Production and Warehouse </td><td>&#160;</td>
    <td style="text-align: center">Klipphausen, Germany </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,550</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Long-term Leased</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Warehouse, Laboratory and Prototyping</td><td>&#160;</td>
    <td style="text-align: center">K&#246;ngen, Germany</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,402</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Short-term Leased</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Warehouse</td><td>&#160;</td>
    <td style="text-align: center">Auburn (AL), USA</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,626</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Long-term Leased</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Office</td><td>&#160;</td>
    <td style="text-align: center">Plano (TX), USA</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">163</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Short-term Leased</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Office</td><td>&#160;</td>
    <td style="text-align: center">Sarasota (FL), USA</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Short-term Leased</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></p><div>

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for the third and last
2 properties listed in the table above (which lease term is three to six months), lease agreements for our premises are generally long-term
leases with terms of between 1 and 10 years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The production capacity is
up to 5,000 units per year depending on the applied shift model and the product type.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this Annual
Report, the Company is not aware of any environmental issues that may affect the utilization of any of the premises described above and
has no intention to engage in the construction, expansion or improvement of any real estate or facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5.A. Operating Results</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>This operating and financial
review should be read together with the section captioned &#8220;Item 4. Information on the Company &#8211; 4.B. Business Overview&#8221;
and the audited consolidated financial statements of the Company and the related notes to those statements included elsewhere in this
Annual Report. Among other things, the audited consolidated financial statements include more detailed information regarding the basis
of preparation for the following information. The audited consolidated financial statements of the Company have been prepared in accordance
with IFRS. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such
as those set forth under &#8220;Item 3. Key Information &#8211; D. Risk Factors&#8221; and elsewhere in this Form 20-F, our actual results
may differ materially from those anticipated in these forward-looking statements. Please see &#8220;Cautionary Note Regarding Forward-Looking
Statements&#8221; in this Annual Report.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE produces, develops, and
markets battery-buffered EV charging systems infrastructure, battery storage systems and cloud-based services which enable the customer
to control and manage the system, for example via Big-LinX<sup>&#174;</sup>, based on real-time information. ADSE&#8217;s ecosystem enables
24/7 access to its ecosystem platform consisting of hardware, software and services, over the air updates, prediction-based services,
and data analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE generates revenue primarily
through the sale of its products, services and Big-LinX<sup>&#174;</sup>. Big-LinX<sup>&#174;</sup> with its control and monitoring functions
enables also proactive monitoring, fast response time, parts, and performance warranty. ADSE targets two key markets: battery storage
systems for residential, commercial, and industrial customers, and battery buffered high-power charging infrastructure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since ADSE GM&#8217;s inception
in 2008, it has been engaged in producing, developing, and marketing its battery-buffered energy systems, subscriptions, and other offerings,
establish a production and recruiting personnel. ADSE GM has incurred net operating losses and negative cash flows from operations in
every year since its inception.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, ADSE
had an accumulated deficit of EUR 136,1 million. ADSE has funded its operations mainly with capital contributions, sustained shareholder
loans, borrowings under its loan facilities and customer payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Factors Affecting Operating Results</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our performance
and future success depend on several factors which have affected ADSE&#8217;s performance in the periods for which financial information
is presented in this Annual Report and which will continue to affect our future performance. These factors present significant opportunities
for us but also pose risks and challenges, including those discussed below and in the section of this Annual Report titled &#8220;Item
3. Key Information &#8211; D. Risk Factors&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Battery Buffered EV Charging Systems</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Growth in EV Adoption</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE&#8217;s revenue growth
is directly tied to the continued acceptance of passenger and commercial EVs sold, which it believes drives the demand for charging infrastructure.
The market for EVs is still rapidly evolving and, although demand for EVs has grown in recent years, there is no guarantee of such future
demand. Factors impacting the adoption of EVs include, but are not limited to, perceptions about EV features, quality, safety, performance
and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; volatility in the cost of oil and
gasoline; availability of services for EVs; consumers&#8217; perception about the convenience and cost of charging EVs; and increases
in fuel efficiency. In addition, macroeconomic factors could impact demand for EVs, particularly since they can be more expensive than
traditional gasoline-powered vehicles when the automotive industry globally has been experiencing a recent decline in sales. If the market
for EVs does not develop as expected or if there is any slow-down or delay in overall EV adoption rates, this would impact ADSE&#8217;s
ability to increase its revenue or grow its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Competition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE is currently a market
leader within the EU in battery-buffered ultra-high-power chargers. ADSE intends to expand its market share over time in its product categories.
Existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. Furthermore, ADSE&#8217;s
competition includes other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy gasoline powered
vehicles. If ADSE&#8217;s market share decreases due to increased competition, its revenue and ability to generate profits in the future
may be impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>United States Expansion</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE operates in Europe and
recently established a subsidiary in the United States. The United States is expected to be a significant contributor to ADSE&#8217;s
revenue in future years. ADSE believes it is also well positioned to grow its US business, both through new potential business relationships
and the expansion of existing multinational OEM and Oil &amp; Gas (&#8220;<span style="text-decoration:underline">O&amp;G</span>&#8221;) business relationships. However, ADSE
primarily competes with larger providers of non-battery buffered EV charger producers, particularly in Europe. Many of these competitors
have no ultra-high-power charger, which could cause poor experiences and have a negative impact on overall EV adoption in the US and Europe.
ADSE&#8217;s growth in Europe requires differentiating itself as compared to the potential newcomers and existing competitors with AC
and DC chargers. If ADSE is unable to penetrate the market in US, its future revenue growth and profits may be impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impact of New Product Releases</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As ADSE introduces new products,
its gross margins may be temporarily impacted by launch costs, until its supply chain achieves targeted cost reductions, such as the market
introduction of its semi-mobile battery buffered ultra-high-power charger ChargePost in fiscal year 2022. In addition, ADSE may accelerate
its operating expenditures where it sees growth opportunities which may impact gross margin until upfront costs and inefficiencies are
absorbed and normalized operations are achieved. ADSE also continuously evaluates and may adjust its operating expenditures based on its
launch plans for its new products, as well as other factors including the pace and prioritization of current projects under development
and the addition of new projects. As ADSE attains higher revenue, it expects operating expenses as a percentage of total revenue to continue
to decrease in the future as it focuses on increasing operational efficiency and process automation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Government Mandates, Incentives and Programs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The European Union, the German
federal government, the U.S. federal government, foreign governments and some state and local governments provide incentives to end users
and purchasers of EVs and EV charging stations in the form of rebates, tax credits and other financial incentives. These governmental
rebates, tax credits and other financial incentives significantly lower the effective price of EVs and EV charging stations to customers.
However, these incentives may expire on specified dates, end when the allocated funding is no longer available, or be reduced or terminated
as a matter of regulatory or legislative policy. Any reduction in rebates, tax credits or other financial incentives could reduce the
demand for EVs and for charging infrastructure, including infrastructure offered by ADSE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Battery Storage Systems</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Growth in All-Electric-World Adaption Adoption</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE&#8217;s battery storage
systems revenue growth is linked to the transition to an all-electric world by using renewable energy in both the &#8220;Commercial &amp;
Industrial&#8221; and &#8220;Residential&#8221; end-market segments. ADSE is convinced they are needed to achieve the global objective
of CO2 neutral energy systems. The market for battery storage systems is still evolving and although demand for systems has grown in recent
years significantly, there is no guarantee of such future demand. Factors impacting the demand for battery storage systems include but
are not limited to:&#160;perceptions about battery storage systems features and advantages, quality, safety, performance and cost; volatility
in the cost of oil, gas and energy from finite and renewable resources; availability of services; consumers&#8217; perception about the
convenience; and cost of installing and using a battery storage system. In addition, macroeconomic factors could impact demand for renewable
energy, particularly since they can be more expensive than energy from finite resources. If the market for battery storage systems does
not develop as expected or if there is any slow-down or delay in overall CO2 neutral adoption rates, this would impact ADSE&#180;s ability
to increase its revenue or grow its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Competition</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE is currently offering
its battery storage systems mainly within the EU. ADSE intends to expand its market share over time in its product categories. Existing
competitors may expand their product offerings and sales strategies, and new competitors may enter the market. Furthermore, ADSE&#8217;s
competition includes other types of alternative energy storage solutions such as hydrogen and compressed air storage solutions. If ADSE&#8217;s
market share decreases due to increased competition, its revenue and ability to generate profits in the future may be impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impact of New Product Releases</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As ADSE introduces new products,
its gross margins may be temporarily impacted by launch costs until its supply chain achieves targeted cost reductions, such as the market
introduction of its new PowerBooster generation in fiscal year 2023. In addition, ADSE may accelerate its operating expenditures where
it sees growth opportunities which may impact gross margin until upfront costs and inefficiencies are absorbed and normalized operations
are achieved. ADSE also continuously evaluates and may adjust its operating expenditures based on its launch plans for its new products,
as well as other factors including the pace and prioritization of current projects under development and the addition of new projects.
As ADSE attains higher revenue, it expects operating expenses as a percentage of total revenue to continue to decrease in the future as
it focuses on increasing operational efficiency and process automation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Government Mandates, Incentives and Programs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The European Union, the German
federal government, the U.S. federal government, foreign governments and some state and local governments provide incentives to end users
and purchasers of renewable energy sources and battery storage systems in the form of rebates, tax credits and other financial incentives.
These governmental rebates, tax credits and other financial incentives significantly lower the effective price of renewable energy sources
and battery storage systems to customers. However, these incentives may expire on specified dates, end when the allocated funding is no
longer available, or be reduced or terminated as a matter of regulatory or legislative policy. Any reduction in rebates, tax credits or
other financial incentives could reduce the demand for renewable energy sources and for battery storage systems offered by ADSE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Components of Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE develops, produces, and
distributes battery storage solutions for different areas of applications (&#8220;multi-use-case&#8221;). The product portfolio ranges
from the field &#8220;residential&#8221; which includes small storage solutions, to the field &#8220;industrial&#8221; including power
ranges up to multiple MW/MWh, as well as to the field &#8220;charging&#8221; which provides charging solutions for the expansion of the
eMobility infrastructure at power-limited network points. Additionally, ADSE provides its customers with software solutions regarding
intelligent controlling and monitoring of battery storage solutions. Other revenues include, for example, separately acquirable service
contracts or maintenance services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the fiscal years 2020,
2021 and 2022 the revenue stream mainly includes the production and delivery of ChargeBox (CBX) and ChargePost (CPT). Revenue for the
CBX and CPT are recognized once the product is transferred to the customer. Included in the revenue for the CBX are also development cost
contributions made by the customer. These cost contributions are also recognized in accordance with the delivery of the CBX in fiscal
year 2020 and 2021. Additionally, the revenue stream &#8220;Charging&#8221; in fiscal year 2020 includes the delivery of ChargeTrailer
system in the form of a truck trailer. The revenue for the truck trailer is recognized over time. The percentage of completion is based
on the incurred costs.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the fiscal year 2023,
ADSE expects revenue to increase year-over-year despite the challenges associated with the COVID-19 pandemic, the war between Ukraine
and Russia and related supply chain disruptions. While ADSE cannot predict the ultimate extent or duration of the impact of the COVID-19
pandemic and the war in Ukraine on its financial condition and operating results, in fiscal year 2023 and beyond, it expects revenue to
exceed levels pre-existing the COVID-19 pandemic as it increases its sales to new and existing customers, expands its operations in the
United States, and broadens its product offerings, particularly for charging and residential customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to July 1, 2021, ADSE
used ads-tec Dresden GmbH, a wholly-owned subsidiary of ADSH, as contract manufacturer to assemble the ChargeBox and to produce battery
storage systems. On July 1, 2021, the production was transferred to ADSE GM. ADSE&#8217;s cost of revenue systems includes raw material
costs, raw material costs used by contract manufacturer, own production costs, and the contract manufacturer&#8217;s cost of finished
goods. For ADSE&#8217;s limited in-house production, cost of revenue includes raw material, parts, labor, manufacturing costs, and allocated
facilities, related salaries and personnel expenses and information technology expenses. It also consists of depreciation of manufacturing
related equipment and facilities, amortization of capitalized development costs, and allocated facilities and information technology expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It also includes cost for
field maintenance, spare parts, license cost for BigLinX, allocated facilities and information technology expenses, salaries, and related
personnel expenses for providing 3<sup>rd</sup> level service and third-party support costs to perform installations, maintenance and
repair service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gross Profit and Gross Margin</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit is revenue less
cost of revenue and gross margin is gross profit as a percentage of revenue. ADSE offers a range of products which vary widely in price
and associated margin. Accordingly, ADSE&#8217;s gross profit and gross margin have varied and are expected to continue to vary from period
to period due to revenue levels; geographic, vertical and product mix; new product introductions, and its efforts to optimize its operations
and supply chain.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the long term, ADSE expects
its gross profit to increase on an absolute basis and gross margin to increase over time as it expands its revenue and continues to optimize
its operations and supply chain. However, in the short term, as ADSE launches new charging systems and battery storage products, and grows
its presence in Europe and United States, it expects gross margin to experience variability from period to period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and Development Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and not capitalized
development expenses consist primarily of salaries and related personnel expenses for personnel related to the development of improvements,
quality assurance, testing, product management, and cost for samples, allocated facilities, and information technology expenses. Information
technology research and not capitalized development costs are expensed as incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE expects its research
and development expenses to increase on an absolute basis and they may increase as a percentage of total revenue for the foreseeable future
as it continues to invest in research and development activities to achieve its technology and product roadmap.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Selling, General, and Administrative Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Selling, general and administrative
(SG&amp;A) expenses primarily consist of personnel-related expenses, external storage, packaging, marketing cost, professional or legal
fees, transaction cost, and other expenses. ADSE incurred additional general and administrative expenses as a result of operating as a
public company, including expenses related to compliance with the rules and regulations of the SEC and Nasdaq listing standards, additional
insurance expenses (including directors&#8217; and officers&#8217; insurance), investor relations activities and other administrative
and professional services. ADSE also increased the size of its selling, general and administrative function to support the growth of its
business especially with the expansion to the United States. Overall, the company expects that the SG&amp;A remains on the level of FY2022
in FY2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Depreciation and Amortization</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depreciation and amortization
primarily relate to the depreciation of ADSE manufacturing and technology equipment, other tools, right-of-use assets and to capitalized
development expenses. ADSE anticipates these expenses will continue to increase over time as it continues to develop new products and
may extend its warehouse facility in the United States into a production facility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Operating Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other operating expenses primarily
relate to an accrual of expenses from special warranties and exchange rate losses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income consists mainly
income from reversal of provisions, cost refunds and insurance compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Finance Income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finance income consists mainly
foreign currency gains and remeasurement of warrant liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Finance Costs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finance costs primarily relates
to interest expenses for leasing and guarantee commissions in fiscal year 2022, and bank loans and sustained shareholder loans in fiscal
year 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Tax Benefits/(Expenses)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax benefits/(expenses)
include current and deferred taxes. Current taxes and deferred taxes are reported in profit or loss, except to the extent to which they
are reported directly in equity or in the other operating income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax loss carry forwards
amounted to EUR 55.4 million at December 31, 2021 and EUR 82.8 million at December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comparison of the Twelve&#160;Months Ended
December 31, 2022 and 2021</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of operations
for the twelve&#160;months ended December, 2022 and 2021 presented below should be reviewed in conjunction with ADSE&#8217;s audited condensed
financial statements and the notes thereto included elsewhere in this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
ADSE&#8217;s historical results of operations for the periods indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: left; font-weight: bold; font-style: italic">in kEUR</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Change&#160;(%)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">Continuing Operations</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; font-weight: bold">Revenue</td><td style="width: 1%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(427</td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,835</td><td style="text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">2,408</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">70,892</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(413</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
the changes in revenue from the twelve&#160;months ended December&#160;31, 2021 to 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-weight: bold; font-style: italic">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="2" style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
the changes in revenue from the twelve&#160;months ended December&#160;31, 2021 to 2022 based on geography.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total revenue decreased by
EUR 6.6 million or 20%, from the year ended December 31, 2021 to December 31, 2022, primarily due to supply chain disruptions leading
to lower unit sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company generated 27%
and 56% of total revenue from one customer for the fiscal year ended December 31, 2022 and 2021, respectively and 31% from another customer
for the fiscal year ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Sales</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales decreased by
EUR 4.4 million or 13%, from the year ended December 31, 2021 to December 31, 2022, primarily due to decreased material expenses in connection
with the decreased revenue of EUR 6.6 million. Due to raw material price inflation and functional cost being fixed costs such as depreciation
and amortization, the cost of sales didn&#180;t decrease at similar percentage as revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gross Profit</i></b>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit decreased by
kEUR 2.2 million, from the year ended December 31, 2021 to December 31, 2022. The decrease was primarily due to decreased revenue and increased
personnel cost, depreciation and amortization.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and Development</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and Development expenses
decreased by kEUR 311 or 16%, from the year ended December 31, 2021 to December 31, 2022 due to focusing on development of new products
and those expenses being capitalized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Selling and General Administrative</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and general administrative
expenses increased by EUR 18.0 million or 135%, from the year ended December 31, 2021 to December 31, 2022 primarily due to increased
personnel cost in connection with the sales expansion in U.S. and general administration of the Company.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment Losses on Trade Receivable, Contract
Assets, and Other Investments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Impairment losses on trade
receivable, contract assets, and other investments increased by kEUR 57, from the year ended December 31, 2021 to December 31, 2022 due
to a broader customer portfolio and other investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other expenses decreased by
EUR 4.3 million from the year ended December 31, 2021 to December 31, 2022 primarily due to forming a special warranty provision in 2021.<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income decreased by
EUR 2.2 million from the year ended December 31, 2021&#160;to December 31, 2022 primarily due to lower amount released from provisions
and income from compensations compared to 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Finance Result</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net finance result decreased&#160;by
EUR 88.6 million or 129%, from the year ended December 31, 2021 to December 31, 2022 primarily due to share listing expenses of EUR 65.8
million in 2021, finance income increased by EUR 20.5 million due to foreign currency gains and remeasurement of warrant liabilities and
finance expenses decreased by EUR 2.4 million primarily due to lower interest expenses from loans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Tax Benefits/(Expenses)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income tax expenses increased
by EUR 2.2 million from the year ended December 31, 2021 to December 31, 2022 primarily due to originating and reversal of temporary differences.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comparison of the Twelve&#160;Months Ended
December 31, 2021 and 2020</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of operations
for the twelve&#160;months ended December, 2021 and 2020 presented below should be reviewed in conjunction with ADSE&#8217;s audited condensed
financial statements and the notes thereto included elsewhere in this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
ADSE&#8217;s historical results of operations for the periods indicated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,012</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(749</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(13,321</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,570</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1800</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,224</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">47</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,135</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(10,280</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total revenue decreased by
EUR 14.3 million or 30%, from the year ended December 31, 2020 to December 31, 2021, primarily due to one major customer order in the
past.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company generated 56%
and 87% of total revenue from one customer for the fiscal year ended December 31, 2021 and 2020, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Sales</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales decreased by
EUR 10.2 million or 22%, from the year ended December 31, 2020 to December 31, 2021, primarily due to decreased material cost in connection
with decreased revenue of EUR 14.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Gross Profit</i></b>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit decreased by
EUR 4.1 million, from the year ended December 31, 2020 to December 31, 2021. The decrease was primarily due to decreased revenue, increased
depreciation and amortization of EUR 1.6 million and increased personnel expenses of EUR 0.3 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Share Listing Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&#8217;s share
listing expenses are of a one-time non-recurring nature and only impacts the 2021 financial statements as the Company listed on Nasdaq
in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Share Listing Expenses kEUR</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-indent: -10pt; padding-left: 10pt">Fair value of 8,524,565 Ordinary Shares (including 3,593,750 founder shares) at &#8364;8.64 per share</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Fair value of 4,375,000 private warrants at &#8364;1.17 per Warrant</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Fair value of 7,187,500 public warrants at &#8364;1.05 per Warrant</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Total Value of Consideration</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(43,107</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">65,796</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing
Expenses Total (Cash) represents fees paid to legal advisors, consultants, and other necessary expenses incurred in relation to the ADSE&#8217;s
listing on the US market.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As per IFRS 2, the Ordinary
Shares distributed at the time of Business Combination are valued at the fair value which was EUR 8.64 as on December 22, 2021 and the
fair value of the public warrants is calculated at EUR 1.05 and the private warrants at EUR 1.17 per warrant. The difference between the
fair value of the Ordinary Shares and warrants issued and the fair value of the net assets received amounting EUR 65.8 million have been
recognized as a listing expense. This is the primary reason for the substantial increase in indirect expenses and corresponding reduction
in net profits resulting in a net loss of EUR 87.6 million in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There was no listing expense
during 2020 as it was a one-time expense accounted due to Business Combination that occurred in 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and Development</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and Development expenses
increased by EUR 1.3 million or 169%, from the year ended December 31, 2020 to December 31, 2021 due to increased expenses for further
development of components for battery storage systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Selling and General Administrative</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and general administrative
expenses increased by EUR 5.8 million or 76%, from the year ended December 31, 2020 to December 31, 2021 primarily due to legal and consulting
fees mainly for the preparation of SEC listing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Impairment Losses on Trade Receivable, Contract
Assets, and Other Investments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Impairment losses on trade
receivable, contract assets, and other investments increased by kEUR 162, from the year ended December 31, 2020 to December 31, 2021 due
to mainly one default payment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other expenses increased by
EUR 3.2 million from the year ended December 31, 2020 to December 31, 2021 primarily due to forming a new warranty provision of EUR 6.3
million and the consumption of warranty provisions created in 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The new special warranty provision
of EUR 6.3 million is related to semiconductor supplied by one of ADSE supplier with the potential risk of causing a malfunction of the
ChargeBox. We believe malfunction is the result of a defective semiconductor component, which has required us to work with our third-party
supplier of such component to inspect and repair these defects or replace such products under our warranty.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other income increased by
EUR 4.0 million from the year ended December 31, 2020&#160;to December 31, 2021 primarily due to the release or reduction of warranty
provision created in 2020 and a compensation due to cancellation in good faith of&#160;a sales contract originally entered into in 2018.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net Finance Result</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net finance result decreased&#160;by
EUR 66.4 million or 3,112%, from the year ended December 31, 2020 to December 31, 2021 primarily due to the share listing expenses of
EUR 65.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Income Tax Benefits/(Expenses)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income tax expenses decreased
by kEUR 458 from the year ended December 31, 2020 to December 31, 2021, primarily due to origination and reversal of temporary differences.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.B. Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sources of Liquidity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE has incurred net losses
and negative cash flows from operations since its inception which it anticipates will continue for the foreseeable future. To date, ADSE
has funded its operations primarily with proceeds from its operations, capital contributions, sustained shareholder loans, borrowings
under its loan facilities and customer payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, ADSE
had no loans or borrowings. As of December 31, 2021, ADSE had EUR 7.5 million of short term secured bank loans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022 and
2021, we had cash and cash equivalents of EUR 34.4 million and EUR 101.8 million, respectively, of which as of December 31, 2022 EUR 12.0
million were restricted. Our cash is mainly held in Euros and U.S. Dollars at banks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management has considered conditions and events which provide substantial
doubt about ADSE&#8217;s ability to continue as a going concern (i.e., historically recurring losses and negative cash flows from operations)
over the 12 months following the issuance of the financial statements. ADSE&#8217;s cash on hand and the shareholder loans executed in
May 2023, together with cash generated from sales to customers, should satisfy ADSE&#8217;s working capital and capital requirements for
at least the next twelve months from May 10th, 2023, the date on which ADSE&#8217;s audited financial statements were issued. However,
no assurances can be provided that sufficient cash is generated from sales to customer, timely reduction of inventory and/or postponement
or cancellation of purchase obligation. If ADSE is unable to do so, it may need to ask for additional funding and/or significantly curtail
its operations, modify existing strategic plans and/or dispose of certain operations or assets. See also ADSE&#8217;s audited financial
statements for the years ended December 31, 2022 and 2021, respectively, included elsewhere in this Annual Report for more information.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Liquidity Policy</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an early-stage company,
ADSE maintains a strong focus on liquidity and defines its liquidity risk tolerance based on sources and uses to maintain a sufficient
liquidity position to meet its obligations under both normal and stressed conditions. ADSE manages its liquidity to provide access to
sufficient funding to meet its business needs and financial obligations, as well as capital allocation and growth objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Debt Profile</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic; text-align: left; border-bottom: Black 1.5pt solid">In kEUR</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td>Secured bank loan had an interest rate of 5.96% p.a. added
to the 3-months EURIBOR as of December 31, 2021.</td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the secured bank loan
described in this section was repaid in full.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flow Summary</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic"></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid"><b>In kEUR</b></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Cash Flow from operating activities</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,874</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,585</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(8,655</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Net increase (decrease) in cash and cash equivalents</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(77,334</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(102,062</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash and cash equivalents at the end of the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,441</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">101,813</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Operating Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The negative Cash Flow from
operating activities increased by EUR 39.5 million from the year ended December&#160;31, 2021 to December&#160;31, 2022 primarily due
an increase of inventory by EUR 40.2 million. The inventory increased primarily due to increase of finished goods by EUR 11.6 (mainly
in U.S.) due to customer&#180;s non-performance of order requirements and increase of raw material by EUR 25.4 million due to supply
chain constraints leading to missing material for product completion.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The negative Cash Flow from
operating activities increased by EUR 5.8&#160;million from the year ended December&#160;31, 2020 to December&#160;31, 2021 primarily
due to increased trade receivables.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Investing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The negative Cash Flow from
investing activities increased by EUR 5.3 million from the year ended December&#160;31, 2021 to December&#160;31, 2022 primarily due to
investment for the development of new products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The negative Cash Flow from
investing activities decreased by EUR 1.0&#160;million from the year ended December&#160;31, 2020 to December&#160;31, 2021 primarily
due to lower capitalization of development cost.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Financing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cash Flow from financing
activities decreased by EUR 134.6 million from the year ended December&#160;31, 2021 to December&#160;31, 2022 primarily due to the received
cash proceeds in FY2021 in the course of the merger and repayment of secured bank loans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cash Flow from financing
activities increased by EUR 116.0&#160;million from the year ended December&#160;31, 2020 to December&#160;31, 2021 primarily due to received
cash proceeds in the course of the merger.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Commitments and Contractual Obligations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&#160;31,
2022, commitments from master purchase agreements for materials exist of kEUR 48,784 of which kEUR 32,249 are short-term.
Additionally, other commitments for purchase for materials exist of kEUR 85,214 of which kEUR 73,888 are short term. For contracted
long-term cost allocation agreements and rents with affiliated companies, commitments exist of kEUR 3,452 per year. We had no
material cash commitments for capital expenditures.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our other contractual obligations
consist mainly of lease obligations capitalized under IFRS 16. Lease obligations are our future minimum commitments under lease agreements
within the scope of IFRS 16 and reflected on the balance sheet in our audited consolidated financial statements included elsewhere in
this annual report. Lease agreements, which were not recognized in accordance with the exemptions in IFRS 16, are not material and therefore
not presented here. As of December 31, 2022, lease obligations for lease liabilities amounted to EUR 4.9 million, reflecting our future minimum
lease commitments. As of December 31, 2022, EUR 0.8 million of the committed lease payments associated with lease liabilities and other lease
obligations will occur in the next 12 months, EUR 3.7 million between January 1, 2024 and December 31, 2027. The remaining lease payments of
EUR 0.3 million will occur after December 31, 2027.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Off-Balance Sheet Arrangements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no off-balance sheet
arrangements as defined in Item&#160;303&#160;of Regulation&#160;S-K as of December&#160;31, 2021 and December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>JOBS Act</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco qualifies as an
&#8220;emerging growth company&#8221; and, under the JOBS Act, is allowed to comply with new or revised accounting pronouncements based
on the effective date for private (not publicly traded) companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco could remain an
emerging growth company until the last day of ADSE Holdco&#8217;s fiscal year following January 26, 2026 (i.e., the fifth anniversary
of EUSG&#8217;s initial public offering). However, if ADSE Holdco&#8217;s annual gross revenue is $1.07 billion or more, if its non-convertible
debt issued within a three year period exceeds $1 billion or the market value of its ordinary shares that are held by non-affiliates exceeds
$700 million on the last day of the second fiscal quarter of any given fiscal year, ADSE Holdco would cease to be an emerging growth company
as of the following fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.C. Research and Development, Patents and
Licenses, etc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE&#8217;s policy regarding
research and development expenses is consistent with the requirements of IFRS IAS 38. Research costs are expensed as incurred through
the income statement, while development costs are capitalized after technical and commercial feasibility of the asset for sale or use
have been established. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset
is ready for use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the periods ended December
31, 2020, 2021 and 2022, there were no research costs reflected in the statement of comprehensive income. ADSE generally does not conduct
research activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.D. Trend Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as described in
&#8220;Item 3. Key Information &#8211; D. Risk Factors&#8221; and in &#8220;Item 4.B. &#8211; Business Overview&#8221;, which are incorporated
by reference herein, we are not aware of any trends, uncertainties, demands, commitments or events since the beginning of our year ended
December 31, 2022 that are reasonably likely to have a material effect on our net revenues, income from operations, profitability, liquidity
or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results
or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5.E. Critical Accounting Estimates</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We prepare our consolidated
financial statements in accordance with IFRS and its interpretations as issued by the IASB. For a discussion of our significant accounting
policies and other estimates, please see &#8220;Significant accounting policies&#8221; in note 3.3 and &#8220;Accounting estimates and
management judgments&#8221; in note 2 of the notes to our consolidated financial statements included in this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.A. Directors and Senior Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the name, age and position of each of ADSE Holdco&#8217;s directors and the executive officers of the corporate group comprised of ADSE
Holdco and all its direct and indirect subsidiaries (the &#8220;<span style="text-decoration:underline">ADSE</span>&#8221;) as of the date of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph Brancato<sup>(1)(3)</sup></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 54%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bazmi Husain<sup>(2)(3)</sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K.R. Kent <sup>(1)(2)</sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hakan Konyar</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Production Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kurt Lauk, PhD<sup>(1)(2)(3)</sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (Chairman)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salina Love<sup>(1) (3)</sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Gerhart Speidel</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Vogt</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Accounting Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wolfgang Breme</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sebastian Schypulla</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Purchase and Logistic Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Audit Committee</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Nominating Committee</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Compensation Committee</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><b><i>Joseph Brancato </i></b>serves as a director
of ADSE Holdco. Mr. Brancato serves as Chairman of the Board of Directors for Gensler, a global design and architecture firm. In addition,
he is Managing Principal for Gensler&#8217;s Northeast and Latin America regions. Mr. Brancato serves on the Executive Committee of the
Board and the Global Compliance Committee. He provides thought leadership and regularly speaks on topics such as the impact of driverless
cars and ride-sharing on urban planning and development, shaping the future of cities, the urbanization of suburbia, and design of post-pandemic
office buildings. Engaged in professional outreach, he is an active member of the American Institute of Architects, Urban Land Institute,
Urban Design Forum, and CoreNet Global and serves on the board of the New York Chapter of the National Association of Industrial and Office
Properties (NAIOP). Mr. Brancato is a registered architect in 23 U.S. states and three Canadian provinces. He holds Bachelor&#8217;s degrees
in architecture and urban studies from the University of Maryland. We believe Mr. Brancato is well-qualified to serve as a director due
to his expertise in architecture, urban planning, and market leadership.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Bazmi Husain</i></b>&#160;serves
as a director of ADSE Holdco. Mr. Husain retired recently, after a 40 year career with ABB, a global engineering company focused on the
transformation of society and industry to achieve a more productive, sustainable future. From 2016-2020, Mr. Husain served as the Chief
Technology Officer for ABB, where he was responsible for the company&#8217;s technology strategy and ownership and for ABB Technology
Ventures, ATV. During his tenure, ABB was recognized as a top corporate venture capital firm. Concurrently, Mr. Husain was also the Chairman
of ABB Technology, an ABB entity that develops and own all its technology. From 2011-2015, he served as the Managing Director of ABB India
Ltd, a subsidiary of ABB that is based in Bangalore, India, and listed on the National Stock Exchange of India. Under Mr. Husain&#8217;s
direction, profit grew by 350% with a 25% growth in revenue. From 2006-2010, he served in various roles at ABB, including the Head of
ABB Smart Grid Initiative and Head of Research in Automation. Mr. Husain also served as Chairman of the Board for PROGRESS, a center for
software engineering at Malarden University in Sweden, from 2006-2009. From 2016-2020, Mr. Husain was the Director of the Jurgen Dormann
Foundation, a non-profit organization that focuses on engineering education. Mr. Husain has a B.E. in Electrical Engineering and a M.S.
in Physics from the Birla Institute of Technology and Science located in Pilani, India. We believe Mr. Husain is well-qualified to serve
as a director due to his extensive engineering background and his experience as an executive of a global company, including as chief executive
officer of its listed subsidiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Kenneth R. Kent</i></b>
serves as a director of ADSE Holdco. Mr. Kent retired recently, after a 31-year career with Ford Motor Company, an American multinational
automobile manufacturer. From 2017-2019, Mr. Kent served as the Vice President and Treasurer for Ford Motor Company, where he was responsible
for all global treasury related activities, including all aspects of global risk management, insurance, trading, funding, cash management,
pension funding, and asset management. Mr. Kent oversaw roughly $23 billion in cash and marketable securities and about $80 billion in
assets. From 2011-2017, he served as the Controller for Ford&#8217;s North and South America Operating Regions, and was responsible for
all finance related activities in those regions. In 2011, Mr. Kent also served as the Executive Director of Investor Relations of Ford
Motor Company, where he was responsible for all Investor Relations related items, including interfacing with sell-side and buy-side analysts.
Mr. Kent has a B.S. in Business Analysis from Indiana University, and a Master of Business Administration from The Ohio State University.
We believe Mr. Kent is well-qualified to serve as a director due to his extensive finance background and his experience as an executive
of a multinational company, including serving as Vice President.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Hakan Konyar </i></b>serves
as the chief production officer of ADSE. Mr. Konyar has served as the chief operating officer of ADSE GM since September 2019. He is responsible
for the entire supply chain, including project management, quality, and service. During his time as chief operating officer, Mr. Konyar
played a significant role in bringing ADSE&#8217;s ChargeBox product to market. Prior to his current position, Mr. Konyar served as a
technical plant manager from March 2017 to August 2019 and as vice president for production planning and execution of starters and generators
from October 2015 to February 2017. He holds a Dipl. Ing (FH) in mechanical and automotive engineering from the University of Applied
Sciences Esslingen.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><b><i>Kurt J. Lauk, PhD </i></b>is the co founder
and President of Globe CP GmbH, a private investment firm established in 2000. His varied experience includes service as a Member of European
Parliament (2004 2009), including as a Member of Economic and Monetary Affairs Committee and Deputy Member of the Foreign and Security
Affairs Committee. Dr. Lauk possesses extensive European automotive industry experience, primarily through his positions as Member of
the Board of Management and Head of World Wide Commercial Vehicles Division of Daimler Chrysler (1996 1999), as well as Deputy Chief Executive
Officer and Chief Financial Officer (with responsibility for finance, controlling and marketing) of Audi AG (1989 1992). He currently
serves as a Trustee of the International Institute for Strategic Studies in London and was an honorary professor with a chair for international
studies at the European Business School in Reichartshausen, Germany. Dr. Lauk possesses both a PhD in international politics (Kiel), as
well as an MBA (Stanford).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Salina Love</i></b>&#160;serves
as a director of ADSE Holdco. Since 2013, Ms. Love has served as the chief financial officer and chief operating officer for Ophir Holdings
LLC, a private investment company that invests in various industries including natural resources, agriculture, bio-IT, medical devices
and life sciences. During her tenure, she has served as a board member for some of Ophir&#8217;s portfolio companies and often works closely
with their audit committees. In addition, Ms. Love has three decades of experience in investment banking and asset management, including
with hedge funds, private equities, venture capital funds and special purpose acquisition company sponsors. From 1997 to 2002, Ms. Love
was a senior managing director and chief operating officer of the equity and investment banking division of ABN AMRO in the Americas and
held various global management positions at Bear Stearns, Kidder Peabody and Salomon Brothers in New York, London, Tokyo and Hong Kong
from 1987 to 1997. She is a fellowship member of the Chartered Association of Certified Accountants (U.K.) and the Hong Kong Institute
of Certified Accountants. Ms. Love graduated from the Hong Kong Polytechnic University with a B.S. in Finance and Accounting. We believe
Ms. Love is well qualified to serve as a director due to her extensive asset management background and her experience in global management
positions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Thomas Gerhart Speidel</i></b>&#160;serves
as the chief executive officer of ADSE and a director of ADSE Holdco. Mr. Speidel founded ADSE GM in 2017 and serves as its chief executive
officer. Prior to that, he served as chief executive officer and managing director of ads-tec, which was founded by his father, Hans-Herman
Speidel, and ads-tec Group. He is also a member of several boards and committees, including the Fraunhofer ISE Board of Trustees (since
2018) and the Expo Energy Storage Europe exhibition advisory committee (since 2019). Mr. Speidel has served as the president of the German
Energy Storage Systems Association since 2016. He holds a degree in electrical engineering from the University of Stuttgart. We believe
Mr. Speidel is well-qualified to serve as a director due to his broad and deep technical know-how and knowledge of ADSE&#8217;s products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Robert Vogt</i></b>
has served as Chief Accounting Officer of ADSE since February 2022. He has served as Chief Financial Officer of ADSE GM since April 2020.
Mr. Vogt has served as a board member on Polar EV Charging and Storage AB since November 2011. From October 2016 to March 2020, Mr. Vogt
served as the Chief Executive Officer and Chief Financial Officer of Bosch Therotechnika s.r.o in the Czech Republic. He has more than
ten years of international experience worked in senior business, commercial and financial roles for the Bosch Group around the world.
Robert holds a diploma with distinction in business administration from Technical University of Ingolstadt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Wolfgang Breme</i></b>
served as Chief Financial Officer of ADSE since July 2022. He has extensive international experience in the financial management of technology-oriented
engineering, production and Hi-Tech companies, including more than twenty years as a Board Member and Chief Financial Officer. As a member
of the executive board AIXTRON SE (FSE: AIXA), he was responsible for finance and administration for almost a decade. He also held CFO
positions at technotrans SE, AVENTICS (formerly Bosch Rexroth Pneumatics) and the Skeleton Technologies Group. Mr. Breme has many years
of ECM and VC experience an international environment as well as M&amp;A expertise and is familiar with the challenges of the volatile
project business in Hi-Tech environments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 67; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Sebastian Schypulla</i></b>
serves as our Chief Purchase and Logistic Officer. He spent more than ten years at Porsche AG and has held various positions in the procurement.
Prior to his current role at ADS-TEC Energy as Chief Purchase and Logistics Officer, Mr. Schypulla served as Manager General Procurement
in the Operating Material &amp; Charging Infrastructure division. He holds a diploma in Business Administration from the Technical University
of Dresden, where he was Member &amp; Executive Vice-President of the Erasmus Initiative for almost two years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td colspan="5" style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
Diversity Matrix (as of April 13, 2023)</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country of Principal Executive Offices:</span></td>
    <td colspan="4" style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ireland</span></td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Prohibited under Home Country Law</span></td>
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  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Number of Directors</span></td>
    <td colspan="4" style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; width: 45%; border-left: black 1.5pt solid; padding: 1.5pt">&#160;</td>
    <td style="border-top: black 1.5pt solid; width: 15%; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td style="border-top: black 1.5pt solid; width: 11%; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td style="border-top: black 1.5pt solid; width: 13%; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
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  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part I: Gender Identity</b></span></td>
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  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td>
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">0</span></td>
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">3</span></td>
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">0</span></td>
    <td style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">3</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part II: Demographic Background</b></span></td>
    <td colspan="4" style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented Individual in Home Country Jurisdiction</span></td>
    <td colspan="4" style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">1</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGBTQ+</span></td>
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  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did Not Disclose Demographic Background</span></td>
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  <tr style="vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors who are Aboriginal Peoples</span></td>
    <td colspan="4" style="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">0</span></td></tr>
  <tr style="vertical-align: top">
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with Disabilities</span></td>
    <td colspan="4" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; border-right: black 1.5pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">0</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Family Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no family relationships
between any of ADSE&#8217;s executive officers and ADSE Holdco&#8217;s directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.B. Compensation</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Executive Officer and Director Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Executive Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Irish law, we are not
required to disclose compensation paid to our senior management on an individual basis and we have not otherwise publicly disclosed this
information elsewhere.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate amount of compensation,
awarded to, granted, earned by and paid, including aggregate cash compensation, benefits, restricted stock units and stock options, to
our directors and executive officers who were employed by, or otherwise performed services for, the Company for the fiscal year ended
December 31, 2022 was approximately EUR 4.8 million. No pension, retirement or similar benefits have been set aside or accrued for our
executive officers or directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive officers and
management in general receive compensation consisting of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annual
base salaries;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance
bonus opportunities (and for executives directly involved with oversight of salespersons, a sales commission &#8220;override&#8221;),
potentially in cash and/or equity awards;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">long
term incentive compensation in the form of stock options, restricted stock and stock appreciation awards, among others, as set forth
in ADSE Holdco&#8217;s Incentive Plan;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
one-time&#160;equity award relating to the consummation of the Transactions to establish meaningful retention and alignment of interests
between ADSE&#8217;s leadership team and ADSE Holdco&#8217;s shareholders in an amount equal to $250,000 for C-level ADSE&#160;employees
(other than ADSE Holdco&#8217;s CEO), which award will be granted at the time of execution of an employment agreement and vest 25% on
each anniversary of the grant date such that the award is vested in full on the fourth anniversary of the grant date, subject to the
accelerated vesting in certain circumstances as described further below; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
regard to ADSE key executive officers, formal employment arrangements to include change of control provisions.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an ADSE C-level&#160;employee&#8217;s
employment is terminated without cause or for good reason during the first four years of such employee&#8217;s employment, then 50% of
the unvested portion of such employee&#8217;s one-time&#160;equity award will vest upon such termination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Employment Agreements</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Speidel Employment Agreement.</i>&#160;
In November 2021, we entered into an employment agreement with Mr.&#160;Thomas Speidel, our Chief Executive Officer. In April 2022, ADSE
GM entered into an employment agreement with Mr. Speidel, retroactively effective as of December 31, 2021, which replaces in the original
employment agreement between ADSE Holdco and Mr. Speidel in its entirety. The agreement outlines the terms of the employee relationship,
and provides for, among other things, an aggregate remuneration for his roles as director and Chief Executive Officer comprising (i) an
annual base salary of &#8364;400,000, (ii) a discretionary bonus of up to &#8364;300,000 based on the achievement of individual and company
goals, all as determined and approved by ADSE Holdco&#8217;s board of directors, (iii) equity awards under the ADSE Holdco Omnibus Incentive
Plan, solely at the discretion of the ADSE Holdco board of directors; and (iv)&#160;a one-time&#160;equity award relating to the consummation
of the Transactions to establish meaningful retention and alignment of interests between ADSE Holdco&#8217;s leadership team and ADSE
Holdco&#8217;s shareholders in an amount equal to $750,000, which award will be granted at the time of execution of the employment agreement
and vest 25% on&#160; each anniversary of the grant date such that the award is vested in full on the fourth anniversary of the grant
date, subject to the accelerated vesting in certain circumstances as described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Neville Employment Agreement</i>.
In December 2021, ADSE US entered into an employment agreement with John Neville, retroactively effective as of October 1, 2021, for his
service as President and Chief Sales Officer of ADSE US and Chief Sales Officer of ADSE. The agreement outlines the terms of the employee
relationship, and provides for, among other things, (i) a base salary of $300,000, (ii) a target annual sales incentive in a gross amount
equal to $350,000.00 (the &#8220;Target Annual Sales Incentive&#8221;) and a maximum annual sales incentive in a gross amount of $700,000.00,
(iii) stock awards under the 2021 Plan solely at the discretion of the compensation committee of the ADSE Holdco board of directors. The
employment agreement provides that Mr. Neville&#8217;s employment with ADSE US will continue for a period of four years and automatically
renew on an annual basis for successive one-year terms, unless earlier terminated by either party in accordance with the terms of the
agreement. The agreement also contains a non-competition provision, which applies during the term of the employment and for one year following
termination, and a restrictive covenant with respect to non-disclosure of confidential information, which remains in effect during the
term of employment and at all times thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Breme Employment Agreement</i>.
In July 2022, ADSE GM entered into an employment agreement with Wolfgang Breme for his service Chief Financial Officer of ADSE. The agreement
outlines the terms of the employee relationship, and provides for, among other things, an aggregate remuneration for his role as Chief
Financial Officer comprising (i) an annual base salary of &#8364;250,000, (ii) a discretionary bonus of up to &#8364;150,000 based on the
achievement of individual and company goals, all as determined and approved by ADSE Holdco&#8217;s board of directors, and (iii) equity
awards under the ADSE Holdco Omnibus Incentive Plan, solely at the discretion of the ADSE Holdco board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 96.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Konyar Employment Agreement</i>.
ADSE GM currently has an employment agreement in place with Mr. Hakan Konyar, effective September 18, 2019, for his service as Chief Operation
Officer of ADSE GM. The agreement with Mr. Konyar was amended on December 21, 2021 to reflect Mr. Konyar&#8217;s new role as Chief Production
Officer of ADSE. Under Mr. Konyar&#8217;s employment agreement, he is compensated with an annual base salary and is eligible for an annual
discretionary cash bonus of up to &#8364;110,000 based on achievement of individual and company goals, all as determined and approved by
ADSE Holdco&#8217;s board of directors. Under the terms of the agreement as amended, Mr. Konyar earns a base salary of &#8364;200,000.
In addition, he is covered by ADSE&#8217;s D&amp;O insurance policy. All other material provisions from the 2019 employment contracts
remain in force.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Vogt Employment Agreement</i>.
ADSE GM currently has an employment agreement in place with Mr. Vogt, effective March 13, 2020, for his service as Chief Financial Officer
of ADSE GM. The agreement with Mr. Vogt was amended on February 5, 2022 to reflect Mr. Vogt&#8217;s new role as Chief Accounting Officer
of ADSE and is in substantially the same form as Mr. Konyar&#8217;s employment agreement. Under Mr. Vogt&#8217;s employment agreement,
he is compensated with an annual base salary and is eligible for an annual discretionary cash bonus of up to &#8364;112,500 based on achievement
of individual and company goals, all as determined and approved by ADSE Holdco&#8217;s board of directors, and stock awards under the
2021 Plan. Under the terms of the agreements as amended, Mr. Vogt earns a base salary of &#8364;250,000. In addition, he is covered by
ADSE&#8217;s D&amp;O insurance policy. All other material provisions from the 2019 employment contracts remain in force.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Non-Executive Director Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the non-executive&#160;directors
of ADSE Holdco has a contract with ADSE Holdco that provides for annual cash compensation of $50,000. In addition, each non-executive&#160;member
of the board of directors of ADSE Holdco is granted annual equity awards with a total value of $100,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The chairman of the audit
committee receives an additional $20,000 annual cash compensation for such service, the chairman of the nominating committee receives
an additional $10,000 annual cash compensation for such service, and the chairman of the compensation committee receives an additional
$15,000 annual cash compensation for such service. The cash compensation is payable quarterly in advance to ADSE Holdco&#8217;s non-executive&#160;directors,
who are eligible for equity compensation through ADSE Holdco&#8217;s equity incentive plan; provided that, while any member of the board
of directors is also an executive officer, such individual is not eligible for any such compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The chairman of the board
of directors receives a total of $200,000 in annual compensation for service on the board of directors, comprised of (i) annual cash compensation
of $50,000 (identical to cash compensation granted to all non-executive&#160;board members as described above), (ii) annual equity awards
with a total value of $100,000 (identical to the equity awards granted to all non-executive&#160;board members as described above, except
such equity award grant is in the form of stock options) and (iii) an additional $50,000 in annual equity awards for service as chairman
of the board of directors, which is paid in the form of stock options.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All equity awards granted
to the directors of ADSE Holdco, including the chairman, have a one-year&#160;vesting term (i.e., they vest on the first anniversary of
the grant).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2021 Omnibus Incentive Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco&#8217;s 2021 Omnibus
Incentive Plan (the &#8220;<span style="text-decoration:underline">2021 Plan</span>&#8221; or &#8220;<span style="text-decoration:underline">Incentive Plan</span>&#8221;) was adopted in connection with the Transactions
in order to facilitate the grant of equity awards to attract, retain and incentivize ADSE employees (including executive officers), independent
contractors and directors of ADSE Holdco and its affiliates, which is essential to ADSE Holdco&#8217;s long-term success. The following
summarizes the material terms of the 2021 Plan. This summary is qualified in its entirety to the full text of the 2021 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Administration</i>. The
Incentive Plan is administered by our Compensation Committee, except with respect to matters that are not delegated to the Compensation
Committee by the Board. As used in this summary, the term &#8220;Administrator&#8221; refers to the Compensation Committee (or Board,
as applicable) and its authorized delegates, as applicable. The Administrator is authorized to determine the form, amount and other terms
and conditions of awards; clarify, construe or resolve any ambiguity in any provision of the Incentive Plan, any sub-plan&#160;or award
agreement; amend the terms of outstanding awards; and adopt such rules, forms, instruments and guidelines for administering the Incentive
Plan as it deems necessary or proper. The Administrator has authority to administer and interpret the Incentive Plan, to grant discretionary
awards under the Incentive Plan, to determine the persons to whom awards will be granted, to determine the types of awards to be granted,
to determine the terms and conditions of each award, to determine the number of Ordinary Shares to be covered by each award, to make all
other determinations in connection with the Incentive Plan and the awards thereunder as the Administrator deems necessary or desirable,
to adopt, alter, and repeal administrative rules, guidelines and practices governing the Incentive Plan, to delegate authority under the
Incentive Plan to ADSE&#8217;s executive officers and to otherwise supervise administration of the Incentive Plan. The Administrator also
has the authority to establish, adopt, interpret or revise any rules and regulations including adopting sub-plans&#160;to the Incentive
Plan and award agreements for the purposes of complying with securities, exchange control or tax laws outside of the United States or
Ireland, and/or for the purposes of taking advantage of tax favorable treatment for awards granted to participants as it may deem necessary
or advisable to administer the Incentive Plan, including the adoption of separate share schemes under the umbrella of the Incentive Plan
in order to qualify for special tax or other treatment anywhere in the world; provided such rules, regulations or sub-plans, including
the interpretation thereof are consistent with the terms and conditions of the Incentive Plan. To the extent the combined company seeks
to obtain the benefit of exemptions available under Rule&#160;16b-3&#160;under the&#160;Exchange Act, it is expected that the entity acting
as the Administrator will comprise&#160;&#8220;non-employee&#160;directors.&#8221;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Available Shares</i>.&#160;The
aggregate number of Ordinary Shares that may be issued or used for reference purposes under the Incentive Plan or with respect to which
awards may be granted shall not exceed 6,450,000&#160;shares. In addition, the number of Ordinary Shares available for issuance under
the Incentive Plan will be annually increased on the first day of each fiscal year, for a period of not more than 10 years, beginning
on January&#160;1, 2022, and ending on (and including) January&#160;1, 2031, in an amount equal to (i) five percent (5)% of the outstanding
shares on the last day of the immediately preceding fiscal year or (ii) such lesser amount (including zero) that the compensation committee
determines for purposes of the annual increase for that fiscal year. The maximum number of Ordinary Shares with respect to which incentive
stock options may be granted under the Incentive Plan will be 6,450,000&#160;shares, and will not be subject to the annual adjustment
provision described above. The number of shares available for issuance under the Incentive Plan may be subject to adjustment in the event
of a reorganization, stock split, merger or similar change in the corporate structure or the outstanding Ordinary Shares. In the event
of any of these occurrences, ADSE Holdco may make any adjustments it considers appropriate to, among other things, the number and kind
of shares, options or other property available for issuance under the Incentive Plan or covered by grants previously made under the Incentive
Plan. The shares available for issuance under the Incentive Plan may be, in whole or in part, either authorized and unissued Ordinary
Shares or Ordinary Shares held in or acquired for ADSE Holdco&#8217;s treasury. If an award under the Incentive Plan is forfeited, expires
or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used
again for new grants under the Incentive Plan. In addition, the following shares may also be used again for grant under the Incentive
Plan: (1)&#160;shares tendered or withheld to satisfy grant or exercise price or tax withholding obligations associated with an award;
and (2)&#160;shares purchased on the open market with the cash proceeds from the exercise of options.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Annual Non-Employee&#160;Director
Compensation Limitation</i>.&#160;Under the Incentive Plan, the aggregate grant date fair value (computed as of the date of grant in accordance
with applicable financial accounting rules) of all compensation (inclusive of awards granted under the Incentive Plan) to any individual&#160;non-employee&#160;director
in any fiscal year will not exceed $750,000 or $1,000,000 in the first year of service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Eligibility for Participation</i>.&#160;Members
of ADSE Holdco&#8217;s board of directors, as well as employees of, and consultants to, ADSE Holdco or its subsidiaries and affiliates,
are eligible to receive awards under the Incentive Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Award Agreement</i>.&#160;Awards
granted under the Incentive Plan are evidenced by award agreements, which need not be identical, that provide additional terms, conditions,
restrictions and/or limitations covering the grant of the award, including, without limitation, additional terms providing for the acceleration
of exercisability or vesting of awards in the event of a change of control or conditions regarding the participant&#8217;s employment,
as determined by the Administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Stock Options</i>.&#160;The
Administrator may grant nonqualified stock options to eligible individuals and incentive stock options only to eligible employees. The
Administrator will determine the number of Ordinary Shares subject to each option, the term of each option, which may not exceed 10&#160;years,
or five years in the case of an incentive stock option granted to a 10 percent shareholder, the exercise price, the vesting schedule,
if any, and the other material terms of each option. No incentive stock option or nonqualified stock option may have an exercise price
less than the fair market value of an Ordinary Share at the time of grant or, in the case of an incentive stock option granted to a 10
percent shareholder, 110% of such share&#8217;s fair market value. Options will be exercisable at such time or times and subject to such
terms and conditions as determined by the Administrator at grant, and the exercisability of such options may be accelerated by the Administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Stock Appreciation Rights</i>.&#160;The
Administrator may grant stock appreciation rights (&#8220;<span style="text-decoration:underline">SARs</span>&#8221;) either with a stock option, which may be exercised only
at such times and to the extent the related stock option is exercisable (a &#8220;<span style="text-decoration:underline">Tandem SAR</span>&#8221;), or independent of a stock
option (a &#8220;<span style="text-decoration:underline">Non-Tandem&#160;SAR</span>&#8221;). A SAR is a right to receive a payment in Ordinary Shares or cash, as determined by
the Administrator, equal in value to the excess of the fair market value of one Ordinary Share on the date of exercise over the exercise
price per share as of the date of grant of the SAR. The term of each SAR may not exceed 10&#160;years. The exercise price per share covered
by a SAR will be the exercise price per share of the related stock option in the case of a Tandem SAR and will be the fair market value
of Ordinary Shares on the date of grant in the case of a&#160;Non-Tandem&#160;SAR. The Administrator may also grant limited SARs, either
as Tandem SARs or&#160;Non-Tandem&#160;SARs, which may become exercisable only upon the occurrence of a change in control, as defined
in the Incentive Plan, or such other event as the Administrator may designate at the time of grant or thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Restricted Stock</i>.&#160;The
Administrator may award shares of restricted stock. Except as otherwise provided by the Administrator upon the award of restricted stock,
the recipient generally has the rights of a shareholder with respect to the shares, including the right to receive dividends, the right
to vote the shares of restricted stock and, conditioned upon full vesting of shares of restricted stock, the right to tender such shares,
subject to the conditions and restrictions generally applicable to restricted stock or specifically set forth in the recipient&#8217;s
restricted stock agreement. The Administrator may determine at the time of award that the payment of dividends, if any, will be deferred
until the expiration of the applicable restriction period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recipients of restricted stock
will be required to enter into an award agreement with ADSE Holdco that states the restrictions to which the shares are subject, which
may include satisfaction of&#160;pre-established&#160;performance goals, and the criteria or date or dates on which such restrictions
will lapse.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Other Stock-Based&#160;Awards</i>.&#160;The
Administrator may, subject to limitations under applicable law, make a grant of such other stock-based&#160;awards, including, without
limitation, dividend equivalent units, stock equivalent units, restricted stock units (&#8220;RSUs&#8221;) and deferred stock units under
the Incentive Plan that are payable in cash or denominated or payable in or valued by Ordinary Shares or factors that influence the value
of such shares. The Administrator may determine the terms and conditions of any such other awards, which may include the achievement of
certain minimum performance goals and/or a minimum vesting period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Other Cash-Based&#160;Awards</i>.&#160;The
Administrator may grant awards payable in cash. Cash-based&#160;awards will be in such form, and dependent on such conditions, as the
Administrator will determine, including, without limitation, being subject to the satisfaction of vesting conditions or awarded purely
as a bonus and not subject to restrictions or conditions. If a cash-based&#160;award is subject to vesting conditions, the Administrator
may accelerate the vesting of such award in its discretion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Performance Awards</i>.&#160;The
Administrator may grant a performance award to a participant payable upon the attainment of specific performance goals. A performance
award generally is due upon the attainment of the relevant performance goals, and is payable either in cash or in shares of restricted
stock, based on the then current fair market value of such shares, as determined by the Administrator. Based on service, performance and/or
other factors or criteria, the Administrator may, at or after grant, accelerate the vesting of all or any part of any performance award.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Change in Control</i>.&#160;In
connection with a change in control, as defined in the Incentive Plan, the Administrator may accelerate vesting of outstanding awards
under the Incentive Plan, and certain award agreements may also provide for such accelerated vesting. In addition, such awards may be,
in the discretion of the Administrator: (1)&#160;assumed and continued or substituted in accordance with applicable law; (2)&#160;purchased
by ADSE Holdco for an amount equal to the excess of the price of an Ordinary Share paid in a change in control over the exercise price
of the awards; or (3)&#160;cancelled if the price of an Ordinary Share paid in a change in control is less than the exercise price of
the award. The Administrator may also provide for accelerated vesting or lapse of restrictions of an award at any time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Certain Transactions</i>.&#160;In
connection with certain transactions and events affecting ADSE Holdco&#8217;s ordinary shares, including, without limitation, any extraordinary
dividend, conversion, adjustment, split, recapitalization, reorganization, merger, consolidation, or similar corporate transaction or
event, the Administrator has broad discretion to take action under the Incentive Plan to provide for adjustments to prevent the dilution
or enlargement of intended benefits, facilitate such transaction or event.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Shareholder Rights</i>.&#160;Except
as otherwise provided in the applicable award agreement, and with respect to an award of restricted stock, a participant has no rights
as a shareholder with respect to ADSE Holdco&#8217;s ordinary shares covered by any award until the participant becomes the record holder
of such shares, and thereafter may still have restrictions on their rights as a shareholder, including but not limited to, the right to
vote such shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Repricing</i>.&#160;ADSE
Holdco&#8217;s board of directors may not, without the approval of the shareholders, reduce the exercise price of any stock option or
SAR, or cancel any stock option or SAR that has an exercise price in excess of fair market value in exchange for cash, other awards or
stock options or SARs with an exercise price per share that is less than the exercise price per share of the original stock options or
SARs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Amendment and Termination.</i>&#160;Notwithstanding
any other provision of the Incentive Plan, ADSE Holdco&#8217;s board of directors may at any time amend any or all of the provisions of
the Incentive Plan, or suspend or terminate it entirely, retroactively or otherwise, subject to shareholder approval in certain instances;
provided, however, that, unless otherwise required by law or specifically provided in the Incentive Plan, the rights of a participant
with respect to awards granted prior to such amendment, suspension or termination may not be adversely affected without the consent of
such participant. In no event may the Incentive Plan be amended without the approval of ADSE Holdco to increase the aggregate number of
Ordinary Shares that may be issued under the Incentive Plan, decrease the minimum exercise price of any award, or make any other amendment
that would require shareholder approval under applicable law, rules and regulations of any exchange on which ADSE Holdco&#8217;s securities
are listed, except as provided under the Incentive Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Transferability.</i>&#160;<i>A</i>wards
granted under the Incentive Plan generally are nontransferable, other than by will or the laws of descent and distribution, except that
the Administrator may provide for the transferability of nonqualified stock options at the time of grant or thereafter to certain family
members.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Recoupment of Awards.</i>&#160;The
Incentive Plan provides that awards granted under the Incentive Plan are subject to any recoupment policy that ADSE Holdco may have in
place or any obligation that ADSE Holdco may have regarding the clawback of &#8220;incentive-based&#160;compensation&#8221; under the&#160;Exchange
Act&#160;or under any applicable rules and regulations promulgated by the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Effective Date; Term.</i>&#160;The
Incentive Plan was adopted by ADSE Holdco&#8217;s board of directors and ADSE Holdco&#8217;s shareholders on December 22, 2021 in connection
with the Closing of the Transactions. No award will be granted under the Incentive Plan on or after the 10-year&#160;anniversary of the
effective date of the Incentive Plan, which is the date the plan is approved by the shareholders. Any award outstanding under the Incentive
Plan at the time of termination will remain in effect until such award is exercised or has expired in accordance with its terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 12pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b>Material U.S. Federal
Income Tax Consequences</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The material federal income
tax consequences of the Incentive Plan under current federal income tax law are summarized in the following discussion, which deals with
the general U.S. federal income tax principles applicable to the Incentive Plan. The following discussion is based upon laws, regulations,
rulings and decisions now in effect, all of which are subject to change. Non-U.S. state and local tax laws, and employment, estate and
gift tax considerations are not discussed due to the fact that they may vary depending on individual circumstances and from locality to
locality.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Stock Options and SARs</i>.&#160;An
Incentive Plan participant generally will not recognize taxable income and ADSE Holdco generally will not be entitled to a tax deduction
upon the grant of a stock option or SAR. The tax consequences of exercising a stock option and the subsequent disposition of the shares
received upon exercise will depend upon whether the option qualifies as an incentive stock option or a nonqualified stock option. Upon
exercising a nonqualified stock option when the fair market value of ADSE Holdco&#8217;s ordinary shares is higher than the exercise price
of the option, an Incentive Plan participant generally will recognize taxable income at ordinary income tax rates equal to the excess
of the fair market value of the stock on the date of exercise over the purchase price, and ADSE Holdco (or its subsidiaries, if any) generally
will be entitled to a corresponding tax deduction for compensation expense, in the amount equal to the amount by which the fair market
value of the shares purchased exceeds the purchase price for the shares. Upon a subsequent sale or other disposition of the option shares,
the participant will recognize a short-term&#160;or long-term&#160;capital gain or loss in the amount of the difference between the sales
price of the shares and the participant&#8217;s tax basis in the shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon exercising an incentive
stock option, an Incentive Plan participant generally will not recognize taxable income, and ADSE Holdco will not be entitled to a tax
deduction for compensation expense. However, upon exercise, the amount by which the fair market value of the shares purchased exceeds
the purchase price will be an item of adjustment for alternative minimum tax purposes. The participant will recognize taxable income upon
a sale or other taxable disposition of the option shares. For federal income tax purposes, dispositions are divided into two categories:
qualifying and disqualifying. A qualifying disposition generally occurs if the sale or other disposition is made more than two years after
the date the option was granted and more than one year after the date the shares are transferred upon exercise. If the sale or disposition
occurs before these two periods are satisfied, then a disqualifying disposition generally will result.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon a qualifying disposition
of incentive stock option shares, the participant will recognize long-term&#160;capital gain in an amount equal to the excess of the amount
realized upon the sale or other disposition of the shares over their purchase price. If there is a disqualifying disposition of the shares,
then the excess of the fair market value of the shares on the exercise date (or, if less, the price at which the shares are sold) over
their purchase price will be taxable as ordinary income to the participant. If there is a disqualifying disposition in the same year of
exercise, it eliminates the item of adjustment for alternative minimum tax purposes. Any additional gain or loss recognized upon the disposition
will be recognized as a capital gain or loss by the participant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco will not be entitled
to any tax deduction if the participant makes a qualifying disposition of incentive stock option shares. If the participant makes a disqualifying
disposition of the shares, ADSE Holdco should be entitled to a tax deduction for compensation expense in the amount of the ordinary income
recognized by the participant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon exercising or settling
a SAR, an Incentive Plan participant will recognize taxable income at ordinary income tax rates, and ADSE Holdco should be entitled to
a corresponding tax deduction for compensation expense, in the amount paid or value of the shares issued upon exercise or settlement.
Payments in shares will be valued at the fair market value of the shares at the time of the payment, and upon the subsequent disposition
of the shares the participant will recognize a short-term&#160;or long-term&#160;capital gain or loss in the amount of the difference
between the sales price of the shares and the participant&#8217;s tax basis in the shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Restricted Stock and RSUs</i>.&#160;An
Incentive Plan participant generally will not recognize taxable income at ordinary income tax rates and ADSE Holdco generally will not
be entitled to a tax deduction upon the grant of restricted stock or RSUs. Upon the termination of restrictions on restricted stock or
the payment of RSUs, the participant will recognize taxable income at ordinary income tax rates, and ADSE Holdco should be entitled to
a corresponding tax deduction for compensation expense, in the amount paid to the participant or the amount by which the then fair market
value of the shares received by the participant exceeds the amount, if any, paid for them. Upon the subsequent disposition of any shares,
the participant will recognize a short-term&#160;or long-term&#160;capital gain or loss in the amount of the difference between the sales
price of the shares and the participant&#8217;s tax basis in the shares. However, an Incentive Plan participant granted restricted stock
that is subject to forfeiture or repurchase through a vesting schedule such that it is subject to a risk of forfeiture (as defined in
Section&#160;83 of the Code) may make an election under Section&#160;83(b) of the Code to recognize taxable income at ordinary income
tax rates, at the time of the grant, in an amount equal to the fair market value of the Ordinary Shares on the date of grant, less the
amount paid, if any, for the shares. ADSE Holdco will be entitled to a corresponding tax deduction for compensation, in the amount recognized
as taxable income by the participant. If a timely Section&#160;83(b) election is made, the participant will not recognize any additional
ordinary income on the termination of restrictions on restricted stock, and ADSE Holdco will not be entitled to any additional tax deduction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Other Stock-Based&#160;Awards,
Other Cash-Based&#160;Awards, or Performance Awards</i>.&#160;An Incentive Plan participant will not recognize taxable income and ADSE
Holdco will not be entitled to a tax deduction upon the grant of a performance award, other stock or cash-based&#160;awards until cash
or shares are paid or distributed to the participant. At that time, any cash payments or the fair market value of shares that the participant
receives will be taxable to the participant at ordinary income tax rates and ADSE Holdco should be entitled to a corresponding tax deduction
for compensation expense. Payments in shares will be valued at the fair market value of the shares at the time of the payment. Upon the
subsequent disposition of the shares, the participant will recognize a short-term&#160;or long-term&#160;capital gain or loss in the amount
of the difference between the sales price of the shares and the participant&#8217;s tax basis in the shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Limitation on
the Employer&#8217;s Compensation Deduction</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#160;162(m) of the
Code limits the deduction certain employers may take for otherwise deductible compensation payable to certain executive officers of the
employer to the extent the compensation paid to such an officer for the year exceeds $1&#160;million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 12pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Excess Parachute
Payments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 280G of the Code limits
the deduction that the employer may take for otherwise deductible compensation payable to certain individuals if the compensation constitutes
an &#8220;excess parachute payment.&#8221; Excess parachute payments arise from payments made to disqualified individuals that are in
the nature of compensation and are contingent on changes in ownership or control of the employer or certain affiliates. Accelerated vesting
or payment of awards under the Incentive Plan upon a change in ownership or control of the employer or its affiliates could result in
excess parachute payments. In addition to the deduction limitation applicable to the employer, a disqualified individual receiving an
excess parachute payment is subject to a 20% excise tax on the amount thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>Application
of Section&#160;409A of the Code</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&#160;409A of the Code
imposes an additional 20% tax and interest on an individual receiving non-qualified&#160;deferred compensation under a plan that fails
to satisfy certain requirements. For purposes of Section&#160;409A, &#8220;non-qualified&#160;deferred compensation&#8221; includes equity-based&#160;incentive
programs, including some stock options, stock appreciation rights and RSU programs. Generally speaking, Section&#160;409A does not apply
to incentive stock options, non-discounted&#160;nonqualified stock options and stock appreciation rights if no deferral is provided beyond
exercise, or restricted stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The awards made pursuant to
the Incentive Plan are expected to be designed in a manner intended to comply with the requirements of Section&#160;409A of the Code to
the extent the awards granted under the Incentive Plan are not exempt from coverage. However, if the Incentive Plan fails to comply with
Section&#160;409A in operation, a participant could be subject to the additional taxes and interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">State, local and foreign tax
consequences may in some cases differ from the United&#160;States federal income tax consequences described above. The foregoing summary
of the United&#160;States federal income tax consequences in respect of the Incentive Plan is for general information only. Interested
parties should consult their own advisors as to specific tax consequences of their awards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Incentive Plan is not
subject to the Employee Retirement Income Security Act of 1974, as amended, and is not intended to be qualified under Section&#160;401(a)
of the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 12pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b>New Plan Benefits</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Grants under the Incentive
Plan will be made at the discretion of the Administrator and are not currently determinable. The value of the awards granted under the
Incentive Plan will depend on a number of factors, including the fair market value of ADSE Holdco&#8217;s ordinary shares on future dates,
the exercise decisions made by the participants and the extent to which any applicable performance goals necessary for vesting or payment
are achieved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 12pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b>Persons Residing
Outside of Ireland or the United States</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any provision
of the Incentive Plan to the contrary, in order to comply with the laws in other countries in which ADSE Holdco or any of its affiliates
operates or has employees, the Administrator, in its sole discretion, shall have the power and authority to determine which affiliates
shall be covered by the Incentive Plan; determine which persons employed, or providing services, outside the United States are eligible
to participate in the Incentive Plan; amend or vary the terms and provisions of the Incentive Plan and the terms and conditions of any
award granted to persons who reside or provide services outside Ireland or the United States; establish sub-plans&#160;and modify exercise
procedures and other terms and procedures to the extent such actions may be necessary or advisable for legal, tax or administrative reasons;
and take any action, before or after an award is made, that it deems advisable to obtain or comply with any necessary local government
regulatory or tax exemptions or approvals. Notwithstanding the above, the Administrator may not take any actions hereunder, and no awards
shall be granted, that would violate the Exchange Act, the Code, any securities law or governing statute.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.C. Board Practices</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Independence of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nasdaq corporate governance
rules require that a majority of the board of directors be independent. An &#8220;independent director&#8221; is defined generally as
a person who has no material relationship with the listed company (either directly or as a partner, stockholder, or officer of an organization
that has a relationship with the listed company). The board of directors of ADSE Holdco has determined that Joseph Brancato, Bazmi Husain,
Kurt Lauk, PhD, (Chairman), Salina Love and K.R. Kent are considered independent directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Classes of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors is
divided into three staggered classes of directors. At each annual meeting of its shareholders, a class of directors will be elected for
a three-year term to succeed the same class whose term is then expiring, as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Class I director includes Joseph Brancato;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the&#160;Class
II&#160;directors include Salina Love, Bazmi Husain and K.R. Kent; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Class III directors include Kurt Lauk and Thomas Speidel.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term of the initial Class
I directors will terminate at the conclusion of the Company&#8217;s 2025 annual general meeting; the term of the initial Class II directors
will terminate on the conclusion of the Company&#8217;s 2023 annual general meeting; and the term of the initial Class III directors will
terminate on the conclusion of the Company&#8217;s 2024 annual general meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Oversight</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco&#8217;s board
of directors will oversee the risk management activities designed and implemented by ADSE&#8217;s management. ADSE Holdco&#8217;s board
of directors will execute its oversight responsibility both directly and through its committees. ADSE Holdco&#8217;s board of directors
will also consider specific risk topics, including risks associated with ADSE Holdco&#8217;s strategic initiatives, business plans and
capital structure. ADSE&#8217;s management, including its executive officers, will be primarily responsible for managing the risks associated
with operation and business of ADSE Holdco and its subsidiaries and will provide appropriate updates to the board of directors and the
audit committee. ADSE Holdco&#8217;s board of directors will delegate to the audit committee oversight of its risk management process,
and its other committees will also consider risk as they perform their respective committee responsibilities. All committees will report
to ADSE Holdco&#8217;s board of directors as appropriate, including when a matter rises to the level of material or enterprise risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Meetings and Committees of the Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco has established
a separately standing audit committee, nominating committee and compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Audit Committee Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the consummation
of the Transactions, ADSE Holdco established an audit committee of the board of directors which consists of Ms. Love, Mr. Lauk, Mr. Kent
and, Mr. Brancato, each of whom is independent under the applicable Nasdaq listing standards. A written charter for the audit committee
was adopted on December 22, 2021, which has been posted to ADSE Holdco&#8217;s website at https://adstec-energy.com/investor-relations-corporate-governance/.
The purpose of the audit committee is, among other things, to assist the Board in its oversight responsibilities relating to appointing,
retaining, setting compensation of, and supervising ADSE Holdco&#8217;s independent accountants, reviewing the results and scope of the
audit and other accounting related services and reviewing ADSE Holdco&#8217;s accounting practices and systems of internal accounting
and disclosure controls.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial Experts on Audit Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audit committee will at
all times be composed exclusively of &#8220;independent directors,&#8221; as defined for audit committee members under the exchange listing
standards and the rules and regulations of the SEC, who are &#8220;financially literate.&#8221; &#8220;Financially literate&#8221; generally
means being able to read and understand fundamental financial statements, including a company&#8217;s balance sheet, income statement
and cash flow statement. In addition, ADSE Holdco will be required to certify to Nasdaq that the audit committee has, and will continue
to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting,
or other comparable experience or background that results in the individual&#8217;s financial sophistication.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms. Love and Mr. Kent serve
as the audit committee financial experts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nominating Committee Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the consummation
of the Transactions, ADSE Holdco established a nominating committee of the board of directors comprised of Ms. Love and Messrs. Lauk,
Husain and Kent. Each member of the nominating committee is independent under the applicable listing standards. The nominating committee
adopted a written charter on December 22, 2021, which has been posted to ADSE Holdco&#8217;s website at https://adstec-energy.com/investor-relations-corporate-governance/.
The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on ADSE Holdco&#8217;s board
of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Guidelines for Selecting Director Nominees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The nominating committee will
consider persons identified by its members, management, shareholders, investment bankers and others. The guidelines for selecting nominees,
which are specified in the nominating committee charter, generally provide that persons to be nominated:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
have demonstrated notable or significant achievements in business, education or public service;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
possess the requisite intelligence, education and experience to make a significant contribution to ADSE Holdco&#8217;s board of directors
and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The nominating committee will
consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in
evaluating a person&#8217;s candidacy for membership on ADSE Holdco&#8217;s board of directors. The nominating committee may require certain
skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will also
consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating committee
will not distinguish among nominees recommended by shareholders and other persons.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Committee Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the consummation
of the Transactions, ADSE Holdco established a compensation committee of the board of directors. The compensation committee consists of
Messrs. Husain, Lauk, and Brancato and Ms. Love, each of whom is independent under the applicable Nasdaq listing standards. The compensation
committee adopted a written charter on December 22, 2021, which has been posted to ADSE Holdco&#8217;s website at https://adstec-energy.com/investor-relations-corporate-governance/.
The purpose of the compensation committee is to facilitate the Board&#8217;s discharge of its responsibilities relating to reviewing and
approving compensation paid to ADSE&#8217;s officers and directors and administering ADSE Holdco&#8217;s incentive compensation plans,
including authority to make and modify awards under such plans.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Code of Business Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 22, 2021, ADSE
Holdco adopted a Code of Business Ethics that applies to all of ADSE&#8217;s employees, officers, and directors. This includes ADSE&#8217;s
principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar
functions. The full text of ADSE Holdco&#8217;s Code of Business Ethics has been posted on ADSE Holdco&#8217;s website at https://adstec-energy.com/investor-relations-corporate-governance/.
ADSE Holdco intends to disclose on its website any future amendments of the Code of Business Ethics or waivers that exempt any principal
executive officer, principal financial officer, principal accounting officer or controller, persons performing similar functions, or ADSE
Holdco&#8217;s directors from provisions in the Code of Business Ethics. Information disclosed on ADSE Holdco&#8217;s website is not a
part of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Committee Interlocks and Insider
Participation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the members of the
compensation committee is currently, or has been at any time, one of ADSE&#8217;s officers or employees. None of ADSE&#8217;s executive
officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of any
entity that has one or more executive officers serving as a member of ADSE Holdco&#8217;s board of directors or compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Shareholder and Interested Party Communications</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the consummation
of the Transactions, ADSE Holdco&#8217;s board of directors did not provide a process for shareholders or other interested parties to
send communications to the board of directors of ADSE Holdco because management believed that it was premature to develop such processes
given the limited liquidity of the Ordinary Shares at that time. However, management of ADSE Holdco following the consummation of the
Transactions may establish a process for shareholder and interested party communications in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Indemnification Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE has entered into separate
indemnification agreements with its directors and executive officers. These agreements, among other things, require ADSE Holdco and ADSE
GM to jointly and severally indemnify ADSE Holdco&#8217;s directors and ADSE&#8217;s (including ADSE GM&#8217;s) executive officers as
well as ADSE GM&#8217;s directors for certain expenses, including attorneys&#8217; fees, judgments, fines and settlement amounts incurred
by any such director or executive officer in any action or proceeding arising out of their services as one of ADSE Holdco&#8217;s or ADSE
GM&#8217;s directors or executive officers or as a director or executive officer of any other company or enterprise to which the person
provides services at ADSE Holdco&#8217;s or ADSE GM&#8217;s request. ADSE believes that these indemnification agreements are necessary
to attract and retain qualified persons as directors and officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.D. Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For information about employees,
see Item 4.B of this Annual Report, &#8220;&#8212;Employees and Human Capital Management,&#8221; contained in this Annual Report and incorporated
herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.E. Share Ownership</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For information regarding
the share ownership of directors and officers, see &#8220;Item 7.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders.
For information as to our equity incentive plans, see &#8220;Item 6.B. Director, Senior Management and Employees&#8212;Compensation&#8212;2021
Omnibus Incentive Plan<i>.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6.F. Disclosure of a Registrant&#8217;s Action to Recover Erroneously
Awarded Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7.A. Major Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
information regarding the beneficial ownership based on 48,883,662 Ordinary Shares, par value $0.0001 per share, and 33,609 treasury shares,
par value $0.0001 per share, outstanding as of April 13, 2023, based on information obtained from the persons named below, with respect
to the beneficial ownership of our shares by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each person known by us to be the beneficial owner of more than 5% of the combined voting power of our outstanding Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each of our officers and directors; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable
within 60 days. Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with
respect to all ordinary shares beneficially owned by them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 Ordinary<br/>
 Shares</span></b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">47,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salina Love<sup>(6)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Neville<sup>(7)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thorsten Ochs<sup>(8)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27,031</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Speidel<sup>(9)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Vogt<sup>(10)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27,031</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wolfgang Breme<sup>(11)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,125</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sebastian Schypulla<sup>(12)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">All (12 individuals)</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">36.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-style: italic; text-align: left">Greater than 5% Shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSH<sup>(13)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,620,882</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36.0</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Bosch GmbH<sup>(14)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,462,451</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bosch<sup>(15)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,062,451</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16.5</td><td style="text-align: left">%</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less than 1 percent</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise indicated, the business address of each of the individuals is c/o ADS-TEC ENERGY PLC, 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left">(2)</td><td style="text-align: justify">Consists of 6,500 Ordinary Shares issued pursuant to ADSE
Holdco&#8217;s equity incentive plan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left">(3)</td><td style="text-align: justify">Consists of (i) 6,500 Ordinary Shares issued pursuant to
ADSE Holdco&#8217;s equity incentive plan and (ii) 25,000 EUSG founder shares.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left">(4)</td><td style="text-align: justify">Consists of 6,500 Ordinary Shares issued pursuant to ADSE
Holdco&#8217;s equity incentive plan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
of (i) 10,000 Ordinary Shares purchased in open market transactions held by Globe CP GmbH and (ii) 37,500 Non-Qualified Stock Options
issued pursuant to ADSE Holdco&#8217;s equity incentive plan, which may be exercised within 60 days of April 13, 2023.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 100 Ordinary Shares purchased in open market transactions and (ii) 6,500 Ordinary Shares issued pursuant to ADSE Holdco&#8217;s equity incentive plan.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">(7)</td><td style="text-align: justify">Consists of (i) 4,765 Ordinary Shares issued pursuant to ADSE Holdco&#8217;s equity incentive plan and (ii) 22,500 Non-Qualified Stock
Options issued pursuant to ADSE Holdco&#8217;s equity incentive plan, which may be exercised within 60 days of April 13, 2023.</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"></td><td style="text-align: justify; width: 0.5in">(8)</td><td style="text-align: justify">Consists of (i) 4,531 Ordinary Shares issued pursuant to ADSE Holdco&#8217;s equity incentive plan and (ii) 22,500 Non-Qualified Stock
Options issued pursuant to ADSE Holdco&#8217;s equity incentive plan, which may be exercised within 60 days of April 13, 2023.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 16,620,882 Ordinary Shares issued to ADSH in the Share-for-Share Exchange, (ii) 1,000,000 EUSG Class A Ordinary Shares issued to ADSH in the PIPE Financing and automatically cancelled in exchange for Ordinary Shares upon closing of the Transactions,&#160;&#160;(iii) 35,937 Ordinary Shares held directly by Mr. Speidel issued pursuant to ADSE Holdco&#8217;s equity incentive plan, and (iv) 88,750 Non-Qualified Stock Options issued pursuant to ADSE Holdco&#8217;s equity incentive plan which may be exercised within 60 days of April 13, 2023. Mr. Thomas Speidel, the chief executive officer (or its equivalent role in a German company) of ADSE Holdco, has a majority of the voting power in the capital stock of ADSH, a private German corporation. As such, Mr. Speidel may be deemed to have beneficial ownership of the securities held directly by ADSH. Mr. Speidel disclaims beneficial ownership of any securities held by ADSH other than to the extent of his pecuniary interests therein, directly or indirectly.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left">(10)</td><td style="text-align: justify">Consists of (i) 4,531 Ordinary Shares issued pursuant to
ADSE Holdco&#8217;s equity incentive plan and (ii) 22,500 Non-Qualified Stock Options issued pursuant to ADSE Holdco&#8217;s equity incentive
plan which may be exercised within 60 days of April 13, 2023.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
of 13,125 Non-Qualified Stock Options issued pursuant to ADSE Holdco&#8217;s equity incentive plan which may be exercised within 60 days
of April 13, 2023.</span></td>
</tr></table><div>



</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of 22,500 Non-Qualified Stock Options issued pursuant to ADSE Holdco&#8217;s equity incentive plan which may be exercised within 60 days of April 13, 2023.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 16,620,882 Ordinary Shares issued to ADSH in the Share-for-Share Exchange and (ii) 1,000,000 EUSG Class A Ordinary Shares issued to ADSH in the PIPE Financing and automatically cancelled in exchange for Ordinary Shares upon closing of the Transactions. The business address of ADSH is Heinrich-Hertz-Str. 1, 72622 N&#252;rtingen, Germany. Mr. Thomas Speidel, the chief executive officer (or its equivalent role in a German company) of ADSE Holdco, has a majority of the voting power in the capital stock of ADSH, a private German corporation.</span></td>
    </tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    </tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 8,062,451 Ordinary Shares issued to Bosch in the Share-for-Share Exchange and (ii) 2,400,000 EUSG Class A Ordinary Shares issued to Robert Bosch GmbH in the PIPE Financing and automatically cancelled in exchange for Ordinary Shares upon closing of the Transactions. Bosch Thermotechnik GmbH is 100% owned by Robert Bosch GmbH. Robert Bosch Industrietreuhand KG (equivalent to an LP) has a 93% voting interest in Robert Bosch GmbH (CEO: Stefan Hartung). Robert Bosch Industrietreuhand KG has two general partners: Stefan Asenkerschbaumer and Eberhard Veit who share voting and investment power. The business address of Bosch is Junkersstra&#223;e 20-24, 73249 Wernau (Neckar), Germany.</span></td>
    </tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    </tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</span></td>
    <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of 8,062,451 Ordinary Shares issued to Bosch in the Share-for-Share Exchange. Bosch Thermotechnik GmbH is 100% owned by Robert Bosch GmbH. Robert Bosch Industrietreuhand KG (equivalent to an LP) has a 93% voting interest in Robert Bosch GmbH (CEO: Stefan Hartung). Robert Bosch Industrietreuhand KG has two general partners: Stefan Asenkerschbaumer and Eberhard Veit who share voting and investment power. The business address of Bosch is Junkersstra&#223;e 20-24, 73249 Wernau (Neckar), Germany.</span></td>
    </tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Registered Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on a review of the information
provided to us by our transfer agent, as of&#160;April 13, 2023, we had approximately 20 shareholders of record of our Ordinary Shares.
We estimate that as of&#160;April 13, 2023, approximately 42.3% of our outstanding ordinary shares are held by 11 U.S. record holders.
The actual number of shareholders is greater than this number of record holders and includes shareholders who are beneficial owners but
whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include shareholders
whose shares may be held in trust or by other entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7.B. Related Party Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a description
of certain related party transactions we have entered into since January 1, 2021 with any of our executive officers, directors or their
affiliates and holders of more than 10% of any class of our voting securities in the aggregate, which we refer to as related parties,
other than compensation arrangements which are described under &#8220;Item 6. Directors, Senior Management and Employees.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Combination Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.05pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 10, 2021, ADSE Holdco,
EUSG, Merger Sub, Bosch and ADSH, entered into a Business Combination Agreement. Pursuant to the Business Combination Agreement, on December
22, 2021 (i) EUSG merged with and into Merger Sub, with Merger Sub being the surviving company in such merger (the &#8220;<span style="text-decoration:underline">SPAC Merger</span>&#8221;),
(ii) following the SPAC Merger, Bosch transferred to ADSE Holdco, and ADSE Holdco will acquired from Bosch certain shares of ADSE GM in
exchange for the Cash Consideration (the &#8220;<span style="text-decoration:underline">Bosch Acquisition</span>&#8221;), and (iii) concurrently with the Bosch Acquisition, Bosch
and ADSH transferred as contribution to ADSE Holdco, and ADSE Holdco assumed from Bosch and ADSH, certain shares of ADSE GM in exchange
for the Share Consideration (the &#8220;<span style="text-decoration:underline">Share-for-Share Exchange</span>&#8221; and, together with the SPAC Merger, the Bosch Acquisition
and the other transactions contemplated by the Business Combination Agreement and the Transaction Documents, the &#8220;<span style="text-decoration:underline">Transactions</span>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PIPE Subscription Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrently with the execution
of the Business Combination Agreement on August 10, 2021, EUSG and ADSE Holdco entered into subscription agreements with the PIPE Investors,
pursuant to which the PIPE Investors agreed to subscribe for and purchase, and EUSG agreed to issue and sell to such PIPE Investors, an
aggregate of 15.6 million EUSG ordinary shares at $10.00 per share for gross proceeds of $156 million on the business day immediately
prior to the Closing. The PIPE Investors include affiliates of EUSG Sponsor, ADSH, Bosch, EBC and certain officers and directors of EUSG
(Messrs. Thunell, Trehan and Rothfeldt). Affiliates of EUSG Sponsor (of which Messrs. Taselaar and Hovers are directors), ADSH, Bosch,
EBC, Dr. Thunell, Mr. Trehan and Mr. Rothfeldt invested $7.5 million, $10 million, $24 million, $2.8 million, $1 million, $4 million and
$2 million, respectively, in the PIPE Financing, which closed on December 21, 2021. Pursuant to the Subscription Agreement, ADSE Holdco
was required to file with the SEC, no later than thirty (30) days after the consummation of the Transactions, a registration statement
registering the resale from time to time by each PIPE Investor of all of the PIPE Shares and have such registration statement declared
effective no later than 60 calendar days following the consummation of the Transactions (or 90 calendar days, to the extent the SEC notified
ADSE Holdco of its intention to review such registration statement). ADSE Holdco has agreed with certain selling securityholders pursuant
to the Subscription Agreements to use commercially reasonable efforts to keep the registration statement effective until the earliest
of the following: (i) the selling securityholder ceases to hold any securities covered by the prospectus, (ii) the date all securities
covered by the prospectus held by selling securityholder may be sold without restriction under Rule 144, including without limitation,
any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Company
to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (iii) two
years from the effective date of the prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Registration Rights Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 22, 2021, concurrently
with consummation of the Transactions and as contemplated by the Business Combination Agreement, ADSE Holdco entered into a registration
rights agreement (the &#8220;<span style="text-decoration:underline">Registration Rights Agreement</span>&#8221;) with certain initial shareholders of EUSG, the ADSE GM Shareholders,
the Underwriters and Jonathan Copplestone (collectively, the &#8220;<span style="text-decoration:underline">Holders</span>&#8221;), pursuant to which ADSE Holdco is obligated,
subject to the terms thereof and in the manner contemplated thereby, to register for resale under the Securities Act of 1933, as amended
(&#8220;<span style="text-decoration:underline">Securities Act</span>&#8221;), the securities of ADSE Holdco held by the Holders (the &#8220;<span style="text-decoration:underline">Registrable Securities</span>&#8221;).
Pursuant to the Registration Rights Agreement, subject to certain requirements and customary conditions, including with regard to the
number of demand rights that may be exercised, the Holders may demand, at any time or from time to time, that ADSE Holdco file a registration
statement with the SEC to register the securities of ADSE Holdco held by such holders. The Registration Rights Agreement also (i) provides
the Holders with &#8220;piggyback&#8221; registration rights, subject to certain requirements and customary conditions and (ii) requires
ADSE Holdco to prepare and file with the SEC, no later than thirty (30) days following Closing, a registration statement registering the
resale from time to time by each Holder of all of the Registrable Securities held by such Holder (the &#8220;<span style="text-decoration:underline">Resale Shelf Registration
Statement</span>&#8221;). ADSE Holdco was obligated to use commercially reasonable efforts to cause the Resale Shelf Registration Statement
to be declared effective as soon as practicable after filing, but in no event later than 180 days following Closing. Once effective, ADSE
Holdco was obligated to use commercially reasonable efforts to keep the Resale Shelf Registration Statement continuously effective and
to be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if not
available, to ensure that another registration statement is available, under the Securities Act at all times until all Registrable Securities
covered by such Resale Shelf Registration Statement (i) have been disposed of in accordance with the intended method(s) of distribution
set forth in such Resale Shelf Registration Statement, (ii) have been otherwise transferred such that subsequent public distribution of
such securities will not require registration under the Securities Act or (iii) have ceased to be outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Amended and Restated Warrant Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 22, 2021, concurrently
with consummation of the Transactions and as contemplated by the Business Combination Agreement, ADSE Holdco, EUSG, and Continental Stock
Transfer and Trust Company, as warrant agent (&#8220;<span style="text-decoration:underline">Continental</span>&#8221;), entered into an amended and restated warrant agreement
(the &#8220;<span style="text-decoration:underline">Amended and Restated Warrant Agreement</span>&#8221;), pursuant to which (i) ADSE Holdco assumed all of the liabilities, duties,
and obligations of EUSG under and in respect of the existing warrant agreement; (ii) all references to EUSG warrants were revised to become
references to ADSE Holdco Warrants; and (iii) the outstanding warrants were adjusted pursuant to the terms of the existing warrant agreement,
such that the warrants became exercisable for Ordinary Shares, in lieu of Class A ordinary shares of EUSG previously issuable and receivable
upon the exercise of rights under the existing warrant agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Lock-Up Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 22, 2021, concurrently
with the Closing, ADSE Holdco entered into a lock-up&#160;agreement (the &#8220;<span style="text-decoration:underline">Lock-Up Agreement</span>&#8221;) with the EUSG initial
shareholders, the ADSE GM Shareholders and the Underwriters (each, a &#8220;<span style="text-decoration:underline">Lock-Up&#160;Party</span>&#8221;), pursuant to which each
Lock-Up&#160;Party agreed, from the Closing Date until, (i) in the case of Lock-Up Securities (including Ordinary Shares issuable upon
exercise thereof) issued to EUSG Sponsor or its affiliates and the ADSE GM Shareholders, six months after the Closing Date and (ii) in
the case of Private Warrants (including Ordinary Shares issuable upon exercise thereof) issued to the Underwriters, thirty days after
the Closing Date, not to (A) sell, offer to sell, contract or agree to sell, hypothecate pledge, grant any option to purchase or otherwise
dispose of or agree to dispose of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Exchange Act, with respect to any Ordinary Shares and Warrants, other than any Ordinary Shares
acquired in the public market after the Closing Date and any Ordinary Shares acquired by the ADSE GM Shareholders or their affiliates
as a result of their participation in the PIPE Financing (such securities, the &#8220;Lock-up&#160;Securities&#8221;), (B) enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of
the Lock-up&#160;Securities whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii)
publicly announce any intention to effect any transaction specified in clause (i) or (ii).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Services Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Employee Sharing and Cost Sharing Agreement</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2021, we entered
into an employee sharing and cost sharing agreement with ADSE US (the &#8220;<span style="text-decoration:underline">Employee Sharing and Cost Sharing Agreement</span>&#8221;),
pursuant to which we and ADSE US agree to share certain costs and expenses associated with certain employees, certain facilities and property,
and certain third-party arrangements. Under the agreement, each party agrees to reimburse the other party for its arm&#8217;s length share
of any such costs and expenses. The agreement has an initial term expiring on December 23, 2024 and renews automatically for additional
one-year periods. Either party may terminate the agreement by written notice at least 30 days prior to December 23, 2024 or the expiration
of the then-renewal term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Agreement on Cost Allocation for the Provision of Shared Services</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2021, we entered
into the Agreement on Cost Allocation for the Provision of Shared Services with ADSE GM and ADSE US (the &#8220;<span style="text-decoration:underline">Agreement on Cost Allocation
for the Provision of Shared Services</span>&#8221;). Under the allocation agreement, we, ADSE GM and ADSE US agree to allocate costs for
certain services provided by our related parties ADSH and ads-tec Administration GmbH, including finance and accounting, legal and tax
consulting, compliance and risk, investor relations, human resources, and information technology. All allocable cost will be subject to
a 5% profit mark-up to ensure that the services are provided at arms&#8217; length. The agreement has an initial term expiring on December
31, 2024 and automatically extends for additional one-year periods. Any party may terminate the agreement by written notice at least three
months prior to December 31, 2024 or the expiration of the then-renewal term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE GM&#8217;s services arrangements
with its affiliates are provided under services contracts and ADSE GM is invoiced on a regular basis for the cost of the services provided.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE GM pays administrative
services fees to ads-tec Administration GmbH, an affiliate of ADSH, for finance, human resources, marketing, purchasing indirect material
and general administration services and in the fiscal years ended December 31, 2021 and December 31, 2022 incurred kEUR 2,963 and kEUR
3,412, respectively, in such fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In fiscal year ended December
31, 2021, ADSE GM paid management fees to ads-tec Holding GmbH, a shareholder of ADSE GM, a portion of which is for the services of Thomas
Speidel as the Chief Executive Officer of ADSE GM. In the fiscal year ended December 31, 2021 and December 31, 2022, ADSE GM paid kEUR
440 and kEUR 0, respectively, in such fees. These fees are invoiced to ADSE GM based on the services provided.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE GM also paid kEUR 1,479
in the fiscal year ended December 31, 2021 and kEUR 1,095 in the fiscal year ended December 31, 2022 in development fees to ads-tec Engineering
GmbH. ADSE GM also paid rent of kEUR 271 in fiscal year ended December 31, 2021 and kEUR 271 in fiscal year ended December 31, 2022 to
ads-tec Immobilien GmbH &amp; Co. KG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Transactions with Other Shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bosch Thermotechnik GmbH and
ADSE GM have a framework contract under which Bosch Thermotechnik GmbH, Robert Bosch GmbH and their affiliates can procure commercial
energy storage solutions from ADSE GM. Furthermore, based on a separate arrangement between ADSE GM and Robert Bosch GmbH, Robert Bosch
GmbH has ordered an industrial energy storage solution from ADSE GM with a contract value of approximately EUR 1.7 million, in which EUR
1.6 million has been recognized in revenue in 2021 and EUR 0.1 million in 2022. Also, Bosch Thermotechnik GmbH, Robert Bosch GmbH and
their affiliates and ADSE GM have supply and service arrangements with respect to which Bosch Thermotechnik GmbH, Robert Bosch GmbH and
their affiliates provide products and services to ADSE GM, mainly relating to engineering, power electronics, software and systems development,
project management, supplier management and quality management services. The contracts currently consist of paid one-time fees of approximately
kEUR 935 in 2022, kEUR 455 in 2021, and EUR 2.4 million in 2020 and a variable annual fee of up to approximately EUR 0.2 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Indebtedness</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 5, 2023, ADSE entered
into unsecured shareholder loans with multiple shareholders amounting to a total of kUSD 12,875, thereof kUSD 7,100 due on June 30, 2024
and kUSD 5,775 due on December 22, 2023. &#160;The shareholder loans can be drawn by ADSE as required. The shareholder loans have an interest
rate of 10% per annum on the unpaid and actually drawn principal. In addition, the lenders receive redeemable warrant representing the
right to purchase 1,716,667 ordinary shares, par value USD 0.0001 per ordinary share, at an exercise price of USD 3.00 per ordinary share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Indemnification Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Memorandum and Articles
of Association provide for certain indemnification rights for our directors and executive officers, and we have entered into separate
indemnification agreements with our directors and executive officers. These agreements, among other things, require ADSE Holdco and ADSE
GM to jointly and severally indemnify ADSE Holdco&#8217;s directors and executive officers as well as ADSE GM&#8217;s directors and executive
officers for certain expenses, including attorneys&#8217; fees, judgments, fines and settlement amounts incurred by any such director
or executive officer in any action or proceeding arising out of their services as one of ADSE Holdco&#8217;s or ADSE GM&#8217;s directors
or executive officers or as a director or executive officer of any other company or enterprise to which the person provides services at
ADSE Holdco&#8217;s or ADSE GM&#8217;s request. ADSE GM believes that these charter provisions and indemnification agreements are necessary
to attract and retain qualified persons as directors and officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7.C. Interests of Experts and Counsel</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8.A. Consolidated Statements and Other Financial Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 18. Financial
Statements&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may
be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation
and claims cannot be predicted with certainty. As of the date of this Annual Report, neither we nor any of our subsidiaries are party
to any governmental, legal or arbitration proceedings (nor are we aware of any such proceedings that are pending or threatened) that have
had or may have a significant effect on our financial position or profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dividend Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not paid any cash
dividends on our ordinary shares to date. Our board of directors will consider whether or not to institute a dividend policy. It is presently
intended that we will retain our earnings for use in business operations and, accordingly, it is not anticipated that our board of directors
will declare dividends in the foreseeable future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8.B. Significant Changes</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.A. Offer and Listing Details</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Ordinary Shares and warrants,
each warrant to purchase one Ordinary Share at an exercise price of $11.50 per share, subject to adjustment (&#8220;<span style="text-decoration:underline">Warrants</span>&#8221;),
are listed on the Nasdaq Capital Market under the symbols ADSE and ADSEW, respectively. The Ordinary Shares and Warrants are described
in Item 10.B of this Annual Report under &#8220;&#8212;Memorandum and Articles of Association.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_037"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.B. Plan of Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_038"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.C. Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Ordinary Shares and Warrants
are listed on the Nasdaq Capital Market under the symbols &#8220;ADSE&#8221; and &#8220;ADSEW,&#8221; respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_039"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.D. Selling Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_040"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.E. Dilution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_041"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9.F. Expenses of the Issue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_042"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_043"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.A. Share Capital</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_044"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.B. Memorandum and Articles of Association</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of the material terms of the share capital of ADSE Holdco includes a summary of specified provisions of ADSE Holdco&#8217;s M&amp;A. This
description is qualified by reference to ADSE Holdco&#8217;s M&amp;A filed as an exhibit to this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco is a public limited
company organized and existing under the laws of Ireland. ADSE Holdco was formed on 26 July 2021 as a public limited company under the
name ADS-TEC&#160;ENERGY PLC. ADSE Holdco&#8217;s affairs are governed by ADSE Holdco&#8217;s M&amp;A, the Irish Companies Act and the
corporate law of Ireland. The authorized share capital of ADSE Holdco is (a) US$60,000 divided into (i) 500,000,000 Ordinary Shares, with
a nominal value of $0.0001 per share, of which 439,529,616 Ordinary Shares remain authorized and unissued and are not reserved for Warrants
and (ii) 100,000,000 preferred shares, with a nominal value of $0.0001 per share, all of which remain authorized and unissued and (b)
&#8364;25,000 divided into 25,000 deferred ordinary shares with a nominal value of &#8364;1.00 per share, which are held by ADSE Holdco
as treasury shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>General</b>.&#160; As of,
April 13, 2023, there were 48,883,662 Ordinary Shares issued and outstanding. In addition, ADSE Holdco holds &#8364;25,000 worth of deferred
ordinary shares in ADSE Holdco as treasury shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Dividends.&#160;</i></b>The
holders of Ordinary Shares are entitled to such dividends as may be declared by ADSE Holdco&#8217;s board of directors. Dividends may
be declared and paid out of the funds legally available therefor. Dividends may also be declared and paid out of share premium account
or any other fund or account which can be authorized for this purpose in accordance with the Irish Companies Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Voting Rights.&#160;</i></b>Each
Ordinary Share shall be entitled to one vote on all matters subject to the vote at general meetings of ADSE Holdco. Voting at any meeting
of shareholders is by way of a poll, which shall be taken in such manner as the chairperson of the meeting directs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An ordinary resolution to
be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares
cast at a meeting, while a special resolution requires the affirmative vote of no less than 75% of the votes cast attaching to the outstanding
ordinary shares at a meeting. Where the shareholders wish to act by way of written resolution in lieu of holding a meeting, unanimous
consent of the holders of the Ordinary Shares shall be required. A special resolution will be required for important matters such as a
change of name, reducing the share capital or making changes to ADSE Holdco&#8217;s M&amp;A.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Transfer of Ordinary
Shares.</i></b>&#160;Subject to the restrictions contained in the Business Combination Agreement with respect to ADSE Holdco securities
issued to the ADSE GM Shareholders in the Share-for-Share&#160;Exchange, the provisions of the Lock-Up Agreement, and subject to any further
restrictions contained in ADSE Holdco&#8217;s M&amp;A, any ADSE Holdco shareholder may transfer all or any of his or her Ordinary Shares
by an instrument of transfer in the usual or common form or any other form approved by ADSE Holdco&#8217;s board of directors from time
to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Liquidation.&#160;</i></b>On
a return of capital on winding-up&#160;or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available
for distribution among the holders of Ordinary Shares shall be distributed among the holders thereof on a pro rata basis. If ADSE Holdco&#8217;s
assets available for distribution are insufficient to repay all of the paid-up&#160;capital, the assets will be distributed so that, as
nearly as may be, the losses are borne by ADSE Holdco&#8217;s shareholders proportionately.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>General Meetings of
Shareholders.&#160;</i></b>ADSE Holdco shall in each year hold a general meeting as its annual general meeting in addition to any other
meeting in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between
the date of one annual general meeting of the Company and that of the next. Shareholders&#8217; meetings may be convened by the board
of directors, by the board of directors on the requisition of the shareholders or, if the board of directors fails to so convene a meeting,
such extraordinary general meeting may be convened by the requisitioning shareholders where the requisitioning shareholders hold not less
than 10% of the paid up share capital of ADSE Holdco. Any action required or permitted to be taken at any annual or extraordinary general
meetings may be taken only upon the vote of the shareholders at an annual or extraordinary general meeting duly noticed and convened in
accordance with ADSE Holdco&#8217;s M&amp;A and the Irish Companies Act. Unanimous consent of the holders of the Ordinary Shares shall
be required before the shareholders may act by way of written resolution without a meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>General.&#160;</b>As of
April 13 2023, there were an aggregate of 11,662,486 Warrants issued and outstanding. Certain &#8220;private warrants&#8221;, being warrants
initially issued by EUSG to EUSG Sponsor and the Underwriters rather than those issued to the public, (i) will not be redeemable by ADSE
Holdco, (ii) may be exercised for cash or on a cashless basis at the holder&#8217;s option as long as such warrants are held by the initial
holders or their affiliates or permitted transferees, and (iii) were subject to a lockup for a period of 30 days from the closing of the
Transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Exercisability.&#160;</i></b>Each
Warrant entitles the registered holder to purchase one Ordinary Share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Exercise Price.&#160;</i></b>$11.50
per share, subject to adjustment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exercise price and number
of Ordinary Shares issuable on exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend,
extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuances
of Ordinary Shares at a price below the Warrant exercise price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Exercise Period.&#160;</i></b>The
Warrants are exercisable at any time and from time to time until 5:00 p.m., New York City time on December 22, 2026, or earlier upon their
redemption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Warrants will be exercisable
for cash unless ADSE Holdco has an effective and current registration statement covering the offer and sale of the Ordinary Shares issuable
upon exercise of the Warrants and a current prospectus relating to such Ordinary Shares. Notwithstanding the foregoing, if a registration
statement covering the offer and sale of Ordinary Shares issuable upon exercise of the Warrants is not effective within a specified period
following the consummation of the Transactions, warrant holders may, until such time as there is an effective registration statement and
during any period when ADSE Holdco shall have failed to maintain an effective registration statement, exercise Warrants on a cashless
basis pursuant to the exemption provided by Section&#160;3(a)(9) of the Securities Act, provided that such exemption is available. If
that exemption, or another exemption, is not available, holders will not be able to exercise their Warrants on a cashless basis. In such
event, each holder would pay the exercise price by surrendering the Warrants for that number of Ordinary Shares equal to the quotient
obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the
exercise price of the Warrants and the &#8220;fair market value&#8221; (defined below) by (y) the fair market value. The &#8220;fair market
value&#8221; for this purpose will mean the average reported last sale price of the Ordinary Shares for the five trading days ending on
the trading day prior to the date of exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco has agreed to
use its best efforts to file and have an effective registration statement covering the offer and sale of the Ordinary Shares issuable
upon exercise of the Warrants, to maintain a current prospectus relating to those Ordinary Shares until the earlier of the date the Warrants
expire or are redeemed and the date on which all of the Warrants have been exercised, and to qualify the resale of such shares under U.S.
state blue sky laws, to the extent an exemption is not available. However, there is no assurance that ADSE Holdco will be able to do so
and, if ADSE Holdco does not maintain a current prospectus relating to the offer and sale of the Ordinary Shares issuable upon exercise
of the Warrants, holders will be unable to exercise their Warrants for cash and ADSE Holdco will not be required to net cash settle or
cash settle the Warrant exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Redemption of Warrants.&#160;</i></b>ADSE
Holdco may call the Warrants for redemption (excluding certain Warrants initially issued to EUSG&#8217;s initial shareholders, so long
as such Warrants are held by the EUSG initial shareholders or their respective affiliates and certain permitted transferees), in whole
and not in part, at a price of $0.01 per Warrant:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at any time after the Warrants become exercisable,</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;upon not less than 30 days&#8217; prior written notice of redemption to each Warrant holder,</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the reported last sale price of the Ordinary Shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the ADSE Holdco Warrants become exercisable and ending three business days prior to the date the notice of redemption was sent to ADSE Holdco Warrant holders; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, there is a current registration statement in effect with respect to offer and sale of the Ordinary Shares underlying such Warrants.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The right to exercise will
be forfeited unless the Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date,
a record holder of a Warrant will have no further rights except to receive the redemption price for such holder&#8217;s Warrant upon surrender
of such Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The redemption criteria for
the Warrants have been established at a price which is intended to provide Warrant holders a reasonable premium to the initial exercise
price and provide a sufficient differential between the then-prevailing&#160;share price and the Warrant exercise price so that if the
share price declines as a result of the redemption call, the redemption will not cause the share price to drop below the exercise price
of the Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If ADSE Holdco calls the Warrants
for redemption as described above, ADSE Holdco&#8217;s management will have the option to require all holders that wish to exercise warrants
to do so on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering the Warrants for that
number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants,
multiplied by the difference between the exercise price of the Warrants and the &#8220;fair market value&#8221; (defined below) by (y)
the fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale price of the Ordinary Shares for
the five trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Registered Form.&#160;</i></b>The
Warrants will held in registered form pursuant to the Amended and Restated Warrant Agreement among ADSE Holdco, EUSG, and Continental
Stock Transfer &amp; Trust Company, as warrant agent. The Amended and Restated Warrant Agreement provides that the terms of the Warrants
may be amended without the consent of any holder to cure any ambiguity or correct or supplement any defective provision, but requires
the approval, by written consent or vote, of the holders of at least a majority of the then outstanding Warrants in order to make any
change that adversely affects the interests of the registered holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Manner of Exercise.&#160;</i></b>The
Warrants may be exercised upon surrender of the holder&#8217;s Warrant certificate on or prior to the expiration date at the offices or
agency of the warrant agent, with the exercise form on the reverse side of the Warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price, by certified or official bank check payable to ADSE Holdco or by wire transfer, for
the number of Warrants being exercised.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Warrant holders may elect
to be subject to a restriction on the exercise of their Warrants such that an electing Warrant holders would not be able to exercise their
Warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the Ordinary
Shares outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>No Rights as a Shareholder.&#160;</i></b>The
Warrant holders have neither the rights nor the privileges of holders of Ordinary Shares, nor do they have any voting rights until they
exercise their Warrants and receive Ordinary Shares. After the issuance of Ordinary Shares upon exercise of the Warrants, each holder
will be entitled to one vote for each Ordinary Share held of record on all matters to be voted on by holders of Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>No Fractional Shares.&#160;</i></b>No
fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive
a fractional interest in a share, ADSE Holdco will, upon exercise, round up to the nearest whole number the number of Ordinary Shares
to be issued to the warrant holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent and Registrar</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco&#8217;s transfer
agent and warrant agent is Continental Stock Transfer &amp; Trust Company. ADSE Holdco&#8217;s registrar is Link Group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Listing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Ordinary Shares and Warrants
are listed on the Nasdaq Capital Market under the symbols &#8220;ADSE&#8221; and &#8220;ADSEW&#8221;, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_045"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.C. Material Contracts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise disclosed
in this Annual Report (including the exhibits thereto), we are not currently, and have not been in the last two years, party to any material
contract, other than contracts entered into in the ordinary course of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_046"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.D. Exchange Controls</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the laws of Ireland,
there are currently no Irish restrictions on the export or import of capital, including foreign exchange controls or restrictions that
affect the remittance of dividends (other than dividend withholding tax where an exemption does not apply) to nonresident holders of our
ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_047"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.E. Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Material U.S. Federal Income Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion is
a general summary of certain material U.S. federal income tax considerations to U.S. Holders (as defined below) of the acquisition, ownership
and disposition of Ordinary Shares and Warrants. The information set forth in this section is based on the Internal Revenue Code of 1986,
as amended (the &#8220;<span style="text-decoration:underline">Code</span>&#8221;), its legislative history, final, temporary and proposed U.S. Treasury regulations promulgated
thereunder (&#8220;<span style="text-decoration:underline">Treasury Regulations</span>&#8221;), published rulings and administrative pronouncements of the U.S. Internal Revenue
Service (the &#8220;<span style="text-decoration:underline">IRS</span>&#8221;) and court decisions, all as in effect as of the date hereof. These authorities are subject to change
or differing interpretations, possibly on a retroactive basis, in a manner that could adversely affect the tax considerations discussed
below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this summary,
a &#8220;U.S. Holder&#8221; means a beneficial owner of Ordinary Shares or Warrants that is for U.S. federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual citizen or resident of the United States;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other entity treated as a corporation) that is created or organized in or under the laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust if (i) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion does not address
all aspects of U.S. federal income taxation that may be relevant to any particular U.S. Holder based on such U.S. Holder&#8217;s individual
circumstances. In particular, this discussion considers only U.S. Holders that hold Ordinary Shares or Warrants as &#8220;capital assets&#8221;
within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address the alternative
minimum tax, the Medicare tax on net investment income or the U.S. federal income tax consequences to holders that are subject to special
rules, including, without limitation:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks or certain other financial institutions or financial services entities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">brokers, dealers or traders in securities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that are subject to the mark-to-market accounting rules under Section 475 of the Code;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt entities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments or agencies or instrumentalities thereof;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-qualified retirement plans;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance companies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real estate investment trusts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain expatriates or former long-term residents of the United States;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons that acquired Ordinary Shares or Warrants pursuant to an exercise of employee options, in connection with employee incentive plans or otherwise as compensation;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporations that accumulate earnings to avoid U.S. federal income tax (and their shareholders);</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons required to accelerate the recognition of any item of gross income with respect to Ordinary Shares or Warrants as a result of such income being recognized on an applicable financial statement;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons who actually or constructively own 5% (measured by vote or value) or more of Ordinary Shares; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders that are not U.S. Holders.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion does not address
any tax laws other than the U.S. federal income tax law, such as U.S. federal gift or estate tax laws, state, local or non-U.S. tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership (or other
entity or arrangement classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of Ordinary Shares or
Warrants, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and
the activities of the partnership. A holder that is a partnership and the partners in such partnership should consult their tax advisors
with regard to the U.S. federal income tax consequences of the acquisition, ownership and disposition of Ordinary Shares and Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No ruling has been requested
or will be obtained from the IRS regarding the U.S. federal income tax consequences of acquiring, owning or disposing Ordinary Shares
or Warrants or any other related matter or other matter discussed herein. There can be no assurance that the IRS will not challenge the
U.S. federal income tax treatment described below or that, if challenged, such treatment will be sustained by a court.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><b>EACH HOLDER OF ORDINARY SHARES OR WARRANTS
SHOULD CONSULT ITS TAX ADVISORS WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDERS OF THE ACQUISITION, OWNERSHIP AND DISPOSITION
OF ORDINARY SHARES AND WARRANTS, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Distributions on Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules
discussed in the section below titled &#8220;&#8212; <i>Passive Foreign Investment Company Status</i>,&#8221; if ADSE Holdco makes a distribution
of cash or other property to a U.S. Holder of Ordinary Shares, such distribution generally will be treated as a dividend for U.S. federal
income tax purposes to the extent the distribution is paid out of ADSE Holdco&#8217;s current or accumulated earnings and profits (as
determined under U.S. federal income tax principles). Distributions in excess of such earnings and profits generally will be applied against
and reduce (but not below zero) a U.S. Holder&#8217;s basis in its Ordinary Shares, and any remaining excess will be treated as gain from
the sale or exchange of such Ordinary Shares (see &#8220;&#8212; <i>Sale, Exchange, Redemption or Other Taxable Disposition of Ordinary
Shares or Warrants</i>&#8221; below).&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to corporate
U.S. Holders, dividends with respect to Ordinary Shares generally will not be eligible for the dividends-received deduction generally
allowed to U.S. corporations in respect of dividends received from other U.S. corporations. With respect to non-corporate U.S. Holders,
ADSE Holdco dividends generally will be taxed as &#8220;qualified dividend income&#8221; at preferential long-term capital gains rates
if (i) Ordinary Shares are readily tradable on an established securities market in the United States or ADSE Holdco is eligible for the
benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (ii) certain
holding period and at-risk requirements are met, (iii) ADSE Holdco is not treated as a PFIC in the taxable year in which the dividend
is paid or the preceding taxable year, and (iv) certain other requirements are met. U.S. Holders should consult their tax advisors regarding
the availability of the preferential rate for any dividends paid with respect to Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain conditions
and limitations, withholding taxes, if any, on dividends paid by ADSE Holdco may be treated as foreign taxes eligible for credit against
a U.S.&#160;Holder&#8217;s U.S.&#160;federal income tax liability under the U.S.&#160;foreign tax credit rules. For purposes of calculating
the U.S.&#160;foreign tax credit, dividends paid on Ordinary Shares will generally be treated as non-U.S. source income and will generally
constitute passive category income. The rules governing the U.S.&#160;foreign tax credit are complex. U.S.&#160;Holders should consult
their tax advisors regarding the availability of the U.S.&#160;foreign tax credit under particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sale, Exchange, Redemption or Other Taxable
Disposition of Ordinary Shares or Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules
discussed in the section below titled &#8220;&#8212; <i>Passive Foreign Investment Company Status</i>,&#8221; upon a sale, exchange, redemption
or other taxable disposition of Ordinary Shares or Warrants, a U.S. Holder will generally recognize capital gain or loss. The amount of
gain or loss recognized generally will be equal to the difference between (i) the sum of the amount of cash and the fair market value
of any property received in such sale, exchange, redemption or other taxable disposition, and (ii) such U.S. Holder&#8217;s adjusted tax
basis in the Ordinary Shares or Warrants sold.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital gain or loss will
generally constitute long-term capital gain or loss if a U.S. Holder&#8217;s holding period for the Ordinary Shares or Warrants exceeds
one year. Long-term capital gains recognized by non-corporate U.S. Holders may be taxable at preferential rates. The deductibility of
capital losses is subject to limitations. For purposes of calculating the U.S. foreign tax credit, gain or loss recognized by a U.S. Holder
upon the sale, exchange, redemption or other taxable disposition of Ordinary Shares or Warrants will generally be treated as U.S. source
gain or loss. The rules governing the U.S. foreign tax credit are complex. U.S. Holders should consult their tax advisors regarding the
availability of the U.S. foreign tax credit under particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Exercise or Lapse of a Warrant</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules
discussed in the section below titled &#8220;&#8212; <i>Passive Foreign Investment Company Status</i>&#8221; and except as discussed below
with respect to the cashless exercise of a warrant, a U.S. Holder generally will not recognize gain or loss upon the acquisition of an
Ordinary Warrant on the exercise of a Warrant for cash. It is unclear whether a U.S. Holder&#8217;s holding period for the Ordinary Shares
will commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant; in either case, the holding
period will not include the period during which the U.S. Holder held the Warrant. If a Warrant is allowed to lapse unexercised, a U.S.
Holder generally will recognize a capital loss equal to such holder&#8217;s tax basis in the Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax consequences of a
cashless exercise of a warrant are not clear under current law. Subject to the PFIC rules discussed in the section titled below &#8220;&#8212;
<i>Passive Foreign Investment Company Status</i>,&#8221; a cashless exercise may not be taxable, either because the exercise is not a
realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation,
a U.S. Holder&#8217;s tax basis in the Ordinary Shares received generally would equal the U.S. Holder&#8217;s tax basis in the Warrants.
If the cashless exercise is not treated as a realization event, it is unclear whether a U.S. Holder&#8217;s holding period for the Ordinary
Shares will commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant. If the cashless
exercise is treated as a recapitalization, the holding period of the Ordinary Shares would include the holding period of the Warrants.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is also possible that a
cashless exercise may be treated as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder may be
deemed to have surrendered Warrants with an aggregate fair market value equal to the exercise price for the total number of Warrants to
be exercised. Subject to the PFIC rules discussed in the section titled below &#8220;&#8212; <i>Passive Foreign Investment Company Status</i>,&#8221;
the U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Warrants
deemed surrendered and the U.S. Holder&#8217;s tax basis in such Warrants. In this case, a U.S. Holder&#8217;s tax basis in the Ordinary
Shares received would equal to the sum of the U.S. holder&#8217;s tax basis in the Warrants exercised plus (or minus) the gain (or loss)
recognized with respect to the surrendered Warrants. It is unclear whether a U.S. Holder&#8217;s holding period for the Ordinary Shares
received would commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to the absence of authority
on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative tax consequences
and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax
advisors regarding the tax consequences of a cashless exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Possible Constructive Distributions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of each Warrant
provide for an adjustment to the number of Ordinary Shares for which the Warrant may be exercised or to the exercise price of the warrant
in certain events. An adjustment which has the effect of preventing dilution generally is not taxable. A U.S. Holder of a Warrant would,
however, be treated as receiving a constructive distribution from ADSE Holdco if, for example, the adjustment increases the U.S. Holder&#8217;s
proportionate interest in ADSE Holdco&#8217;s assets or earnings and profits (e.g., through an increase in the number of Ordinary Shares
that would be obtained upon exercise) as a result of a distribution of cash to the holders of the Ordinary Shares which is taxable to
U.S. Holders of such Ordinary Shares as described under &#8220;&#8212; <i>Distributions on Ordinary Shares</i>&#8221; above. Such constructive
distribution would be subject to tax as described under that section in the same manner as if the U.S. Holder of the Warrant had received
a cash distribution from ADSE Holdco equal to the fair market value of the increase in the interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Passive Foreign Investment Company Status</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. corporation, such
as ADSE Holdco, will be classified as a PFIC if either: (a) at least 75% of its gross income is &#8220;passive income&#8221; for purposes
of the PFIC rules, or (b) at least 50% of the value of its gross assets (determined on the basis of a quarterly average) is attributable
to assets that produce or are held for the production of passive income. Passive income for this purpose generally includes dividends,
interest, royalties, rents, gains from commodities and securities transactions, and net gains from the disposition of assets which produce
passive income. A corporation will be treated as owning a proportionate share of the assets and earning a proportionate share of the income
of another corporation if the first-mentioned corporation owns, directly or indirectly, 25% or more (by value) of the stock of the other
corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 91; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco does not expect
to be treated as a PFIC in the current taxable year or in future taxable years. However, this conclusion is a factual determination that
must be made annually at the close of each taxable year and depends, among other things, upon the composition of ADSE Holdco&#8217;s gross
income and assets. Additionally, the value of ADSE Holdco&#8217;s assets for purposes of the PFIC determination will generally be determined
by reference to its market capitalization, which is likely to fluctuate. Accordingly, there can be no assurance that ADSE Holdco will
not be a PFIC for the current taxable year or in future taxable years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If ADSE Holdco is determined
to be a PFIC for any taxable year (or any portion thereof) that is included in the holding period of a U.S. Holder and, in the case of
Ordinary Shares, such U.S. Holder did not make a timely and effective qualified electing fund (&#8220;<span style="text-decoration:underline">QEF</span>&#8221;) election or a
mark-to-market election (each described below) for ADSE Holdco&#8217;s first taxable year as a PFIC in which such U.S. Holder held (or
was deemed to hold) Ordinary Shares, then such U.S. Holder will generally be subject to special and adverse rules with respect to (i)
any gain recognized by such U.S. Holder on the sale or other disposition of its Ordinary Shares or Warrants and (ii) any &#8220;excess
distribution&#8221; made to a U.S. Holder (generally, any distributions to a U.S. Holder during a taxable year of such U.S. Holder that
are greater than 125% of the average annual distributions received by such U.S. Holder in respect of Ordinary Shares during the three
preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&#8217;s holding period for such Ordinary Shares). Under these
default PFIC rules:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a U.S. Holder&#8217;s gain or excess distribution will be allocated ratably over such U.S. Holder&#8217;s holding period for its Ordinary Shares or Warrants;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of gain allocated to such U.S. Holder&#8217;s taxable year in which such U.S. Holder recognized the gain or received the excess distribution, or to the period in such U.S. Holder&#8217;s holding period before the first day of ADSE Holdco&#8217;s taxable year in which it was a PFIC, will be taxed as ordinary income; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount of gain allocated to other taxable years (or portions thereof) of such U.S. Holder and included in such U.S. Holder&#8217;s holding period will be taxed at the highest marginal tax rate in effect for that year and applicable to such U.S. Holder, and an additional amount equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year (or portion thereof) of such U.S. Holder&#8217;s holding period.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, a U.S. Holder
may avoid the adverse PFIC tax consequences described above in respect of the Ordinary Shares (but not the Warrants) by making and maintaining
a timely and valid QEF election (if eligible to do so) to include in income its pro rata share of ADSE Holdco&#8217;s net capital gains
(as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed,
in the taxable year of the U.S. Holder in which or with which ADSE Holdco&#8217;s taxable year ends. In order to comply with the requirements
of a QEF election, a U.S. Holder must receive certain information from ADSE Holdco. ADSE Holdco has not determined whether it will provide
U.S. Holders with this information if it determines that it is a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alternatively, if ADSE Holdco
is a PFIC and the Ordinary Shares are treated as &#8220;marketable stock,&#8221; a U.S. Holder may also be to avoid the adverse PFIC tax
consequences described above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed to hold) the
Ordinary Shares, makes an election to mark such shares to their market value for such taxable year (a &#8220;mark-to-market election&#8221;).
Such U.S. Holder generally will include as ordinary income for each year that ADSE Holdco is treated as a PFIC the excess, if any, of
the fair market value of its Ordinary Shares at the end of its taxable year over such U.S. Holder&#8217;s adjusted basis in its Ordinary
Shares. Such U.S. Holder also will be allowed to take an ordinary loss in respect of the excess, if any, of its adjusted basis of its
Ordinary Shares over the fair market value of its Ordinary Shares at the end of its taxable year (but only to the extent of the net amount
of previously included income as a result of the mark-to-market election). Such U.S. Holder&#8217;s basis in its Ordinary Shares will
be adjusted to reflect any such income or loss recognized. Gain recognized on a sale or other taxable disposition of the Ordinary Shares
in a taxable year in which ADSE Holdco is a PFIC will be treated as ordinary income, and any loss will be ordinary to the extent of the
net amount of previously included income as a result of the mark-to-market election (and thereafter will be capital loss, the deductibility
of which is subject to limitations). Currently, a mark-to-market election may not be made with respect to the Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mark-to-market election
is available for &#8220;marketable stock,&#8221; which generally is stock that is regularly traded on a national securities exchange that
is registered with the Securities and Exchange Commission, including NASDAQ, or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. U.S. Holders should consult
their tax advisors regarding the availability and tax consequences of a mark-to-market election in their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If ADSE Holdco is a PFIC and,
at any time, any subsidiary is classified as a PFIC, U.S. Holders would generally be deemed to own a portion of the shares of such lower-tier
PFIC, and generally could incur liability under the default PFIC rules described above if ADSE Holdco receives a distribution from, or
disposes of all or part of ADSE Holdco&#8217;s interest in, the lower-tier PFIC or if such U.S. Holders otherwise are deemed to have disposed
of an interest in the lower-tier PFIC. A mark-to-market election generally would not be available with respect to such lower-tier PFIC.
U.S. Holders are urged to consult their tax advisors regarding the tax issues raised by lower-tier PFICs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder that owns (or
is deemed to own) shares in a PFIC during any taxable year of such U.S. Holder may be required to file IRS Form 8621 with such U.S. Holder&#8217;s
U.S. federal income tax return and provide such other information as may be required by the Treasury Regulations or other IRS guidance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rules dealing with PFICs
are very complex and affected by various factors in addition to those described above. Accordingly, U.S. Holders should consult their
tax advisors concerning the application of the PFIC rules to Ordinary Shares or Warrants under their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Information Reporting and Backup Withholding</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. Holders are required
to report information to the IRS relating to an interest in &#8220;specified foreign financial assets,&#8221; including shares issued
by a non-U.S. corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds an applicable threshold
based on whether the U.S. Holder is an entity or an individual (and in the case of an individual, the threshold depends upon such individual&#8217;s
filing status and whether the individual resides in the United States), subject to certain exceptions (including an exception for shares
held in custodial accounts maintained with a U.S. financial institution). Generally, ADSE Holdco securities would constitute &#8220;specified
foreign financial assets.&#8221; Penalties may apply if a U.S. Holder is required to submit such information to the IRS and fails to do
so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions with respect
to Ordinary Shares and proceeds from the sale, exchange, redemption or other taxable disposition of Ordinary Shares may be subject to
information reporting to the IRS and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however,
to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or
who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide
such certification on IRS Form W-9.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. backup withholding is
not an additional tax. Amounts withheld as U.S. backup withholding may be credited against a U.S. Holder&#8217;s U.S. federal income tax
liability, and a U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules, if the required information
is timely furnished to the IRS. Transactions effected through certain brokers or other intermediaries may be subject to U.S. backup withholding,
and such brokers or intermediaries may be required by law to do U.S. backup withholding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders are urged to
consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Anticipated Material Irish Tax Consequences to Non-Irish Holders
of ADSE Holdco Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Scope</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the anticipated material Irish tax consequences of the acquisition, ownership and disposal of Ordinary Shares and Warrants. The summary
is based upon Irish tax laws and the practice of the Irish Revenue Commissioners in effect on the date of this Annual Report and stamp
duty and withholding tax clearances which have been granted by the Irish Revenue Commissioners. Changes in law and/or administrative practice
may result in a change in the tax consequences described below, possibly with retrospective effect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &#8220;Non-Irish Holder&#8221;
is an individual who beneficially owns their Ordinary Shares and/or Warrants, that is neither a resident nor ordinarily resident in Ireland
for Irish tax purposes and does not hold their Ordinary Shares and/or Warrants, in connection with a trade carried on by such person through
an Irish branch or agency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not constitute
tax advice and is intended only as a general guide. The summary is not exhaustive and securityholders should consult their tax advisors
about the Irish tax consequences (and tax consequences under the laws of other relevant jurisdictions) of the acquisition, ownership and
disposal of Ordinary Shares and Warrants. The summary applies only to Non-Irish Holders who hold their Ordinary Shares and/or Warrants,
as capital assets and does not apply to other categories of Non-Irish Holders, such as dealers in securities, trustees, insurance companies,
collective investment schemes and Non-Irish Holders who acquired, or are deemed to have acquired, their Ordinary Shares and/or Warrants
by virtue of an Irish office or employment (performed or carried on to any extent in Ireland).&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The summary does not, except
where expressly stated, consider the position of Non-Irish Holders who hold their Ordinary Shares and/or Warrants directly (and not beneficially
through a broker or custodian (through DTC)). The Irish tax consequences of transactions in Ordinary Shares and/or Warrants held directly
are generally negative when compared with Ordinary Shares and/or Warrants held through DTC. Any Non-Irish Holder contemplating holding
their Ordinary Shares and/or Warrants directly should consult their personal tax advisors as to the Irish tax consequences of acquiring,
owning and disposing of such Ordinary Shares and/or Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Irish Tax on Chargeable Gains (Irish CGT)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current rate of tax on
chargeable gains (where applicable) in Ireland is 33%. Non-Irish Holders will not be within the territorial scope of a charge to Irish
CGT on a disposal of their Ordinary Shares and/or Warrants, provided that such Ordinary Shares and/or Warrants neither (a) were used in
or for the purposes of a trade carried on by such Non-Irish Holder through an Irish branch or agency, nor (b) were used, held or acquired
for use by or for the purposes of an Irish branch or agency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Stamp Duty</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rate of stamp duty (where
applicable) on transfers of shares or warrants of Irish incorporated companies is 1% of the greater of the price paid or market value
of the shares or warrants acquired. Where Irish stamp duty arises it is generally a liability of the transferee. However, in the case
of a gift or transfer at less than fair market value, all parties to the transfer are jointly and severally liable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Irish stamp duty may be payable
in respect of transfers of Ordinary Shares and Warrants, depending on the manner in which the Ordinary Shares and Warrants are held. ADSE
Holdco has entered into arrangements with DTC to allow the Ordinary Shares and Warrants to be settled through the facilities of DTC. As
such, the discussion below discusses separately the securityholders who hold their shares through DTC and those who do not.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ordinary Shares or Warrants Held Through
DTC</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Irish Revenue Commissioners
have confirmed to ADSE Holdco that transfers of Ordinary Shares and Warrants effected by means of the transfer of book entry interests
in DTC will not be subject to Irish stamp duty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ordinary Shares or Warrants Held Outside
of DTC or Transferred Into or Out of DTC</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A transfer of Ordinary Shares
or Warrants where any party to the transfer holds such Ordinary Shares or Warrants outside of DTC may be subject to Irish stamp duty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Ordinary Shares
or Warrants wishing to transfer their Ordinary Shares or Warrants into (or out of) DTC may do so without giving rise to Irish stamp duty
provided that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">there is no change in the beneficial ownership of such shares as a result of the transfer; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the transfer into (or out of) DTC is not effected in contemplation of a sale of such shares or warrants by a beneficial owner to a third party.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to the potential Irish
stamp charge on transfers of Ordinary Shares and Warrants held outside of DTC, it is strongly recommended that those securityholders who
do not hold their ADSE Holdco securities through DTC (or through a broker who in turn holds such shares through DTC) should arrange for
the transfer of their ADSE Holdco securities as into DTC as soon as possible.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Withholding Tax on Dividends (DWT)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions made by ADSE
Holdco will, in the absence of one of many exemptions, be subject to DWT, currently at a rate of 25%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For DWT and Irish income tax
purposes, a distribution includes any distribution that may be made by ADSE Holdco to holders of Ordinary Shares, including cash dividends,
non-cash dividends and additional stock taken in lieu of a cash dividend. Where an exemption from DWT does not apply in respect of a distribution
made to a holder of Ordinary Shares, ADSE Holdco is responsible for withholding DWT prior to making such distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>General Exemptions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Irish domestic law provides
that a non-Irish resident holder of Ordinary Shares is not subject to DWT on distributions received from ADSE Holdco if such holder of
Ordinary Shares is beneficially entitled to the distribution and is either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and provided, in all cases noted above (but subject
to &#8220;<i>Ordinary&#8212;Shares Held by U.S. Resident Shareholders</i>&#8221; below), ADSE Holdco or, in respect of Ordinary Shares
held through DTC, any qualifying intermediary appointed by ADSE Holdco, has received from the holder of such Ordinary Shares, where required,
the relevant DWT Forms prior to the payment of the distribution. In practice, in order to ensure sufficient time to process the receipt
of relevant DWT Forms, the holders of Ordinary Shares, where required, should furnish the relevant DWT Form to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Links to the various DWT Forms
are available at: <i>http://www.revenue.ie/en/tax/dwt/forms/index.html</i>. The information on such website does not constitute a part
of, and is not incorporated by reference into, this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For non-Irish resident holders
of Ordinary Shares that cannot avail themselves of one of Ireland&#8217;s domestic law exemptions from DWT, it may be possible for such
holder of Ordinary Shares to rely on the provisions of a double tax treaty to which Ireland is party to reduce the rate of DWT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Ordinary Shares Held by U.S. Resident Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions paid in respect
of Ordinary Shares that are owned by a U.S. resident and held through DTC will not be subject to DWT provided the address of the beneficial
owner of such Ordinary Shares in the records of the broker holding such Ordinary Shares is in the United States (and such broker has further
transmitted the relevant information to a qualifying intermediary appointed by ADSE Holdco). It is strongly recommended that such holders
of Ordinary Shares ensure that their information is properly recorded by their brokers (so that such brokers can further transmit the
relevant information to a qualifying intermediary appointed by ADSE Holdco).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions paid in respect
of Ordinary Shares that are held outside of DTC and are owned by a resident of the United States will not be subject to DWT if such holder
of Ordinary Shares provides a completed IRS Form 6166 or a valid DWT Form to ADSE Holdco&#8217;s transfer agent to confirm its U.S. residence
and claim an exemption. It is strongly recommended that holders of Ordinary Shares (which are to be held outside of DTC) who are U.S.
residents provide the appropriate completed IRS Form 6166 or DWT Form to ADSE Holdco&#8217;s transfer agent as soon as possible after
receiving their Ordinary Shares.<b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ordinary Shares Held by Residents of Relevant
Territories Other Than the United States</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Ordinary Shares
who are residents of Relevant Territories, other than the United States, must satisfy the conditions of one of the exemptions referred
to above under the heading &#8220;<i>&#8212;General Exemptions</i>&#8221;, including the requirement to furnish valid DWT Forms, in order
to receive distributions without suffering DWT. If such holders of Ordinary Shares hold their Ordinary Shares through DTC, they must provide
the appropriate DWT Forms to their brokers (so that such brokers can further transmit the relevant information to a qualifying intermediary
appointed by ADSE Holdco) before the record date for the distribution (or such later date before the distribution payment date as may
be notified to holder of Ordinary Shares by the broker). If such holders of Ordinary Shares hold their Ordinary Shares outside of DTC,
they must provide the appropriate DWT Forms to ADSE Holdco&#8217;s transfer agent before the record date for the distribution. It is strongly
recommended that such holders of Ordinary Shares complete the appropriate DWT Forms and provide them to their brokers or ADSE Holdco&#8217;s
transfer agent, as the case may be, as soon as possible after receiving their Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any holder of Ordinary
Shares who is resident in a Relevant Territory receives a distribution from which DWT has been withheld, the holder of Ordinary Shares
may be entitled to a refund of DWT from the Irish Revenue Commissioners provided the holder of Ordinary Shares is beneficially entitled
to the distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 96; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shares Held by Other Persons</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Ordinary Shares
that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions from DWT. If
any holders of Ordinary Shares are exempt from DWT, but receive distributions subject to DWT, such holders of Ordinary Shares may apply
for refunds of such DWT from the Irish Revenue Commissioners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions paid in respect
of Ordinary Shares held through DTC that are owned by a partnership formed under the laws of a Relevant Territory and where all the underlying
partners are resident in a Relevant Territory will be entitled to exemption from DWT if all of the partners complete the appropriate DWT
Forms and provide them to their brokers (so that such brokers can further transmit the relevant information to a qualifying intermediary
appointed by ADSE Holdco) before the record date for the distribution (or such later date before the distribution payment date as may
be notified to the holder of Ordinary Shares by the broker). If any partner is not a resident of a Relevant Territory, no part of the
partnership&#8217;s position is entitled to exemption from DWT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Qualifying Intermediary</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to paying any distribution,
ADSE Holdco will put in place an agreement with an entity that is recognized by the Irish Revenue Commissioners as a &#8220;qualifying
intermediary,&#8221; which will provide for certain arrangements relating to distributions in respect of Ordinary Shares that are held
through DTC, which are referred to as the &#8220;Deposited Securities.&#8221; The agreement will provide that the qualifying intermediary
shall distribute or otherwise make available to Cede &amp; Co., as nominee for DTC, any cash dividend or other cash distribution with
respect to the Deposited Securities after ADSE Holdco delivers or causes to be delivered to the qualifying intermediary the cash to be
distributed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco will rely on information
received directly or indirectly from its qualifying intermediary, brokers and its transfer agent in determining where holders of Ordinary
Shares reside, whether they have provided the required U.S. tax information and whether they have provided the required DWT Forms. Holders
of Ordinary Shares that are required to file DWT Forms in order to receive distributions free of DWT should note that such forms are generally
valid, subject to a change in circumstances, until December 31 of the fifth year after the year in which such forms were completed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Income Tax on Dividends Paid on Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Irish income tax may arise
for certain persons in respect of distributions received from Irish resident companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Non-Irish Holder that is
entitled to an exemption from DWT will generally have no Irish income tax or universal social charge liability on a distribution from
ADSE Holdco. A Non-Irish Holder that is not entitled to an exemption from DWT, and therefore is subject to DWT, generally will have no
additional Irish income tax liability or liability to universal social charge. The DWT deducted by ADSE Holdco discharges the Irish income
tax liability and liability to universal social charge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Capital Acquisitions Tax (CAT)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CAT comprises principally
gift tax and inheritance tax on property situated in Ireland for CAT purposes or otherwise within the territorial scope of CAT. CAT could
apply to a gift or inheritance of Ordinary Shares and Warrants because Ordinary Shares and Warrants are regarded as property situated
in Ireland for CAT purposes. The person who receives the gift or inheritance has primary liability for CAT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CAT is currently levied at
a rate of 33% on the value of any taxable gift or inheritance above certain tax-free thresholds. The appropriate tax-free threshold depends
upon (1) the relationship between the donor and the donee and (2) the aggregation of the values of previous taxable gifts and inheritances
received by the donee from persons within the same group threshold. Gifts and inheritances passing between spouses are exempt from CAT,
as are gifts to certain charities. Children have a lifetime tax-free threshold of &#8364;335,000 in respect of taxable gifts or inheritances
received from their parents. There is also a &#8220;small gift exemption&#8221; from CAT whereby the first &#8364;3,000 of the taxable
value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from CAT and is also excluded from any
future aggregation. This exemption does not apply to an inheritance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><b>THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE
ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE ANY DEFINITIVE TAX REPRESENTATIONS TO HOLDERS. EACH SECURITYHOLDER SHOULD
CONSULT HIS OR HER TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH SECURITYHOLDER.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_048"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10.F. Dividends and Paying Agents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE Holdco has no current
plans to pay dividends and does not currently have a paying agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_049"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.G. Statement by Experts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_050"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.H. Documents on Display</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to certain
of the informational filing requirements of the Exchange Act. Since we are a &#8220;foreign private issuer,&#8221; we are exempt from
the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions contained in Section
16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required to file reports and financial
statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However,
we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited by an independent accounting
firm. We also furnish to the SEC, on Form 6-K, unaudited financial information with respect to our first six-month period of our fiscal
year. The SEC maintains a website at http://www.sec.gov that contains reports and other information that we file with or furnish electronically
with the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_051"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10.I. Subsidiary Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_052"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Market Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Market risk is the risk that
changes in market prices &#8212; e.g. foreign exchange rates, interest rates and equity prices &#8212; will affect ADSE&#8217;s income
or the value of its holdings of financial instruments. The financial instruments affected by market risk essentially comprise of financial
liabilities and assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest Rate Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At December 31, 2022, we did
not have any significant exposure to interest rate risk as we have no loans or borrowings and insignificant interest income from cash
and cash equivalents and other investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Currency Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-weight: normal">At
December 31, 2022, ADSE is exposed to currency risks arising from bank balances in foreign currencies, transactions in foreign currencies
including revenue generated or purchases for materials and services, and operating business activities in the US for ADSE US. The main
exposure of currency risks arise with respect to bank balances amounting to kEUR 10,087 (December 31, 2021: kEUR 101.729) which are denominated
in USD. Lesser currency risks arise from normal operations due to 87% of revenues in 2022 (2021: 94%, 2020: 99%) are generated in EUR.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Equity risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Equity risk is that changes
in stock markets &#8211; e.g. a falling price of ordinary shares and/or public warrants of ADSE (&#8220;ADSE&#8217;s trading price&#8221;),
receiving no dividends, receiving lower dividends than expected, or fluctuations in the equity markets &#8211; will affect the value of
ADSE&#8217;s common shares and outstanding warrants. The volatility of ADSE&#8217;s trading price could potentially have significant impact
on the valuation of warrant liabilities in the future and valuation of future share-based payments. As of December 31, 2022, equity risks
arise with respect to warrant liabilities amounting to EUR 2,439.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Market Risks</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ADSE is not significantly
exposed to other market risks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See also ADSE&#180;s audited
financial statement for years ended December 31, 2022 and 2021, respectively, included elsewhere in this annual report for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_053"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_054"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12.A. Debt Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_055"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12.B. Warrants and Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 10.B. Memorandum
and Articles of Associations &#8212; Warrants&#8221; of this Annual Report, which is incorporated herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_056"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12.C. Other Securities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_057"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12.D. American Depositary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_058"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_059"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_060"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_061"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 15. CONTROLS AND PROCEDURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A. Disclosure Controls and Procedures</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management, with the participation
of ADSE&#8217;s Chief Executive Officer and Chief Financial Officer (our &#8220;Certifying Officers&#8221;), evaluated the effectiveness
of our disclosure controls and procedures as of December 31, 2022. The term &#8220;disclosure controls and procedures,&#8221; as defined
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), means controls
and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC&#8217;s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to
the company&#8217;s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions
regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving their objectives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the evaluation performed
as of December 31, 2022, as a result of the material weaknesses in internal control over financial reporting that are described below
in Management's Report on Internal Control Over Financial Reporting, our Chief Executive Officer and Chief Financial Officer determined
that our disclosure controls and procedures were not effective as of such date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>B. Management&#8217;s Annual Report on Internal
Control over Financial Reporting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. However, these inherent limitations are
known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not
eliminate, this risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A company&#8217;s internal
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s
assets that could have a material effect on the financial statements. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual financial
statements will not be prevented or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the supervision and
with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness
of the Company&#8217;s internal control over financial reporting as of December 31, 2022, based on criteria for effective internal control
over financial reporting established in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (&#8220;<span style="text-decoration:underline">COSO</span>&#8221;). Based on this evaluation, management concluded that our internal control over
financial reporting was not effective as of December 31, 2022, due to the material weaknesses described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management has determined
that the company had the following material weaknesses in its internal control over financial reporting:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Control Environment, Risk
Assessment, and Monitoring</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We did not maintain appropriately
designed entity-level controls impacting the control environment, risk assessment procedures, and effective monitoring controls to prevent
or detect material misstatements to the consolidated financial statements. There is a general deficiency in that there is no documentation
of risk assessment, process narratives and descriptions of key controls the Company relies on to establish and maintain an effective internal
control over financial reporting. ADSE partially relies on third party service providers and/or shared service centers to perform accounting
standard conversion, book-keeping and internal and external reporting services.&#160;For book-keeping, the external services provided
by third parties have been reduced significantly by the transfer and integration of employees to ADSE in 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The material weaknesses relate
to (i) lack of consistent and proper application of accounting processes and procedures, defined control processes and segregation of
duties, (ii) insufficient design, implementation and operating effectiveness of information technology general controls for information
systems that are significant to the preparation of our financial statements, (iii) lack of review and supervision (iv) insufficient resources
with an appropriate level of technical accounting and SEC reporting expertise and (v) lack of sufficient and appropriate resources within
ADSE to properly monitor and review the work performed by third parties and/or shared service centers, including the outsourced IT systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These deficiencies were attributed
to (i) lack of structure and responsibility, insufficient number of qualified resources and inadequate oversight and accountability over
the performance of controls, (ii) ineffective identification and assessment of risks impacting internal control over financial reporting,
and (iii) ineffective evaluation and determination as to whether the components of internal control were present and functioning.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Control Activities, and
Information and Communication</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These material weaknesses
contributed to the following additional material weaknesses within certain business processes and the information technology environment
(i) management do not conduct reviews of access on periodic basis to ensure that user access rights remain appropriate, (ii) there is
a lack of formal process for review procedures in place, and moreover a lack of evidence maintained and saved for management review controls
being performed, (iii) we did not fully design, implement and monitor general information technology controls in the areas of program
change management, user access, and segregation of duties for systems supporting substantially all of the Company&#8217;s internal control
processes. Accordingly, the Company did not have effective - no comprehensive and fully integrated - automated process-level controls,
and manual controls that are dependent upon the information derived from the IT systems, (iv) we did not design and implement, or appropriately
retain and update documentation of formal accounting policies, procedures and controls across substantially all of the Company&#8217;s
business processes to achieve timely, complete, accurate financial accounting, reporting, and disclosures. Additionally, we did not design
and implement adequate comprehensive controls maintained at the corporate level which are at a sufficient level of precision to provide
for the appropriate level of oversight of business process activities, corresponding risks and related controls, (v) we did not appropriately
design and implement management review controls at a sufficient level of precision around complex accounting areas and disclosure (including
stock-based compensation, lease accounting, revenue recognition over extended warranties), (vi) control owners don&#8217;t perform test
work to confirm completeness and accuracy of the key reports, spreadsheets and queries they used in their control activities, (vii) we
did not appropriately design and implement controls over the existence and completeness of inventory stored at third party warehouses
or suppliers, and (viii) financial statement assertions are not appropriately addressed in the controls design and definition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, management has
concluded that these control deficiencies constitute material weaknesses. These material weaknesses resulted in material misstatements
that have been corrected for in the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Remediation Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the process of designing
and implementing measures to improve our internal control over financial reporting to remediate the material weaknesses, including improving
and implementing new information technology and systems for the preparation of the financial statements, implementing additional review
procedures within our accounting and finance department, hiring additional staff and engaging external accounting experts to support improving
our accounting processes and procedures and supplement our internal resources in our computation processes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our internal control remediation
efforts include the following (i) we are in the process of reassessing and formalizing the design of certain accounting and information
technology policies relating to security and change management controls, (ii) we hired additional qualified resources to segregate key
functions within our financial and information technology processes supporting our internal controls over financial reporting (e.g. order-to-cash
and accounts receivables), (iii) we are in process selecting and engaging of an outside firm to assist management with (a) reviewing our
current processes, procedures, and systems and assessing the design of controls to identify opportunities to enhance the design of controls
that would address relevant risks identified by management, and (b) enhancing and implementing protocols to retain sufficient documentary
evidence of operating effectiveness of such controls.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to implementing
and refining the above activities, we expect to engage in additional remediation activities, including (i) continuing to enhance and formalize
our corporate governance, accounting, business operations, and information technology policies, procedures, and controls to achieve complete,
accurate, and timely financial accounting, reporting and disclosures, (ii) revision and redesign of the company level controls in accordance
with ICFR requirements and to achieve effectiveness, (iii) enhance and establish compliance awareness and trainings of all employees,
(iv) establish effective general controls over systems to ensure that our automated process level controls and information produced and
maintained in our IT systems is relevant and reliable, (v) designing and implementing controls that address the completeness and accuracy
of underlying data used in the performance of controls over accounting transactions and disclosures, (vi) enhancing policies and procedures
to retain adequate documentary evidence for certain management review controls over certain business processes including precision of
review and evidence of review procedures performed to demonstrate effective operation of such controls, (vii) developing monitoring controls
and protocols that will allow us to timely assess the design and the operating effectiveness of controls over financial reporting and
make necessary changes to the design of controls, if any.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">While these actions and planned actions are subject
to ongoing management evaluation and will require validation and testing of the design and operating effectiveness of internal controls
over a sustained period of financial reporting cycles, we are committed to the continuous improvement of our internal control over financial
reporting and will continue to diligently review our internal control over financial reporting. These remediation measures, which continue
as of December 31, 2022 have been time consuming and costly and there is no assurance that these initiatives will remediate all issues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we are designing and
implementing measures to remediate the material weaknesses, we cannot predict the success of such measures or the outcome of our assessment
of these measures at this time, and we cannot assure you that we will be able to fully remediate our material weakness in the future.
See &#8220;Item 3. Key Information&#8212;D. Risk factors&#8212;Financial, Tax and Accounting-Related Risks&#8212;<i>As a public company,
we have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses
in the future. Failure to remediate such material weaknesses in the future or to maintain an effective system of internal control could
impair our ability to comply with the financial reporting and internal controls requirements for publicly traded companies.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not expect that our internal controls over financial reporting
will prevent all errors and all instances of fraud. Internal controls over financial reporting, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the
design of internal controls over financial reporting must reflect the fact that there are resource constraints, and the benefits must
be considered relative to their costs. Because of the inherent limitations in all internal controls over financial reporting, no evaluation
of internal controls over financial reporting can provide absolute assurance that we have detected all our control deficiencies and instances
of fraud, if any. The design of internal controls over financial reporting also is based partly on certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 102; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>C. Attestation Report of the Registered
Public Accounting Firm</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Annual Report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
as such report is not required for emerging growth companies., Our independent registered public accounting firm will not be required
to opine on the effectiveness of our internal control over financial reporting until we are no longer an emerging growth company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>D. Changes in Internal Control over Financial Reporting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were no changes in our
internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the
fiscal year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting. In light of the material weaknesses in our internal control over financial reporting identified in this Annual
Report, we plan to adopt a number of measures to remedy the underlying causes of the material weaknesses, as discussed under the heading
&#8220;Controls and Procedures - Management&#8217;s Annual Report on Internal Controls Over Financial Reporting&#8221; above. We cannot
guarantee that the measures we plan to take or may take in the future will be sufficient to remediate our material weaknesses in internal
control over financial reporting or that they will prevent or avoid potential future material weaknesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_062"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16. [RESERVED]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_063"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.A. Audit Committee and Financial Expert</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors of
ADSE Holdco has determined that Salina Love and K.R. Kent each qualify as an &#8220;audit committee financial expert&#8221; as defined
under rules and regulations of the SEC and satisfies the &#8220;independence&#8221; requirements set forth in Rule 10A-3 under the Exchange
Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_064"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.B. Code of Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 6.C. Board
Practices &#8212; Code of Business Ethics&#8221; of this Annual Report, which is incorporated herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_065"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.C. Principal Accountant Fees and Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit committee of the
board of directors is required to pre-approve the audit and non-audit services to be performed by our independent registered public accounting
firm and associated fees prior to the engagement with respect to such services. Pursuant to this policy, which is designed to assure that
such engagements do not impair the independence of our auditors, the audit committee pre-approves annually a catalogue of specific audit
and non-audit services that may be performed by our independent registered public accounting firm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">12&#160;Months&#160;Ended</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">12&#160;Months&#160;Ended</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December&#160;31,<br/>
2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December&#160;31,<br/>
2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">BDO AG Wirtschaftspr&#252;fungsgesellschaft</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Audit Fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#8364;</td><td style="width: 9%; text-align: right">733,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#8364;</td><td style="width: 9%; text-align: right">595,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Audited-Related Fees</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#11834;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right">319,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right">31,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#11834;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">All Other Fees</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#11834;</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#11834;</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Total</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right">764,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#8364;</td><td style="text-align: right">914,000</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Audit fees relate to the
audits of the consolidated financial statements of ADSE, reviews of half year interim financial statements of ADSE, and statutory
audits of the financial statements of ADSE GM and ADSE HoldCo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Audit-related fees include the review of documents filed with the
SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tax fees relate to preparation of Passive Foreign Investment Company (&#8220;PFIC&#8221;) annual information statements of ADSE
HoldCo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_066"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.D. Exemptions from the Listing Standards for Audit Committees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_067"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.E. Purchases of Equity Securities by the Issuer and Affiliated
Purchasers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_068"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.F. Changes in Registrant&#8217;s Certifying Accountant</b>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_069"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.G. Corporate Governance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a &#8220;foreign private
issuer&#8221; (as such term is defined in Rule 3b-4 under the Exchange Act) and our ordinary shares and warrants are listed on Nasdaq.
The Nasdaq Listing Rules allow foreign private issuers, such as us, to follow home country corporate governance practices (in our case
Irish) in lieu of the otherwise applicable Nasdaq corporate governance requirements. In order to rely on this exception, we are required
to disclose each Nasdaq Listing Rule that we do not follow and describe the home country practice we do follow in lieu thereof. We do
not currently follow any Irish corporate governance practices in lieu of Nasdaq corporate governance rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_070"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.H. Mine Safety Disclosure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_072"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16J. Insider Trading Policies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">We have adopted insider trading policies and procedures
governing the purchase, sale or other disposition of the Company&#8217;s securities by the Company&#8217;s directors, officers and employees
that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations. A copy of our our insider
trading policy is filed as an exhibit to this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><div><a id="a_073"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_074"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 18. Financial
Statements.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_075"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audited consolidated financial
statements are included at the end of this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_076"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed or incorporated
by reference herein the following documents as exhibits to this Form 20-F:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT INDEX</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; text-align: justify; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex1-1_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum and Articles of Association of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 1.1 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021_adstech-eurotech.htm#T3001">Business Combination Agreement, incorporated by reference to Exhibit 2.1 to the Registration Statement on Form F-4 (File No. 333-260312).</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex4-1_adstecheuro.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Ordinary Share Certificate of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex4-2_adstecheuro.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Warrant Certificate of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.2 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390022022308/f20f2021ex2-4_adstecenergy.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, incorporated by reference to Exhibit 2.4 to the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 28, 2022.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-1_adstec.htm">Amended and Restated Warrant Agreement, dated December 22, 2021, by and among European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC, and Continental Stock Transfer &amp; Trust Company, incorporated by reference to Exhibit 4.1 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-2_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Consideration Transfer Agreement, dated December 22, 2021, by and between Bosch Thermotechnik GmbH and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.2 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-3_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Consideration and Loan Transfer Agreement, Share Consideration and Loan Transfer Agreement, dated December 22, 2021, by and among Bosch Thermotechnik GmbH, Robert Bosch Gesellschaft mit beschr&#228;nkter Haftung, ads-tec Holding GmbH and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.3 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex10-3_adstecheuro.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor Support Agreement, dated August 10, 2021, by and among European Sustainable Growth Acquisition Corp., ads-tec Energy GmbH, LRT Capital1 LLC and LHT Invest AB, incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex10-4_adstecheuro.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification Agreement with ADS-TEC ENERGY PLC&#8217;s directors and executive officers, incorporated by reference to Exhibit 10.4 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-6_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated December 22, 2021, by and among European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC, the EUSG initial shareholders, EarlyBirdCapital, Inc., ABN AMRO Securities (USA) LLC, and the ADSE GM Shareholders, incorporated by reference to Exhibit 4.6 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>

<tr style="vertical-align: top; ">
    <td style="text-align: justify; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td style="text-align: justify; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-7_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-Up Agreement, dated December 22, 2021, among ADS-TEC ENERGY PLC, LRT Capital1 LLC, EarlyBirdCapital, Inc., ABN AMRO Securities (USA) LLC, LHT Invest AB, Ads-Tec Holding GmbH, Bosch Thermotechnik GmbH, and Jonathan Copplestone, incorporated by reference to Exhibit 4.7 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex10-9_adstecheuro.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subscription Agreement by and between European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC and the subscribers named therein (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-9_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement on Cost Allocation for the Provision of Shared Services, dated December 13, 2021, by and among ads-tec Energy GmbH, ads-tec Energy Inc., and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.9 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-10_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee Sharing and Cost Sharing Agreement, dated December 23, 2021, by and between ads-tec Energy, Inc. and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.10 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-11_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.11 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-11_european.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Non-Qualified Stock
    Option Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.11 to the
    Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
</table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</span></td>
    <td style="text-align: justify; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-12_european.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Incentive Stock
    Option Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.12 to the
    Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-13_european.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Restricted Stock
    Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.13 to the Registration
    Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-14_european.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Restricted Stock
    Unit Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.14 to the
    Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-15_european.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Appreciation
    Rights Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.15 to the
    Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021053157/ff42021ex10-16_adstecheuro.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Non-Executive Director Appointment Letter of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 10.16 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-18_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Eligibility Agreement for Securities, dated December 22, 2021, by and among ADS-TEC ENERGY PLC, The Depository Trust Company, Cede &amp; Co., National Securities Clearing Corporation, and Continental Stock Transfer &amp; Trust Company, incorporated by reference to Exhibit 4.18 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1832505/000121390021057978/ff42021a1ex10-18_european.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating Equipment Framework
    Credit Contract, dated May 2, 2021, by and between Landesbank Baden-W&#252;rttemberg and ads-tec Energy GmbH, and Guarantee Credit
    Framework Contract, dated September&#160;7, 2020, by and between Landesbank Baden-W&#252;rttemberg and ads-tec Energy GmbH, incorporated
    by reference to Exhibit 10.18 to the Registration Statement on Form F-4 (File No. 333-260312).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390022022308/f20f2021ex4-20_adstechenergy.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement, dated April 19, 2022, by and between ads-tec Energy GmbH and Thomas Speidel, incorporated by reference to Exhibit 4.20 to the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 28, 2022.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-21_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement, effective October 1, 2021, by and between ads-tec Energy, Inc. and John Neville, incorporated by reference to Exhibit 4.21 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-22_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment Agreement to the Employment Contract of 18 September 2019, dated December 12, 2021, by and between ads-tec Energy GmbH and Hakan Konyar, incorporated by reference to Exhibit 4.22 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.23</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex4-22_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment Agreement to the Employment Contract of 18 September 2021, dated December 21, 2021, by and between ads-tec Energy GmbH and Dr. Thorsten Ochs, incorporated by reference to Exhibit 4.22 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>

<tr style="vertical-align: top; ">
    <td style="text-align: justify; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24</span></td>
    <td style="text-align: justify; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390022022308/f20f2021ex4-24_adstechenergy.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment Agreement to Employment Contract of 13 March 2020, dated February 5, 2022, by and between ads-tec Energy GmbH and Robert Vogt, incorporated by reference to Exhibit 4.24 to the Registrant&#8217;s Annual Report on Form 20-F filed with the SEC on April 28, 2022.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25*</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="f20f2022ex4-25_adstecenergy.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insider Trading Policy of ADS-TEC Group.</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1879248/000121390021067972/f20f2021ex8-1_adstec.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of subsidiaries of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 8.1 to the Registrant&#8217;s Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-1_adstecenergy.htm">Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-2_adstecenergy.htm">Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-1_adstecenergy.htm">Certification by the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex13-2_adstecenergy.htm">Certification by the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished herewith.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report
on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADS-TEC ENERGY PLC</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas Speidel </span></td></tr>
  <tr>
    <td style="vertical-align: top; width: 60%">&#160;</td>
    <td style="vertical-align: top; width: 4%">&#160;</td>
    <td style="vertical-align: bottom; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#160;</span></td>
    <td style="vertical-align: bottom; width: 31%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Speidel</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td colspan="2" style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 11, 2023</span></td>
    <td style="vertical-align: top">&#160;</td>
    <td colspan="2" style="vertical-align: bottom">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consolidated Financial Statements</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADS-TEC Energy PLC</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as at and for the year ended</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 31, 2022 and 2021</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 108 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="x_001"></a></div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Financial Statements</span></td></tr> <tr style="vertical-align: top"> <td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td colspan="2" style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif"><a href="#f_001">Report of Independent Registered Public Accounting Firm (BDO AG Wirtschaftspr&#252;fungsgesellschaft; Frankfurt am Main, Germany; PCAOB ID:&#160;<ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1010</ix:nonNumeric>)</a> </td><td style="font: bold 10pt Times New Roman, Times, Serif; 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font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">F-10</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><a href="#z_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material uncertainty regarding the ability to continue as a going concern</span></a></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">F-11</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; "> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; 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font-size: 10pt; font-style: normal; font-weight: normal">F-14</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><a href="#z_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis of preparation</span></a></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">F-14</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><a href="#z_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New accounting standards and interpretations</span></a></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">F-15</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><a href="#z_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant accounting policies</span></a></td> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">F-16</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif"><a href="#z_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure on individual items of the consolidated financial statements</span></a></td> <td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: normal">F-27</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; "> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><a href="#z_017"><span style="font-family: Times New Roman, Times, Serif; 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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 109; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt"><b>&#160;</b></p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Report of Independent Registered Public Accounting
Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders and Board of Directors</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ads-Tec Energy PLC</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Dublin, Ireland</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Opinion on the Consolidated
Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have audited the accompanying
consolidated statements of financial position of Ads-Tec Energy PLC (the &#8220;Company&#8221;) as of December 31, 2022 and 2021, the
related consolidated statements of profit or loss and comprehensive income (loss), changes in equity, and cash flows for each of the
three years in the period ended December 31, 2022, and the related notes (collectively referred to as the &#8220;consolidated financial
statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position
of the Company at December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2022<b>,</b> in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Going Concern Uncertainty</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The accompanying consolidated
financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1.4 to the consolidated
financial statements, the Company has suffered recurring losses and negative cash flows from operations since its inception that raise
substantial doubt about its ability to continue as a going concern. Management&#8217;s plans in regard to these matters are also described
in Note 1.4. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">These consolidated financial
statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">BDO AG Wirtschaftspr&#252;fungsgesellschaft</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&#8217;s auditor since
2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Frankfurt am Main, Germany</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 11, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><div><a id="z_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">Consolidated
statements of profit or loss and comprehensive income (loss)</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">kEUR</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 9%; text-align: center"><span style="font-size: 10pt">4.1.1</span></td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-size: 10pt">4.1.6</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.	</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><div><a id="z_002"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">Consolidated
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-size: 10pt">4.2.2</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="eur">16,322</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="eur">842</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Contract liabilities (current)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentContractLiabilities" scale="3" unitRef="eur">23,583</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilities" scale="3" unitRef="eur">189</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center"><span style="font-size: 10pt">4.2.11</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Liabilities" scale="3" unitRef="eur">58,695</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><div><a id="z_003"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">Consolidated
statements of cash flows</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Interest received</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cash election by shareholders in lieu of shares</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Redemption of equity</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Repayment of lease liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.	</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><div><a id="z_004"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">Consolidated
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Capital contribution</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Stock compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" name="adse:StockCompensation" scale="3" unitRef="eur">10</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Cash election in lieu of shares</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-83">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in">Balance as of Dec. 31, 2021</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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 translation<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.	</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">&#160;</p><div>

</div><div><a id="z_005"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">Notes to the
consolidated financial statements</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_3" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADS-TEC Energy PLC and its subsidiaries (&#8220;ADSE&#8221;)
provide intelligent and decentralized energy storage systems to municipalities, automotive OEMs, charging operators, dealerships, fleets,
residential areas, offices and industrial sites in North America and Europe. Its scalable systems are designed for use in private homes,
public buildings, commercial enterprises, industrial and infrastructure solutions, and self-sufficient energy supply systems, with capacities
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</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_4" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADS-TEC Energy PLC (&#8220;ADSE Holdco&#8221;
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incorporated in Ireland. Prior to December 22, 2021, ADSE Holdco was a shell company with no active business or subsidiaries. As part
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</div><div>

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</div><div>

</div><div><a id="z_008"></a></div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_6" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_12" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Entities with significant influence over ADSE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_13" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, ads-tec Holding GmbH
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="z_009"></a></div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_14" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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Holdco or Company), European Sustainable Growth Acquisition Corp (EUSG), EUSG II Corporation (EUSG II) and ads-tec Energy GmbH (ADSE GM).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_16" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The involv<span style="font-family: Times New Roman, Times, Serif">ed
parties and the transactions are summarized below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_17" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ADS-TEC
                                            Energy PLC is an Irish public limited company wholly owned by EUSG which was incorporated
                                            on July 26, 2021. The Company owns no material assets and does not operate any business.
                                            The Company was incorporated solely for the purpose of effectuating the business combination
                                            and is the new listing company on the consummation of the business combination.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_18" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">European Sustainable Growth Acquisition Corp (EUSG) is a blank check company incorporated as a Cayman Islands exempted company on November 10, 2020. On January 26, 2021, EUSG consummated its initial public offering (the &#8220;IPO&#8221;) of <ix:nonFraction contextRef="c52" decimals="0" format="ixt:num-dot-decimal" name="adse:InitialPublicOfferingUnits" scale="0" unitRef="shares">12,500,000</ix:nonFraction> units (the &#8220;units&#8221;) within the NASDAQ. On January 27, 2021, EUSG issued an additional <ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="adse:IssuedAdditionalUnits" scale="0" unitRef="shares">1,875,000</ix:nonFraction> Units pursuant to the exercise of the underwriters&#8217; over-allotment option in full. Each unit consists of one class A ordinary share of EUSG, par value $<ix:nonFraction contextRef="c54" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share (&#8220;class A ordinary shares&#8221;), and one-half of one redeemable warrant of EUSG (&#8220;public warrant&#8221;), with each whole warrant entitling the holder thereof to purchase one Class A ordinary share for USD <ix:nonFraction contextRef="c55" decimals="2" format="ixt:num-dot-decimal" name="adse:HolderPurchaseOneClassAOrdinaryPerShare" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share. The units were sold at a price of USD <ix:nonFraction contextRef="c55" decimals="2" format="ixt:num-dot-decimal" name="adse:UnitsSoldPrice" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per unit, generating gross proceeds to EUSG of USD <ix:nonFraction contextRef="c55" decimals="0" format="ixt:num-dot-decimal" name="adse:GeneratingGrossProceeds" scale="0" unitRef="usd">143,750,000</ix:nonFraction>. Simultaneously with the consummation of the IPO, EUSG completed the private sale (&#8220;private placement&#8221;) of an aggregate of <ix:nonFraction contextRef="c55" decimals="0" format="ixt:num-dot-decimal" name="adse:AggregateWarrantShares" scale="0" unitRef="shares">4,375,000</ix:nonFraction> warrants (&#8220;private placement warrants&#8221;) to LRT Capital LLC (the &#8220;sponsor&#8221;) and the underwriters at a purchase price of $<ix:nonFraction contextRef="c54" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">1.00</ix:nonFraction> per private placement warrant, generating gross proceeds to EUSG of kUSD <ix:nonFraction contextRef="c56" decimals="-3" format="ixt:num-dot-decimal" name="adse:generatingGrossProceeds" scale="3" unitRef="usd">4,375</ix:nonFraction>. EUSG has not conducted any other business combination except the business combination with ADSE GM.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_19" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">EUSG
                                            II Corporation (&#8220;EUSG II&#8221;) is a Cayman Islands exempted company wholly owned
                                            by ADSE Holdco and was incorporated solely for the purpose of effectuating the business combination.
                                            EUSG II was incorporated under the laws of the Cayman Islands on July 30, 2021. EUSG II owns
                                            no material assets and does not operate any business.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_20" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">ads-tec
                                            Energy GmbH (ADSE GM) is a German limited liability company active in development, production
                                            and distribution of products and services in the fields of energy management, e-mobility,
                                            and renewable energies. Prior to the merger, the equity holders of ADSE GM were ads-tec Holding
                                            GmbH (ADSH) and Bosch Thermotechnik GmbH (Bosch).</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_21" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Following
                                            the merger, ADSE Holdco became the parent and ADSE GM became its direct subsidiary. Other
                                            aforementioned entities were merged with ADSE Holdco.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_22" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
merger was effectuated as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_23" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step
                                            1: On July 26, 2021, EUSG (blank check company) formed ADSE Holdco, an Irish public limited
                                            company, which on July 30, 2021, formed the EUSG II, a Cayman Islands exempted company.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_24" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 2: On December 21, 2021, private investors - including affiliates of EUSG sponsor, ADSH, Bosch, EarlyBirdCapital, Inc. and certain officers and directors of EUSG (&#8220;PIPE investors&#8221;) contributed USD <ix:nonFraction contextRef="c57" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsAmountContributedToFairValueOfPlanAssets" scale="6" unitRef="usd">152</ix:nonFraction> million cash (EUR <ix:nonFraction contextRef="c57" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsAmountContributedToFairValueOfPlanAssets" scale="6" unitRef="eur">134.5</ix:nonFraction> million) to EUSG for <ix:nonFraction contextRef="c58" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CashAndCashEquivalentsAmountContributedToFairValueOfPlanAssets" scale="6" unitRef="usd">15.2</ix:nonFraction> million shares of EUSG. Furthermore, an additional investor subscribed for additional <ix:nonFraction contextRef="c59" decimals="0" format="ixt:num-dot-decimal" name="adse:InvestorSubscribedAdditionalShares" scale="0" unitRef="shares">400,000</ix:nonFraction> shares of EUSG for an amount of USD <ix:nonFraction contextRef="c58" decimals="-6" format="ixt:num-dot-decimal" name="adse:AdditionalPaidAmount" scale="6" unitRef="usd">4</ix:nonFraction> million (EUR <span style="-sec-ix-hidden: hidden-fact-103">3,5</span> million) which were paid in after the completion of the business combination.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_25" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 3: On December 22, 2021, <ix:nonNumeric contextRef="c60" name="adse:EUSGMergedDescription">EUSG merged with EUSG II, with the EUSG II being the surviving entity. Pursuant to the EUSG&#8217;s charter, EUSG&#8217;s public shareholders, holding 14,435,000 EUSG class A ordinary shares, were offered the opportunity to redeem, upon the consummation of the business combination, EUSG class A ordinary shares held by them for cash equal to their pro rata share of the aggregate amount on deposit in the trust account. In total 9,504,185 EUSG class A ordinary shares were redeemed for USD 95.1 million (EUR 84.1 million). Subsequently each remaining outstanding ordinary share of EUSG, in total 4,870,815 class A ordinary shares contributing a total of USD 48.7 million (EUR 43.1 million) to EUSG equity, was automatically cancelled in exchange for an ordinary share of ADSE Holdco (the parent of EUSG II). Correspondingly, each EUSG public and private placement warrant was converted into one ADSE Holdco public and private placement warrant respectively. EUSG II was merged into ADSE Holdco with the ADSE Holdco remaining as the surviving entity.</ix:nonNumeric></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_26" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Step 4: Immediately following the EUSG merger, on December 22, 2021, the equity holders of ADSE GM - ADSH and Bosch, exchanged their equity interest in ADSE GM for an aggregate cash consideration of EUR <ix:nonFraction contextRef="c61" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="6" unitRef="eur">20.0</ix:nonFraction> million to Bosch and <ix:nonFraction contextRef="c62" decimals="0" format="ixt:num-dot-decimal" name="adse:OrdinarySharesIssued" scale="0" unitRef="shares">24,683,333</ix:nonFraction> ADSE Holdco ordinary shares to ADSH and Bosch with their respective portions (share for share exchange).</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_27" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_26"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Accounting
implications</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_28" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            contribution of the PIPE investors, described in step 2 above, resulted in the issuance of
                                            the Company&#8217;s ordinary shares, leading to increases in subscribed capital and capital
                                            reserves.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_29" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            merger of the Company and ADSE GM is not within the scope of IFRS 3 - Business combinations
                                            since the Company does not meet the definition of a business in accordance with IFRS 3. Instead,
                                            the transaction is accounted for within the scope of IFRS 2 - Share-based payments. Any excess
                                            of the fair value of the Company&#8217;s ordinary shares issued to EUSG shareholders over
                                            the fair value of EUSG identifiable net assets acquired represents compensation for services
                                            (share listing expense) and is expensed as incurred. Refer to note 4.1.6 for the calculation
                                            of the share listing expense.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_30" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            Bosch and ADSH equity share exchange in ADSE GM to the Company&#8217;s ordinary shares is
                                            a capital reorganization under IFRS. This capital reorganization is accounted for as a recapitalization,
                                            with ADSE GM being the accounting predecessor.</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><div><a id="z_010"></a></div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_31" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt"><span style="font-family: Times New Roman, Times, Serif">1.4</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Material
                                            uncertainty regarding the ability to continue as a going concern</span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_32" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management assessed the Company's ability to continue
as a going concern and evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial
doubt about the Company's ability to continue as a going concern using all information available about the future, focusing on the twelve-month
period after the issuance date of the financial statements. Historically, the Company has funded its operations primarily through capital
raises and with loans from shareholders. Since the inception the Company has incurred recurring losses and negative cash flows from operations
including net losses of kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLoss" scale="3" sign="-" unitRef="eur">18,906</ix:nonFraction> for the year 2022 and kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="3" unitRef="eur">87,640</ix:nonFraction> for the year 2021. The company has increased its inventory stock
from kEUR <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesTotal" scale="3" unitRef="eur">13,063</ix:nonFraction> as of December 31, 2021, to kEUR <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesTotal" scale="3" unitRef="eur">53,137</ix:nonFraction> as of December 31, 2022. As of December 31, 2022, the Company has further purchase
obligations of EUR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="adse:FurtherPurchaseAmount" scale="6" unitRef="eur">106.1</ix:nonFraction> million for 2023 (see note 7).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_33" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to improve its cash flow generation
and operating result significantly in 2023. To support this turnaround, the Company executed a restructuring plan for the segment &#8220;North
America&#8221; in March 2023. Further, the company plans to continue to invest in the development of current and new products. The order
backlog as of March 31, 2023, of EUR <ix:nonFraction contextRef="c4" decimals="-6" format="ixt:num-dot-decimal" name="adse:WorkingCapital" scale="6" unitRef="eur">89</ix:nonFraction> million underpins Company&#8217;s growth plan for 2023 and the required reduction of working capital
needs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_34" id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The timely reduction of inventory in the U.S. and
Europe by generating sufficient revenue and/or postponement or cancellation of purchase obligation for inventory is a crucial condition
for the Company's ability to perform its business and to continue as a going concern. To minimize the dependency on it, the Company entered
into multiple shareholder bridge loans in the total amount of kUSD <ix:nonFraction contextRef="c63" decimals="-3" format="ixt:num-dot-decimal" name="adse:ShareholderLoan" scale="3" unitRef="usd">12,875</ix:nonFraction> from May 05, 2023 (see note 8). In case that the planned reduction
of working capital does not take place and the granted shareholder bridge loans would be not sufficient, the Company would need to seek
additional funding through new investors or shareholders or other means. There can be no assurance that the Company will be successful
in achieving its strategic plans, that any additional financing will be available in a timely manner or on acceptable terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="adse_ReportingEntityAndGroupInformationTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even though the company&#180;s management deems
a successful reduction of inventory and an improvement of cash flow generation and operating result in 2023 to be very likely, based on
its recurring losses from operations since inception, the Company has concluded that there is substantial doubt about its ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly,
the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates
the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.	</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><div><a id="z_011"></a></div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">2.</td><td style="text-align: justify">Accounting estimates and management judgements</td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE makes certain estimates and assumptions regarding
the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates
and assumptions. Revisions of estimates are reported prospectively. The estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about estimates and assumptions that
may have a material effect on recognition and measurement of assets, liabilities, income, and expenses are provided below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from contracts with customers (note
4.1.1)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contracts where ADSE provides services to customers,
and which are realized over time usually require an estimate regarding future costs to be incurred until completion of the contract. The
resulting margin is thus estimated by management based on historical data and current forecasting and reviewed at least annually.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Useful lives of depreciable assets (note
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The expected useful lives for intangible assets,
right-of-use assets, and items of property, plant, and equipment and the associated amortization or depreciation expenses are determined
based on the expectations and assessments of management. If the actual useful life is less than the expected useful life, the amount of
depreciation or amortization is adjusted accordingly. As part of the determination of impairment losses on fixed assets, estimates relating
to the reason, timing and amount of the impairments are also made. Useful lives are reassessed on a regular basis. Uncertainties in these
estimates relate to technological obsolescence that may change the utility of certain software and IT equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment of non-financial assets (note
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE assesses whether there are any indicators
of impairment for all non-financial assets at each reporting date. Other non-financial assets are tested for impairment when there are
indications that the carrying amounts may not be recoverable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_10" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories (note 4.2.5)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management estimates the net realizable values
of inventories, considering the most reliable evidence available at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Allowances for expected credit losses (ECL)
of trade receivables and contract assets (note 4.1.1 and 4.2.6)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_13" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management determines the expected credit losses
(ECL) as a probability-weighted estimate of credit losses over the expected life of the trade receivables and contract assets (simplified
approach). The most common-used calculation formula for ECL according to IFRS 9 which is applied in accordance with our accounting policy
is:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_14" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ECL = EAD * PD * LGD</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_15" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Expected Credit Losses = Exposure at Default
(gross value) * Probability of Default * Loss Given Default]</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_16" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exposure at Default is the amount outstanding.
Probability of default (PD) rates are determined by an external service provider, which is a credit insurance group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_17" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management estimates loss given default (LGD)
rates. ADSE uses a LGD rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="adse:RateOfManagementEvaluation" scale="-2" unitRef="pure">40</ix:nonFraction>% as a management evaluation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_18" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_17"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions (note 4.2.12)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_19" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are recognized for various circumstances
as part of ordinary operating activities. The amount of the anticipated cash outflows is determined based on assumptions and estimates
for each specific circumstance and reflects the most probable settlement amount of the present obligation at the reporting date. These
assumptions may be subject to changes, which lead to a deviation in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_20" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_19"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recoverability of deferred tax assets (note
4.1.7)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_21" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are recognized only to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, tax loss carryforwards
and tax credits can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can
be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning opportunities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_22" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE assesses the recoverability of deferred tax
assets at each balance sheet date based on planned taxable income in future fiscal years; if it is assumed that future tax benefits cannot
be utilized, a valuation allowance is made on the deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_23" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_22"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uncertain tax positions (note 4.1.7)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_24" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In cases for which it is probable that amounts
declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized.
The amount is based on the best estimate of the expected tax payment (expected value or most likely amount). Tax refund claims from uncertain
tax positions are recognized when it is probable that they can be realized. In the case of tax loss, no liability for taxes or tax claim
is recognized for these uncertain tax positions. Instead, the deferred tax assets for the unused tax loss carryforwards or tax credits
are to be adjusted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_25" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_24"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based payments (note 4.3)</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimating fair value for share-based payment
transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This
estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option
or appreciation right, volatility and dividend yield and making assumptions about them. Management has grouped the beneficiaries into
homogeneous groups based on their level of hierarchy to derive exit rates based on past and expected future fluctuations resulting in
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share-based payments are disclosed in note 4.3.	</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><div><a id="z_012"></a></div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.</td><td style="text-align: justify">Accounting policies</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><div><a id="z_013"></a></div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_1" escape="true" name="adse:DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.1</td><td style="text-align: justify">Basis of preparation</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_2" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Applied IFRS</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_3" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of ADSE
have been prepared in accordance and in conformity with the International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB). The term IFRS also includes all valid International Accounting Standards (IAS) as well as the interpretations
of the International Financial Reporting Interpretation Committee (IFRIC). These consolidated financial statements cover the financial
year from January 01, 2022 to December 31, 2022 (comparison period: financial year January 01, 2021, to December 31, 2021, and financial
year January 01, 2020 to December 31, 2020). Comparable information in the financial statements for the comparison period from January
01, 2021, to December 31, 2021, is represented by the consolidated financial statements of ADSE Holdco. Comparable information in the
financial statements for the comparison period from January 01, 2020, to December 31, 2020, is represented by the annual financial statements
of ADSE GM. The accounting policies applied in these consolidated financial statements are the same as those applied in the comparison
period as at and for the year ended December 31, 2021. Other accounting standards issued by the IASB that are not yet applied or that
become effective in the future are not expected to have any material impact on the consolidated financial statements.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_4" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_3"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principles of presentation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_5" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reporting period corresponds to the calendar
year. The consolidated financial statements are presented in Euro, which is ADSE&#8217;s functional currency. All amounts have been rounded
to the nearest thousand, unless otherwise indicated. In some cases, rounding could mean that values in this report do not add up to the
exact sum given or percentages do not equal the values presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_6" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Presentation in the consolidated financial statements
differentiate between current and non-current assets and liabilities. Assets and liabilities are generally classified as current if they
are expected to be realized or settled within one year. Deferred tax assets and liabilities are generally presented as non-current items.
The consolidated statement of comprehensive income is presented using the cost-of-sales method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_7" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has prepared the consolidated financial statements
on a going concern basis, which assumes that ADSE will be able to discharge its liabilities. Management has a reasonable expectation that
ADSE has and will have adequate resources to continue in operational existence for the foreseeable future. For further information also
refer to note 1.4.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_8" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE operates its business based on its two operating
segments (Europe and North America) which also form the basis for segment reporting (see note 5).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_9" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements were authorized
by management on May 10, 2023.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_10" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_9"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principles of measurement</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_11" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have been
prepared on the historical-cost basis unless otherwise indicated. A corresponding explanation is provided in the context of the respective
accounting policies.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_12" id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_11"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Principles of consolidation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:continuation id="adse_DescriptionOfAccountingPolicyForBasisOfPreparationExplanatoryPolicyTextBlock-c0_cont_12">The consolidated financial statements comprise
the statement of ADSE Holdco, its subsidiaries and associates as at December 31, 2022. Subsidiaries are entities controlled by ADSE Holdco.
An entity is controlled if ADSE Holdco is exposed to variable returns from its involvement within the entity and has entitlements to these.
Control also exists if the parent company has the ability to affect the returns through its power over the entity. In assessing control,
potential voting rights that currently are exercisable are considered. The annual financial statements of subsidiaries and associates
are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting
policies of subsidiaries and associates have been changed when necessary to align them with the policies adopted by ADSE. Internal Group
profits and losses, expenses, and revenues as well as receivables and liabilities are eliminated</ix:continuation>.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

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</div><div><a id="z_014"></a></div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" continuedAt="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_1" escape="true" name="adse:DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.2</td><td style="text-align: justify">New accounting standards and interpretations</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_2" id="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE applied all the effective standards and interpretations
issued by the IASB and the IFRIC for preparation of the consolidated financial statements if their application was required for annual
periods beginning on or after January 01, 2022. However, none of the new accounting standards are expected to impact ADSE as they are
either not relevant to ADSE&#8217;s activities or require accounting which is inconsistent with ADSE&#8217;s current accounting policies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_3" id="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New accounting standards and amendments to standards
or interpretations effective as of January 01, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top">IFRS 3</td><td style="text-align: left; vertical-align: top">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_5" id="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The standards and amendments to standards and
interpretations below have been published by the IASB but are not mandatorily effective for annual periods beginning on or after January
01, 2022 and therefore have not been early adopted in these consolidated financial statements by ADSE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation id="adse_DisclosureOfNewAccountingStandardsTextBlock-c0_cont_1"><ix:continuation id="adse_DescriptionOfAccountingPolicyForNewAccountingStandardsAndInterpretationsExplanatoryPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><div><a id="z_015"></a></div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfSignificantAccountingPoliciesTextBlock"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3</td><td style="text-align: justify">Significant accounting policies</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.1</td><td>Revenue from contracts with customers</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE develops, produces, and distributes battery
storage and charging solutions for different areas of applications. ADSE is already generating revenues from its products in the field
of highly efficient battery storage solutions and ultra-high power rapid charging systems. The product portfolio ranges from the field
&#8220;residential&#8221; which includes small storage solutions, to the field &#8220;industrial&#8221; including power ranges up to multiple
MW/MWh, as well as to the field &#8220;charging&#8221; which provides charging solutions for the expansion of the eMobility infrastructure
at power-limited network points. Additionally, ADSE provides its customers with software solutions regarding intelligent controlling and
monitoring of battery storage solutions. Other revenues include for example separately acquirable service contracts or maintenance services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is measured based on the consideration
to which ADSE expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. If a contract
with a customer contains more than one performance obligation the transaction price is allocated to each performance obligation on a relative-stand-alone
selling price basis. ADSE has generally concluded that it acts as the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the contracts with customers, ADSE usually
promises to fulfill one performance obligation, the delivery of a promised good. In some cases, there can also be contracts with either
a series of separate performance obligations (serial delivery of products) or two promises in a contract (development services and delivery
of products) that are combined into one performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to IFRS 15, ADSE recognizes revenue
when it transfers the control of a good or service to a customer. The decision if control is transferred at a point in time or over a
period of time requires discretionary decisions. Revenue from the delivery of products is recognized at a point in time. Revenue from
development activities in combination with the delivery of products is recognized over time over the term of the contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Most of revenue from contracts with customers
recognized by ADSE is made within the revenue stream &#8220;Charging&#8221; (see Note 4.1.1 for more information). This revenue stream
mainly includes the production and delivery of ChargeBox (CBX) and ChargePost (CPT). Revenue for the CBX and CPT is recognized once the
product is transferred to the customer. For the years ended December 31, 2021, and December 31, 2020, revenue for the CBX also includes
development cost contributions made by the customer. These cost contributions are also recognized in accordance with the delivery of the
CBX. Additionally, for the year ended December 31, 2020, the revenue stream &#8220;Charging&#8221; includes the delivery of a Chargetrailer
system in the form of a truck trailer. The revenue for the truck trailer is recognized over time. The stage of completion for each contract
is determined by the ratio of costs incurred to expected total costs (cost-to-cost method).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further information on the nature and timing of
the settlement of performance obligations arising from contracts with customers, including significant terms and conditions of payment,
and the related revenue recognition principles are described in note 4.1.1.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant number of contracts are negotiated
on a bill and hold basis. In such arrangements revenue is recognized even though ADSE still has physical possession only if:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the arrangement is substantive (i.e. requested by the customer),</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the finished goods have been identified separately as belonging to the customer,</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                                                                                         </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the product is ready for physical transfer to the customer, and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                                                                        </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">ADSE does not have the ability to use the product to direct it to another customer.</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></span></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.2</td><td>Financial expenses</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance cost of ADSE includes interest expense
from loans and borrowings. Interest expense is recognized in the financial statement of the period in which it is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.3</td><td>Intangible assets</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Separately acquired intangible Assets</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets with finite useful lives that
are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized
on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end
of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with
indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_4" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An intangible asset shall be derecognized on disposal
or when no further economic benefits are expected from its use or disposal. The gain or loss arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in the income
statement when the asset is derecognized. This is recognized under other income or other expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_5" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent expenditure is capitalized only when
it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure
on internally generated goodwill and brands, is recognized in profit or loss as incurred.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_6" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_5"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Internally generated intangible assets</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_7" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In developing highly efficient battery storage
solutions and high-power-charging systems for electric vehicles, ADSE is incurring significant research and development costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_8" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditure on research activities is recognized
in profit or loss as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_9" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An internally generated intangible asset arising
from development (this is essentially the case for software applications) is recognized if, and only if, all of the following conditions
have been demonstrated:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_10" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the technical feasibility of completing the intangible asset
so that it will be available for use or sale;</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_11" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the intention to complete the intangible asset and use or
sell it;</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_12" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the ability to use or sell the intangible asset;</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_13" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">how the intangible asset will generate probable future economic
benefits;</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_14" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the availability of adequate technical, financial and other resources to complete the development and
to use or sell the intangible asset; and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                  </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_15" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the ability to measure reliably the expenditure attributable to the intangible asset during its development.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_16" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount initially recognized for internally
generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition
criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit
or loss in the period in which it is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_17" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to initial recognition, internally
generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as
intangible assets that are acquired separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_18" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An intangible asset is derecognized on disposal,
or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss
when the asset is derecognized. This is recognized under other income or other expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_19" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has already carried out successful research
and development projects from which a work result in the form of a tangible or intangible asset has arisen. The management of ADSE recognizes
an interest for the supply of ultra-high charging stations in limited-power distribution grids. The self-developed technology for ultra-high
charging has already reached market maturity and is actively marketed. Consequently, ADSE has capitalized development costs regarding
the technology in its CBX. The product resulting from the development performance is considerably more space-saving compared to conventional
products of this type and is future-proof in the field of electromobility due to its compatibility with high-voltage areas.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_20" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE developed the product ChargeTrailer, a powerful
mobile ultra-high-power charging system in the form of a truck trailer. The product resulting from the development performance has a much
higher charging power compared to conventional products of this type and is also future-proof due to the variable current and voltage
ranges. ADSE has not capitalized development costs as the product was specifically designed for one customer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_21" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, ADSE has capitalized development
costs regarding the self-developed technology for ultra-high charging in its CPT. The product is a battery-buffered ultra-fast charging
station and is able to offer ultra-high charging capacity even if the power grid does not provide the desired power. CPT enables off-grid
charging and takes ultra-fast charging to a higher level.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_22" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE continues to pursue the consistent development
of products in the field of highly efficient battery storage solutions and ultra-high power rapid charging systems. ADSE aims to be a
pioneer in its business field through the research and development activities. The costs for the development of specific products will
be capitalized when the criteria for the recognition as an intangible asset are fulfilled.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_23" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated useful lives for current and comparative
periods are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Useful life <br/>
in years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; padding-bottom: 1.5pt">Software</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: center"><ix:nonNumeric contextRef="c94" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">7</ix:nonNumeric></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasePrepaymentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.4</td><td>Leases</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_2" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE as a lessee</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_3" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At inception of a contract, ADSE assesses whether
a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_4" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE recognizes a right-of-use asset and a lease
liability at the lease commencement date. None of the leasing contracts started before the date of transition. The right-of-use asset
is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before
the commencement date, plus, if applicable, any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_5" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right-of-use asset is subsequently depreciated
using the straight-line method from the commencement date to the end of the lease term unless the lease transfers ownership of the underlying
asset to ADSE by the end of the lease term or the cost of the right-of-use asset reflects that ADSE will exercise a purchase option. In
that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis
as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_6" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lease liability is initially measured at the
present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, ADSE&#8217;s incremental borrowing rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_7" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE determines its incremental borrowing rate
by obtaining interest rates from external financing sources and makes certain adjustments to reflect the terms of the lease and type of
the asset leased.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_8" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease payments included in the measurement of
the lease liability comprise the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_9" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">fixed payments, including in-substance fixed payments;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_10" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                      </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_11" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">amounts expected to be payable under a residual value guarantee; and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                                   </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_12" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt">&#9679;</td><td style="text-align: justify">the exercise price under a purchase option that ADSE is reasonably certain to exercise, lease payments
in an optional renewal period if ADSE Energy is reasonably certain to exercise an extension option, and penalties for early termination
of a lease unless ADSE is reasonably certain not to terminate early.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_13" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The lease liability is measured at amortized cost
using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index
or rate, if there is a change in ADSE&#8217;s estimate of the amount expected to be payable under a residual value guarantee, if ADSE
changes its assessment of whether it will exercise a purchase, extension, or termination option or if there is a revised in-substance
fixed lease payment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_14" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the lease liability is remeasured in this
way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_15" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has elected not to recognize right-of-use
assets and lease liabilities for leases of low-value assets and short-term leases. ADSE recognizes the lease payments associated with
these leases as an expense on a straight-line basis over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_16" id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated useful lives of right-of-use assets
for property and vehicles for current and comparative periods are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><ix:continuation id="_DisclosureOfLeasePrepaymentsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Useful life <br/>
in years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 50%; text-align: left">Property (Right-of-use assets)</td><td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center"><ix:nonNumeric contextRef="c96" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">1</ix:nonNumeric>-<ix:nonNumeric contextRef="c97" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">10</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Vehicles (Right-of-use assets)</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c98" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">1</ix:nonNumeric>-<ix:nonNumeric contextRef="c99" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">4</ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.5</td><td>Property, plant, and equipment</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Items of property, plant, and equipment are measured
at cost less accumulated depreciation and any accumulated impairment losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If significant parts of an item of property, plant
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any gain or loss on disposal of an item of property,
plant and equipment is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent expenditure is capitalized only if
it is probable that the future economic benefits associated with the expenditure will flow to ADSE. All other expenditure for property,
plant and equipment is recognized immediately as an expense.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated to write off the cost
of items of property, plant, and equipment less their estimated residual values using the straight-line method over their estimated useful
lives and is generally recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated useful lives of property, plant,
and equipment for current and comparative periods are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation id="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_1"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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in years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">Vehicles</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation methods, useful lives and residual
values are reviewed at each reporting date and adjusted if appropriate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property, plant, and equipment is derecognized
upon disposal or when no future economic benefits are expected from the continued use of the asset. The gain or loss arising from the
sale or retirement of a property, plant and equipment is determined as the difference between the proceeds from the sale and the carrying
amount of the asset and is recognized in profit or loss under the other income or other expenses.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.6</td><td>Inventories</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2" id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are measured at the lower of cost
and net realizable value. The cost of inventories is based on the weighted average cost principle. In the case of manufactured inventories,
cost includes an appropriate share of production overheads based on normal operating capacity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation id="_DescriptionOfAccountingPolicyForMeasuringInventories-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The subsequent valuation of cost of raw materials
and supplies, work in progress and finished goods within ADSE is assigned using the weighted average cost method. In order to ensure an
appropriate measurement of inventories, ADSE performs a continuous evaluation of the lifecycle of inventories, i.e. whether inventories
have not been sold or used for a long period of time and are not be expected to be sold in the future. For the determination of the net
realizable value of inventories, we determine a write-off percentage based on historical and forecasted usage and sales. Based on our
continuous observation of inventory trends, a write-off for obsolete inventory is applied.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:nonNumeric contextRef="c0" continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.7</td><td>Contract assets and contract liabilities</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_2" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract asset represents the right to compensation
in return for goods or development services that ADSE has transferred to a customer. In addition, this right depends on something other
than the expiry of a certain period. If the right to remuneration is unconditional, a receivable is recognized. A contract asset occurs,
for example, if ADSE has already incurred an expense for development for a customer within the development and production of goods, but
the customer's payment plan has not yet covered this expense.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_3" id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The contract balance may change during the contract
term between contract asset and contract liability depending on whether ADSE or the customer is behind with performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation id="_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the fact that ADSE develops and produces
goods for its customers it is possible that either a contract asset, a receivable or a contract liability arises, depending on whether
ADSE has an obligation to provide services to a customer for which it has already received payments or for which payment is due or vice
versa. A contractual liability represents the obligation to provide development and production of goods to a customer for which ADSE has
already received remuneration or for which payment is due according to the agreed payment plan. Also included in contract liabilities
are performance obligations regarding extended warranties.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.8</td><td>Cash and cash equivalents</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and bank balances in the statement of financial
position comprises cash on hand and cash at banks including restricted cash.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.9</td><td>Financial instruments</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.9.1</td><td>Financial assets</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recognition and initial measurement</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade receivables are initially recognized when
they are originated. Financial assets and financial liabilities are initially recognized when ADSE becomes a party to the contractual
provisions of the instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_5" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial asset (unless it is a trade receivable
without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at
fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable
without a significant financing component is initially measured at the transaction price.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Classification, subsequent measurement, impairment
and derecognition</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_7" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On initial recognition, a financial asset is classified
as measured at: amortized cost (FAAC); at fair value through other comprehensive income (FVOCI &#8211; debt investment or FVOCI &#8211;
equity investment); or at fair value through profit or loss (FVTPL).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_8" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets are not reclassified subsequent
to their initial recognition unless ADSE changes its business model for managing financial assets, in which case all affected financial
assets are reclassified on the first day of the first reporting period following the change in the business model.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_9" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets at amortized cost are subsequently
measured using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_10" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE derecognizes a financial asset when the contractual
rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which ADSE neither transfers
nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_11" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE recognizes loss allowances for expected credit
losses (ECLs) on:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_12" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">financial assets measured at amortized cost, and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                               </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_13" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt">&#9679;</td><td style="text-align: justify">contract assets.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_14" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE measures loss allowances at an amount equal
to lifetime ECLs (simplified approach).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_15" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When determining whether the credit risk of a
financial asset has increased significantly since initial recognition and when estimating ECLs, ADSE considers reasonable and supportable
information that is relevant and available without undue cost or effort, this includes both quantitative and qualitative information and
analysis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_16" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment losses for financial assets measured
at amortized cost are recognized in an impairment account (loss allowance). Loss allowances are deducted from the gross carrying amount
of the assets. Changes in the carrying amount of the loss allowance are recognized in profit or loss.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_17" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.9.2</td><td>Financial liabilities</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_18" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recognition and initial measurement</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_19" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities not at fair value through
profit or loss (FVTPL) are initially measured at fair value plus or minus transaction costs that are directly attributable to its acquisition
or issue.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_20" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Classification, subsequent measurement, and
derecognition</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_21" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are classified as measured
at amortized cost (FLAC) or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative
or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, are recognized in profit or loss. They are subsequently measured at amortized cost using the effective
interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition
is also recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_22" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE derecognizes a financial liability when its
contractual obligations are discharged or cancelled or expire. ADSE also derecognizes a financial liability when its terms are modified
and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified
terms is recognized at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets and financial liabilities are
offset, and the net amount presented in the statement of financial position when, and only when, ADSE currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.10</td><td>Taxes</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.10.1</td><td>Income taxes</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Income
taxes are comprised of current and deferred tax based on the appropriate tax rates. Current and deferred taxes are recognized in profit
or loss except to the extent that they directly relate to items recorded in equity or other comprehensive income. Income tax receivables
and payables recorded comprise the status of amounts to be received, respectively to be paid in the future</span>.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.10.2</td><td>Current tax</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current tax comprises the expected tax payables
or receivables on the taxable income for the year and any adjustment to the tax payables or receivables in respect of previous years.
The amount of current tax payables or receivables is the best estimate of the tax amount expected to be paid or received that reflects
uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date in
the countries where the Company and its subsidiaries operate and generate taxable income. During the ordinary course of the business,
there are transactions and calculations for which the ultimate tax determination is uncertain. Management periodically evaluates positions
taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether
it is probable that a taxation authority will accept an uncertain tax treatment. This assessment relies on estimated and assumptions and
may involve a series of complex judgments about future events. To the extent that the final tax outcome of these matters is different
that the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current tax assets and liabilities are offset
only if certain criteria are met.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.10.3</td><td>Deferred taxes</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are recognized in respect of temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are not recognized for:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">temporary differences on the initial recognition of assets or liabilities in a transaction that is not
a business combination and that affects neither accounting nor taxable profit or loss;</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt">&#9679;</td><td style="text-align: justify">temporary differences related to investments in subsidiaries, associates, and joint arrangements to the
extent that the entity is able to control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are recognized for unused
tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against
which they can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If
the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, future taxable profits are considered,
based on the business plans the entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are reviewed at each reporting
date and are reduced if it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed
at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against
which they can be utilized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred taxes are measured at the tax rates that
are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting
date, and reflects uncertainty related to income taxes, if any.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation id="_DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are offset
if certain criteria are met.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.11</td><td>Share-based payments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s management, members of the board
of directors, employees and others providing similar services to ADSE receive remuneration in the form of share-based payments, which
are equity-settled transactions. ADSE&#8217;s equity-settled option plans are described in detail in note 4.3 and include restricted stock
units (RSU) and non-qualified stock options (NQSO).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The costs of equity-settled transactions are determined
by the fair value at grant date, using an appropriate valuation model. Share-based expenses for the respective vesting periods are recognized
in general and administrative expenses, reflecting a corresponding increase in equity.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.12</td><td>Provisions</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_2" id="_DisclosureOfProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A provision is a liability of uncertain timing
or amount. Provisions are recognized if ADSE has a present obligation to a third party based on a past event, an outflow of resources
to settle the obligation is probable and the amount of the obligation can be reliably estimated. Provisions are discounted if the effect
is material.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_3" id="_DisclosureOfProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions where the outflow of resources is likely
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_4" id="_DisclosureOfProvisionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the
liability. The unwinding of the discount is recognized as finance cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation id="_DisclosureOfProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A provision for warranties is recognized when
the underlying products or services are sold, based on historical warranty data and a weighting of possible outcomes against their associated
probabilities.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.13</td><td>Impairment of non-financial assets</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any
indication of impairment. If any such indication exists, then the asset&#8217;s recoverable amount is estimated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of
other assets or cash generating units (CGU).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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and the impairment test is performed at the level of this CGU. ADSE manages its operations based on two operating segments which also
form the CGUs of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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amount of an asset or CGU exceeds its recoverable amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts
of the other assets in the CGU on a pro rata basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An impairment loss in respect of goodwill is not
reversed. For other assets, an impairment loss is reversed only to the extent that the asset&#8217;s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairments and any triggering events did not
occur in the reporting period.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.14</td><td>Foreign currency transactions</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are presented
in Euro, which is the functional and presentation currency of ADSE Holdco. Assets and liabilities of foreign operations are translated
into Euro at the rate of exchange prevailing at the reporting date. The consolidated statement of comprehensive income is translated at
average exchange rates. The currency translation differences are recognized in other comprehensive income or loss. Transactions in foreign
currencies are initially recorded by ADSE&#8216;s entities at their respective functional currency spot rates, at the date the transaction
first qualifies for recognition. ADSE used the following exchange rates to convert the financial statements of ADSE US:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:continuation continuedAt="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_2" id="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_1"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_3" id="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_2"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_4" id="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_3"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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</div><div>

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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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translate the balance sheet of ADSE US.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average rate September 15, - December 31, 2021,
which corresponds to the incorporation period, is used to translate the expenses incurred by ADSE US.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Spot rate as of December 22, 2021, is used to
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average rate November 1 &#8211; December 31, 2021,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average rate December 23 - 31, 2021, is used to
convert the USD expenses incurred by the Company in the corresponding period.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share (EPS) is calculated by
dividing the profit for the year attributable to ordinary equity holders of the ADSE Holdco by the weighted average number of ordinary
shares outstanding during the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted stock units and non-qualified stock
options have been included in the calculation of diluted weighted average number of shares outstanding. These restricted stock units and
non-qualified stock options could potentially dilute basic earnings per share in the future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also refer to section 4.1.8 for further information
on the calculation of basic and diluted earnings per share.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_2" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_3" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">in the principal market for the asset or liability; or</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                     </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_4" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt">&#9679;</td><td style="text-align: justify">in the absence of a principal market, in the most advantageous market for the asset or liability</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_5" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal or the most advantageous market
must be accessible by ADSE. The fair value of a liability reflects its non-performance risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_6" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of an asset or a liability is measured
using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in
their economic best interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_7" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A fair value measurement of a non-financial asset
considers a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it
to another market participant that would use the asset in its highest and best use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_8" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_9" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All assets and liabilities for which fair value
is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value measurement as a whole:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_10" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities,</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                                                                 </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_11" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable, and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                               </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_12" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt">&#9679;</td><td style="text-align: justify">Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_13" id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For assets and liabilities that are recognized
in the financial statements at fair value on a recurring basis, ADSE determines whether transfers have occurred between levels in the
hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation id="_DisclosureOfFairValueMeasurementExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of fair value disclosures, ADSE
has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy, as explained above.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGovernmentGrantsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.17</td><td>Government grants</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation id="_DisclosureOfGovernmentGrantsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants related to assets are deducted
from the carrying amount of the asset and are recognized in earnings over the life of a depreciable asset as a reduced depreciation expense.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfReclassificationsOrChangesInPresentationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">3.3.18</td><td>Reclassifications</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation id="_DisclosureOfReclassificationsOrChangesInPresentationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period amounts have been reclassified
to conform to current year financial statement presentation. These reclassifications had no effect on reported income (loss), comprehensive
income (loss), cash flows, or shareholders&#8217; equity as previously reported.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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<td style="width: 0"></td><td style="width: 34pt">4.</td><td style="text-align: justify">Disclosure on individual items of the consolidated financial statements</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p></ix:nonNumeric><div>

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<td style="width: 0"></td><td style="width: 34pt">4.1</td><td style="text-align: justify">Statements of comprehensive income</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_3" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.1.1</td><td>Revenue from contracts with customers</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_4" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE develops, produces, and distributes battery
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which includes small storage solutions, to the field &#8220;industrial&#8221; including power ranges up to multiple MW/MWh, as well as
to the field &#8220;charging&#8221; which provides charging solutions for the expansion of the eMobility infrastructure at power-limited
network points. Additionally, ADSE provides its customers with software solutions regarding intelligent controlling and monitoring of
battery storage solutions. Other revenues include for example separately acquirable service contracts or maintenance services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_5" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="adse:RevenuesGenerated" scale="-2" unitRef="pure">73.9</ix:nonFraction>% of revenues are generated in Germany. The
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_7" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents the revenue from
contracts with customers disaggregated by major products:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_8" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_9" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charging revenues of kEUR <ix:nonFraction contextRef="c73" decimals="-3" format="ixt:num-dot-decimal" name="adse:ChargingRevenues" scale="3" unitRef="eur">19,506</ix:nonFraction> (2021: kEUR <ix:nonFraction contextRef="c108" decimals="-3" format="ixt:num-dot-decimal" name="adse:ChargingRevenues" scale="3" unitRef="eur">21,118</ix:nonFraction>;
2020: kEUR <ix:nonFraction contextRef="c109" decimals="-3" format="ixt:num-dot-decimal" name="adse:ChargingRevenues" scale="3" unitRef="eur">40,477</ix:nonFraction>) were recognized point in time while charging revenues of kEUR <ix:nonFraction contextRef="c72" decimals="-3" format="ixt:num-dot-decimal" name="adse:ChargingRevenues" scale="3" unitRef="eur">0</ix:nonFraction> (2021: kEUR <ix:nonFraction contextRef="c110" decimals="-3" format="ixt:num-dot-decimal" name="adse:ChargingRevenues" scale="3" unitRef="eur">2,603</ix:nonFraction>; 2020: kEUR <ix:nonFraction contextRef="c111" decimals="-3" format="ixt:num-dot-decimal" name="adse:ChargingRevenues" scale="3" unitRef="eur">37</ix:nonFraction>) were recognized over
time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_10" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commercial and industrial revenues of kEUR <ix:nonFraction contextRef="c73" decimals="-3" format="ixt:num-dot-decimal" name="adse:CommercialAndIndustrialRevenues" scale="3" unitRef="eur">4,311</ix:nonFraction>
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2020: kEUR <ix:nonFraction contextRef="c111" decimals="-3" format="ixt:num-dot-decimal" name="adse:CommercialAndIndustrialRevenues" scale="3" unitRef="eur">2,939</ix:nonFraction>) were recognized over time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_11" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information on contract
assets and contract liabilities from contracts with customers:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_12" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfInformationOnContractAssetsAndContractLiabilitiesFromContractsWithCustomersTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="eur">23,721</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_13" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The contract assets primarily relate to ADSE&#8217;s
rights to consideration for development activities partially completed but not billed at the reporting date. Revenues for these development
activities are realized over time. Because there are cases where there has not been an advanced consideration by the customer or the already
recognized revenue in the period exceeds the advanced consideration by the customer ADSE recognizes a contract asset. The contract assets
are transferred to receivables when the rights become unconditional. This usually occurs when ADSE delivers the product ordered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_14" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract liabilities mainly relate to the advanced
consideration received from customers in advance to the delivery of the product and may include separate performance obligations for extended
warranties. ADSE develops and produces specific solutions for its customer which causes the orders to have a certain delivery time. Contract
liabilities will be recognized as revenue when the contract ends at the latest, which is generally expected to occur no longer than one
year. However, the contract balance may change between contract asset and contract liability depending on whether ADSE or the customer
is behind with performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_15" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase in cash received excluding amounts
recognized at the beginning of the period and revenue recognized that was included in the contract liability balance at the beginning
of the period amount to:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_16" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCreditRiskExposureExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Increases due to cash received, excluding amounts recognized at the beginning of the period</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_17" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no incremental costs to obtain or fulfil
a contract with a customer, which would have to be recognized as an asset. Furthermore, contracts with customers do not contain a significant
financing component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_18" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the financial year 2022 revenue from contracts
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</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_19" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_18"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Performance obligations and revenue recognition
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_20" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue is measured based on the consideration
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_21" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information about
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_22" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<br/>
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  <tr style="vertical-align: top; ">
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<br/>
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<br/>
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<br/>
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  </table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

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    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_23" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_24" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_23"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of goods sold</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_25" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of goods sold include the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_26" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_25"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfCostOfGoodsSoldTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_27" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The decrease in cost of goods sold is the result
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_28" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_27"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling, general and administrative expenses</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_29" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling, general and administrative expenses include
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_30" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_29"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_31" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, personnel expenses include
expenses for stock compensation of kEUR <ix:nonFraction contextRef="c115" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="eur">2,770</ix:nonFraction> (December 31, 2021: kEUR <ix:nonFraction contextRef="c116" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="eur">10</ix:nonFraction>, December 31, 2020: kEUR <ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:KeyManagementPersonnelCompensation" scale="3" unitRef="eur">0</ix:nonFraction>). In addition, the increase of personnel
expenses in the financial year 2022 is based on an increase of employees and expanding operating activities of ADSE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_32" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other expenses primarily consist of expenses for
general warranties, travel costs and outbound freight.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_33" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_32"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and development expenses</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_34" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and not capitalized development expenses
amount to kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="3" unitRef="eur">1,701</ix:nonFraction> (2021: kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="3" unitRef="eur">2,012</ix:nonFraction>, 2020: kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ResearchAndDevelopmentExpense" scale="3" unitRef="eur">749</ix:nonFraction>). They comprise wages and salaries and material expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_35" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has capitalized development cost in total
of kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:CapitalizedDevelopmentCost" scale="3" unitRef="eur">7,406</ix:nonFraction> (2021: <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:CapitalizedDevelopmentCost" scale="3" unitRef="eur">3,904</ix:nonFraction>, 2020: kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:CapitalizedDevelopmentCost" scale="3" unitRef="eur">5,470</ix:nonFraction>). Amortization of development cost amounts to kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:AmortizationDevelopmentCost" scale="3" unitRef="eur">2,458</ix:nonFraction> (2021: kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:AmortizationDevelopmentCost" scale="3" unitRef="eur">2,249</ix:nonFraction>, 2020: kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:AmortizationDevelopmentCost" scale="3" unitRef="eur">647</ix:nonFraction>).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_36" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, and December 31, 2020,
cost refunds for research and development expenses relating to government grants are presented as other operating income in the amount
of kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingCostRefunds" scale="3" unitRef="eur">174</ix:nonFraction> and kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingCostRefunds" scale="3" unitRef="eur">119</ix:nonFraction>, respectively (see note 4.1.3). As of December 31, 2022, cost refunds in the amount of kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingCostRefunds" scale="3" unitRef="eur">492</ix:nonFraction> are reclassified
and presented as reduction of research and development expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_37" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost refunds are related to government grants
received. ADSE has received ten government grants as of the reporting date. As of the reporting date such received government grants amount
to <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GovernmentGrants" scale="3" unitRef="usd">4,615</ix:nonFraction> (December 31, 2021: kEUR <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GovernmentGrants" scale="3" unitRef="eur">4,381</ix:nonFraction>, December 31, 2020: kEUR <ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GovernmentGrants" scale="3" unitRef="eur">4,282</ix:nonFraction>). As of the reporting date, a total of kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:GovernmentGrantsNotYetPaid" scale="3" unitRef="eur">354</ix:nonFraction> (December 31, 2021:
kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:GovernmentGrantsNotYetPaid" scale="3" unitRef="eur">96</ix:nonFraction>, December 31, 2020: kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:GovernmentGrantsNotYetPaid" scale="3" unitRef="eur">13</ix:nonFraction>) of the grants had not yet been paid to ADSE. This amount is recognized as a receivable at the reporting
date. All the grants received were awarded to cover only research expenses. The research projects to which the grants relate essentially
comprise research in the fields of electromobility, batteries and energy storage systems, emission-free systems, and energy supply of
the future.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

</div><!-- Field: Page; Sequence: 138; Value: 1 --><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_38" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.1.3</td><td>Other operating income</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_39" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating income includes the following:</p></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_40" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_39"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfOtherOperatingIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingIncomefromSubsequentPayments" scale="3" unitRef="eur">408</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Income from utilization of provisions</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingIncomefromUtilizationOfProvisions" scale="3" unitRef="eur">58</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income from reversal of provisions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingIncomeFromReversalOfProvisions" scale="3" unitRef="eur">913</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingIncomeFromReversalOfProvisions" scale="3" unitRef="eur">233</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Cost refunds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingCostRefunds" scale="3" unitRef="eur">174</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingCostRefunds" scale="3" unitRef="eur">119</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income from compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherOperatingIncomefromCompensation" scale="3" unitRef="eur">1,016</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_41" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income from compensation relates to financial
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_42" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, and December 31, 2020,
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_43" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_42"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_44" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other operating expense includes the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_45" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_44"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfOtherOperatingExpenseTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_46" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other expenses decreased from the year ended December
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_47" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exchange rate losses are based on the volatility
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</div><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_48" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_47"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.1.5</td><td>Finance result</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_49" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The finance income and finance costs recognized
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_50" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_49"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfFinanceIncomeAndFinanceCostsRecognizedInProfitOrLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_51" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, finance income from remeasurement
of warrant liabilities consists of amounts recognized as part of the remeasurement of fair value of public and private warrant liabilities
(kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:PublicAndPrivateWarrantLiabilities" scale="3" unitRef="usd">10,329</ix:nonFraction>, December 31, 2021: kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:PublicAndPrivateWarrantLiabilities" scale="3" unitRef="eur">0</ix:nonFraction>, December 31, 2020: kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="adse:PublicAndPrivateWarrantLiabilities" scale="3" unitRef="eur">0</ix:nonFraction>). Foreign currency gains in the amount of kEUR <ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsNetOfTax" scale="3" unitRef="eur">9,928</ix:nonFraction> result from the
FX valuation of USD bank accounts and similar items.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_52" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_51"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.1.6</td><td>Share listing expense</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_53" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in note 1.3, the merger between EUSG
II (successor of EUSG) and the Company resulted in recognition of the share listing expense in 2021. Share listing expense includes the
IFRS 2 listing expenses and other transaction related costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_54" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The IFRS 2 share listing expense represents a
non-cash expense in accordance with IFRS 2. Any excess of the fair value of the Company&#8217;s ordinary shares issued to EUSG shareholders
over the fair value of EUSG&#8217;s identifiable net assets acquired represents compensation for services (share listing expense) and
is expensed as incurred. The IFRS 2 share listing expense is calculated using the following parameters:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_55" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_54"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The fair value per the Company&#8217;s share is set at USD <ix:nonFraction contextRef="c121" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">9.77</ix:nonFraction> which equals the share price of EUSG as
of December 22, 2021. On that date each remaining EUSG ordinary share after redemptions was cancelled in exchange for an ordinary share
of the Company. Therefore, given the 1:1 share exchange ratio, it is assumed that the fair value of one share of the Company equals the
fair value of an EUSG share.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr> </table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_56" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_55"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Net assets of EUSG were calculated as of December 22, 2021, i.e. including net cash proceeds from EUSG
IPO after redemptions.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                </table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_57" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_56"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Share listing expense is calculated in USD given that EUSG functional currency is USD and EUSG share price
is in USD. The resulting share listing expense is converted to EUR using the spot rate as of December 22, 2021.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 140; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_58" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Applying the aforementioned parameters, the share
listing expense is calculated as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_59" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_58"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueMeasurementOfAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_60" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other transaction-related costs include fees paid
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_61" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_60"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_62" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_61"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax benefit / (expenses) include current and
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_63" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_62"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfCurrentTaxesAndDeferredTaxesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_64" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_63"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reconciliation of the effective tax rate</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" name="adse:DescriptionOfReconciliationOfTheEffectiveTaxRate"><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_65" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_64"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The entity&#8217;s tax rate of 29,48% combines
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_66" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_65"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfReconciliationOfTheEffectiveTaxRateTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_67" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_66"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unrecognized deferred tax assets</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_68" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_67"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets have not been recognized for
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_70" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_69"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All tax losses carried forward have no date of
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</div><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_71" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_70"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Movement in deferred taxes</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-163">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_74" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_73"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are offset
according to the requirements of IAS 12.74.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_75" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_74"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The movement of all deferred tax positions is
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</div><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_76" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_75"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.1.8</td><td>Earnings per share</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_77" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_76"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings per share (EPS) is calculated by
dividing the profit for the year attributable to ordinary equity holders of the ADSE Holdco by the weighted average number of ordinary
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_78" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_77"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE Holdco is a public limited company, which
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_79" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_78"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Earnings per share (basic) and earnings per share
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_82" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_81"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant change in basic and diluted loss
per share in the financial year 2021 results from the issue of a significant number of new shares as a part of the business combination
(ADSE) formed on December 22, 2021. For the year ended December 31, 2021, the share for share exchange of ADSE GM shareholders that took
place as part of the business combination was retrospectively applied to calculate the weighted-average number of shares outstanding.
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of weighted-average number of shares outstanding for 2021. For more details about the business combination and the issued shares, please
refer to section 1.3.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt"></p><div>

</div><div><a id="z_018"></a></div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_83" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_82"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_84" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_83"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.1</td><td>Intangible assets</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_85" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_84"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of intangible assets is shown
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_87" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_86"><ix:continuation continuedAt="adse_ScheduleOfDevelopmentOfIntangibleAssetsTableTextBlock-c0_cont_2" id="adse_ScheduleOfDevelopmentOfIntangibleAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_88" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_87"><ix:continuation id="adse_ScheduleOfDevelopmentOfIntangibleAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_89" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_88"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The internally generated intangible assets primarily
relate to the capitalized costs of ADSE &#8217;s development of pioneering technologies, for which ADSE intends to enable itself on the
market as a provider of advanced system solutions in the fields of energy storage, battery technology and electromobility. The intangible
assets are amortized according to their useful life and the amortization is presented in costs of goods sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_90" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_89"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets that are material to ADSE&#8217;s
consolidated financial statements include development activities relating to the development of ChargeBox (CBX), a customer specific ChargeBox
(DC-CBX) and ChargePost (CPT). Development activities for CBX and DC-CBX were capitalized in the financial years 2020, 2019 and 2018 and
have a remaining useful life of <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="adse:IntangibleAssetUsefulLife">five years</ix:nonNumeric>. As of the reporting date, the carrying amount of CBX amounts to kEUR <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" scale="3" unitRef="eur">4,580</ix:nonFraction> (December 31, 2021:
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</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_91" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_90"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.2</td><td>Leases</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_92" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_91"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, ADSE leases two warehouse
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_93" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_92"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some property leases contain an extension option.
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_94" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_93"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When measuring lease liabilities, ADSE discounted
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_95" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_94"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of right-of-use assets is shown
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_96" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_95"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_97" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_96"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For leases with short-term contracts of up to
one year and low-value assets, ADSE has elected not to recognize right-of-use-assets and lease liabilities. In all periods there were
no material expenses for short-term leases and low-value assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_98" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_97"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no material expenses relating to variable
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_99" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_98"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE did not enter into any sublease agreements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_100" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_99"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, a total cash outflow for leases in the
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_101" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_100"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts recognized in profit or loss are shown
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_102" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_101"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfRecognizedAmountTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_103" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_102"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.3</td><td>Property, plant, and equipment</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_104" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_103"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of fixed assets is shown below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
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    <td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td>
    <td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td>
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    <td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_107" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_106"><ix:continuation id="adse_ScheduleOfDevelopmentOfFixedAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_108" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_107"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_109" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_108"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other investments and other assets include the
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_111" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_110"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other investments include a convertible loan granted
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_112" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_111"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other assets include a deposit for a rental building
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_113" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_112"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.5</td><td>Inventories</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_114" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_113"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories include the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_115" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_114"><ix:nonNumeric contextRef="c0" continuedAt="adse_ScheduleOfInventoriesCanBeBrokenDownTableTextBlock-c0_cont_1" escape="true" name="adse:ScheduleOfInventoriesCanBeBrokenDownTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_116" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_115"><ix:continuation id="adse_ScheduleOfInventoriesCanBeBrokenDownTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_117" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_116"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, the Company made certain classification
and presentation changes within several components of inventories, including additional write-downs based on updated forecasted usage
and sales. The Company determined that this change better reflects how management views and operates the business. Reclassifications of
the comparative prior year 2021 amounts have been made to conform to the current presentation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>




</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_118" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_117"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.6</td><td>Trade and other receivables and contract assets</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_119" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_118"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade and other receivables include the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_120" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_119"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfTradeAndOtherReceivableTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="adse:OtherReceivablesNonfinancial" scale="3" unitRef="eur">2,169</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_121" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_120"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the reporting date, non-financial other
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_122" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_121"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_123" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_122"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents include the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_124" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_123"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCashFlowStatementExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_125" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_124"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash and cash equivalents presented in the
statement of cash flows comprise all cash reported in the statements of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_126" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_125"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, cash at banks includes
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_127" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_126"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.8</td><td>Equity</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_128" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_127"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changes in the various components of equity
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_129" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_128"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in note 1.3, ADSE Holdco was founded
on July 26, 2021. On December 22, 2021, EUSG merged with EUSG II and EUSG II merged with ADSE Holdco with ADSE Holdco being the surviving
entity. <ix:nonNumeric contextRef="c0" name="adse:DescriptionOfShareholders">The shareholders of EUSG II (formerly EUSG), who decided not to redeem their shares, received 4,870,815 shares in ADSE Holdco
with a nominal value of USD 0.0001 resulting in share capital of EUR 431. To effectuate the merger of ADSE Holdco with ADSE GM additional
24,683,333 were issued to the equity holders of ADSE GM with a nominal value of USD 0.0001 resulting in an increase of share capital by
EUR 2,184. As part of the PIPE investment additional 15.6 million shares with a nominal value of USD 0.0001 were issued resulting in an
increase in share capital by EUR 1,380. As of December 31, 2021, following the merger and capital reorganization ADSE Holdco had 48,807,898
shares in issue.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:nonNumeric contextRef="c5" name="adse:CapitalReorganizationDescription"><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_130" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_129"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the merger with ADSE GM in 2021, which
is accounted for as a capital reorganization, the subscribed capital of ADSE GM amounting to EUR 32,039 was reclassified to capital reserves.
As part of the capital reorganization, accumulated losses and public warrant liability of EUSG amounting to EUR 16.8 million were deducted
from capital reserves. Furthermore, capital reserves include EUR 43.1 million additional paid-in capital for the remaining 4,870,815 EUSG
shares after redemptions and the excess of fair value of issued shares over net assets assumed as part of the merger amounting to EUR
58.5 million. Capital reserves are reduced by transaction costs amounting to EUR 11.0 million and payments for acquisition of a shareholding
of an existing ADSE GM shareholder amounting to EUR 20 million. Moreover, the difference between the cash received and the nominal value
of 15.6 million shares issued to the PIPE investors amounting to EUR 138.0 million is recorded within capital reserves.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_131" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_130"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of shares outstanding and shares
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_132" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_131"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfDevelopmentSharesOutstandingtableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_133" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_132"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, the opening
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_134" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_133"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The result for the period contains consolidated
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_135" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_134"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, other equity consists
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_136" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_135"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, the share capital amounts
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_137" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_136"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other reserves consist of accumulated earnings
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_138" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_137"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfOtherReservesConsistOfAccumulatedEarningsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_139" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_138"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.9</td><td>Warrant liabilities</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_140" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_139"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, warrant liabilities amounting
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warrants in issue. In comparison to December 31, 2021, there have been no changes in the amount of warrants issued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_141" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_140"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="adse:PublicWarrants" scale="0" unitRef="shares">6,250,000</ix:nonFraction> public warrants were issued as part
of the EUSG units in the IPO to the public shareholders on January 26, 2021. Each EUSG unit contained one share and one-half warrant.
Additional <ix:nonFraction contextRef="c137" decimals="0" format="ixt:num-dot-decimal" name="adse:WarrantsSharesIssued" scale="0" unitRef="shares">937,500</ix:nonFraction> warrants were issued as part of the overallotment to the underwriters.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_142" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_141"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="adse:PrivateWarrants" scale="0" unitRef="shares">4,375,000</ix:nonFraction> private warrants were issued by EUSG
to EUSG Sponsor and the underwriters. Lender warrants were issued in lieu of a repayment of a promissory note and are accounted for as
private warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_143" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_142"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each warrant gives the holder the right to acquire
one ordinary share in the Company at an exercise price of USD <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:WeightedAverageSharePrice2019" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share, subject to adjustment. Both public and private warrants
may be exercised until December 22, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_144" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_143"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until expiration, and if the Company&#8217;s share
price equals or exceeds USD <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="adse:ExceedsSharePrice" scale="0" unitRef="usdPershares">18.00</ix:nonFraction> for any 20 trading days within a 30-trading day period, the Company may elect to redeem public warrants
at a price of USD <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="adse:FairValueOfPublicWarrantsPerShare" scale="0" unitRef="usdPershares">0.01</ix:nonFraction> per warrant. Private warrants are not redeemable by the Company, they may be exercised for cash or on a cashless
basis at the holder&#8217;s option as long as they are held by the initial holders or their affiliates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_145" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_144"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in the Note 1.3, on the merger of
EUSG with EUSG II and ultimately with ADSE Holdco in 2021, each EUSG public and private warrant was converted into one ADSE Holdco public
and private placement warrant respectively under the same terms as EUSG warrants. Upon the merger it is assessed that the EUSG public
and private warrants were assumed as a liability as part of the acquisition. Therefore, the Company&#8217;s warrants issued to replace
EUSG warrants are accounted as a liability at fair value through profit and loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_146" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_145"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public warrants are measured at fair value through
profit or loss with reference to their quoted market price on NASDAQ (Level 1 &#8211; Fair value hierarchy under IFRS 13).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_147" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_146"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market prices for private warrants are not
observable as these are not actively traded. Their fair value is determined by applying Black-Scholes option pricing model with the following
inputs corroborated with observable market data (Level 2 &#8211; Fair value hierarchy under IFRS 13):</p></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_148" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_147"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfMarketPricesForPrivateWarrantsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_149" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_148"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">1.</td><td style="text-align: justify">Equal to the observed price of the common shares,</td></tr></table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_150" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_149"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">2.</td><td style="text-align: justify">Warrant strike price,</td></tr></table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_151" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_150"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">3.</td><td style="text-align: justify">Calculated as the time period between the end of the reporting period and the warrants expiration date
(December 22, 2026),</td></tr></table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_152" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_151"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">4.</td><td style="text-align: justify">Interpolated 3.98-year (December 31, 2021: 4.98) constant maturity US treasury rates,</td></tr></table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_153" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_152"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">5.</td><td style="text-align: justify">Assumed dividend yield of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="adse:DividendYieldsPercentage" scale="-2" unitRef="pure">0</ix:nonFraction>%,</td></tr></table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_154" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_153"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 17.85pt">6.</td><td style="text-align: justify">Implied volatility observed through the public warrants traded price. </td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_155" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_154"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.10</td><td>Trade and other payables</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_156" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_155"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade and other payables include the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_157" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_156"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfTradeAndOtherPayablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_158" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_157"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade payables mainly consist of trade accounts
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_159" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_158"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade payables due to related parties among others
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_160" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_159"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For information about ADSE&#8217;s exposure to
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_161" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_160"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.11</td><td>Provisions</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_162" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_161"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of provisions is shown below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_165" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_164"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no pension commitments or similar obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_166" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_165"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE provides warranties for general repairs of
defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when
the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The estimate of
warranty-related costs is revised annually. In general warranty provisions are covering the expected warranties from the customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_167" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_166"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If ADSE has a contract that is onerous, the present
obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract
is established, ADSE recognizes any impairment loss that has occurred on assets dedicated to that contract.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_168" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_167"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite the changing environment of interest rates,
no significant effect from unwinding of the discount on non-current provisions was identified.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_169" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_168"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.12</td><td>Loans and borrowings</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_170" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_169"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the reporting date, loans and borrowings
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_171" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_170"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 loans and borrowings included
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_172" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_171"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the financial year 2021, loans given to
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_173" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_172"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.13</td><td>Financial instruments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_174" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_173"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides the carrying amounts
and fair values of all financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include
fair value information for financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation
of the fair value. Further, the fair value disclosure of lease liabilities is also not required.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_175" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_174"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfProvidestheCarryingAmountsAndFairValuesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c304" name="adse:AmortizedCostAssets">At amortized cost</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: right; text-indent: -10pt; padding-left: 10pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>


</div><!-- Field: Page; Sequence: 154; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_176" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_175"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in fair value of warrants as well as interest
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_177" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_176"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If reclassifications to other levels of the measurement
hierarchy are necessary, they are made at the end of the fiscal year in which the event that necessitates the reclassification occurs.
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_178" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_177"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net gains arising from receipts on trade receivables
derecognized in prior years are virtually equal to losses on derecognition of trade receivables in current year.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_179" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_178"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.2.14</td><td>Contingent liabilities and contingent assets</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_180" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_179"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent liabilities are possible obligations
that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events that are
outside the control of ADSE. Furthermore, present obligations are contingent liabilities if it is not probable that an outflow of resources
will be required to settle the obligation and/or the amount of the obligation cannot be estimated with sufficient reliability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_181" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_180"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent assets are possible assets that arise
from past events and whose existence will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_182" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_181"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the balance sheet date no contingent liabilities
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</div><div>

</div><div><a id="z_019"></a></div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_183" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_182"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.3</td><td style="text-align: justify">Share-based payments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_184" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_183"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restricted stock units program</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_185" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_184"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, an Incentive Plan was implemented which
allows ADSE to grant restricted stock units (RSUs) for members of the management and members of the board of directors. The participants
shall receive a number of shares of common stock that correspond to the number of RSUs that have become vested on the applicable vesting
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_186" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_185"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The RSUs granted for the initial SPAC grant promised
have a vesting period of four years while the RSUs granted under the director&#8217;s compensation have a vesting period of one year.
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_187" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_186"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant of RSUs is a share-based payment according
to IFRS 2, because the participants will become entitled to a future remuneration, which is based on real equity instruments. ADSE has
no choice to settle the transaction in cash and must settle with equity instruments. Therefore, the grant of RSUs is classified as equity-settled
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_188" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_187"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The valuation of the RSUs is based on the share
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</div><div>

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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_190" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_189"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, the grants under share-based payment
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_191" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_190"><ix:nonNumeric contextRef="c0" continuedAt="adse_DisclosureOfGrantsUnderShareBasedPaymentTableTextBlock-c0_cont_1" escape="true" name="adse:DisclosureOfGrantsUnderShareBasedPaymentTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_192" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_191"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, the grants under share-based payment
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_193" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_192"><ix:continuation continuedAt="adse_DisclosureOfGrantsUnderShareBasedPaymentTableTextBlock-c0_cont_2" id="adse_DisclosureOfGrantsUnderShareBasedPaymentTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_194" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_193"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The RSUs have no exercise price. The weighted
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_195" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_194"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When determining the expense recognition as of
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_196" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_195"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, ADSE has recognized a
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_197" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_196"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-qualified stock options</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_198" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_197"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the non-qualified stock option (NQSO) program,
ADSE grants to the participant the right to acquire from ADSE the aggregate number of shares of common stock specified per share exercise
price specified in the award agreement. Except for one NQSO agreement concluded under the director compensation, which will become exercisable
after one year, and one NQSO agreement with a consultant, which has different vesting dates, all other options granted become exercisable
according to a vesting schedule earliest after one year and latest after four years from the grant date. In case of a bad leaver-event
all claims to the NQSO become forfeited. The options expire after ten years from the grant date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_199" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_198"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the financial year 2022, NQSO program developed
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_200" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_199"><ix:continuation id="adse_DisclosureOfGrantsUnderShareBasedPaymentTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Maximum term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c326" format="ixt-sec:duryear" name="adse:MaximumTermyears">4</ix:nonNumeric></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Awards forfeited in the reporting period</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-210">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c328" decimals="INF" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">1,321,583</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Awards exercisable at the end of the reporting period (December 31, 2022)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c326" decimals="INF" format="ixt:num-dot-decimal" name="adse:AwardsExercisableAtTheEndOfTheReportingPeriod" scale="0" unitRef="shares">77,100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_201" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_200"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The weighted average remaining contractual life
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_202" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_201"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value at grant date is independently
determined using a black-scholes model that takes into account the exercise price, the term of the option, the share price at grant date
and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the
option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_203" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_202"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Measurement of fair values as of March 31, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_204" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_203"><ix:nonNumeric contextRef="c0" continuedAt="adse_ScheduleOfMeasurementOfFairValuesTableTextBlock-c0_cont_1" escape="true" name="adse:ScheduleOfMeasurementOfFairValuesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_205" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_204"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Measurement of fair values as of July 18, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_206" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_205"><ix:continuation continuedAt="adse_ScheduleOfMeasurementOfFairValuesTableTextBlock-c0_cont_2" id="adse_ScheduleOfMeasurementOfFairValuesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Expected volatility in %</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_207" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_206"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Measurement of fair values as of November 29,
2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_208" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_207"><ix:continuation continuedAt="adse_ScheduleOfMeasurementOfFairValuesTableTextBlock-c0_cont_3" id="adse_ScheduleOfMeasurementOfFairValuesTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_209" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_208"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the following grant date, vesting had already
started with the start of employment of several employees in 2022. However, the formal grant date is January 24, 2023. Measurement of
fair values as of January 24, 2023:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_210" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_209"><ix:continuation id="adse_ScheduleOfMeasurementOfFairValuesTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Measurement of fair values</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Fair value at grant date in USD</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c344" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ExpectedDividendAsPercentageShareOptionsGranted" scale="-2" unitRef="pure">0.00</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_211" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_210"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The expected price volatility is based on the
historic volatility of peer group entities based on the remaining life of the options.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_212" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_211"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The individual programs with different terms and
conditions were valued with corresponding term appropriate parameters for historical volatility and risk-free interest rate. The program
granted to the consultant also has an exercise price of USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:ExercisePrice" scale="3" unitRef="usd">10</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_213" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_212"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When determining the expense recognition as of
December 31, 2022, an average expected fluctuation of <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="adse:AverageExpectedFluctuation" scale="-2" unitRef="pure">0</ix:nonFraction>% - <ix:nonFraction contextRef="c73" decimals="2" format="ixt:num-dot-decimal" name="adse:AverageExpectedFluctuation" scale="-2" unitRef="pure">5</ix:nonFraction>% p.a. was applied based on management estimates. The expected fluctuation
for the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_214" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_213"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, ADSE has recognized an
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recognized for NQSOs for the financial year 2022 amounts to kEUR <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="adse:NoncurrentLending" scale="3" unitRef="eur">1,397</ix:nonFraction> (December 31, 2021: kEUR <ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="adse:NoncurrentLending" scale="3" unitRef="eur">0</ix:nonFraction>).</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><div><a id="z_020"></a></div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_215" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_214"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.4</td><td style="text-align: justify">Statements of cash flows</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_216" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_215"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has elected to present cash flows from operating
activities using the indirect method and has used the profit for the period as the starting point for presenting operating cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_217" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_216"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has classified cash payments for lease payments
as financing activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_218" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_217"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash and cash equivalents presented in the
statement of cash flows comprise all cash reported in the statements of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_219" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_218"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has elected to classify cash flows from interest
paid as financing activities, cash flows from interest received and dividends received as investing activities, and cash flows from dividends
paid as financing activities. However, dividends have neither been paid nor received in the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_220" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_219"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The change in trade and other payable not attributable
to investing or financing activities does not include change in the total amount of shareholder loans and corresponding accrued interest
expenses from the shareholder loans, as those changes are presented in the separate line items proceeds from borrowings and shareholder
contribution and loans and finance expense.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><div><a id="z_021"></a></div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_221" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_220"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.5</td><td style="text-align: justify">Capital and financial risk management</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_222" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_221"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.5.1</td><td>Capital management</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_223" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_222"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through the business combination between the Company
and EUSG (refer to note 1.3), ADSE obtained cash proceeds from the EUSG IPO and subsequent PIPE investment as of December 22, 2021. Thereby,
ADSE&#8217;s capital structure significantly changed with equity becoming the primary source of financing. Consequently, equity, and in
particular, capital reserves, which contain share premium from IPO and PIPE investment, are managed as capital.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_224" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_223"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s policy is to maintain a stable liquidity
position to enable ADSE growth of market presence and investments into new technologies. Currently ADSE generates negative cash flows
both from operating and investing activities. The management therefore closely monitors ADSE&#8217;s liquidity reserves as well as the expected
cash flows from its operating activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_225" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_224"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A capital structure that optimizes capital costs
of equity and debt is being targeted, thus ADSE monitors the liquidity ratio regularly.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_226" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_225"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.5.2</td><td>Financial risk management</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_227" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_226"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE has exposure to the following risks arising
from financial instruments:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_228" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_227"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Credit risk,</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                     </table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_229" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_228"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Liquidity risk, and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                                                            </table></ix:continuation><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_230" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_229"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 17.85pt"></td><td style="width: 17.85pt">&#9679;</td><td style="text-align: justify">Market risk.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_231" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_230"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s managing directors have overall responsibility
for the establishment and oversight of ADSE&#8217;s risk management framework. The managing directors are also responsible for developing
and monitoring its risk management policies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_232" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_231"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s risk management policies are established
to identify and analyze the risks faced by ADSE, to set appropriate risk limits and controls and to monitor risks and adherence to limits.
ADSE aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_233" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_232"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, ADSE&#8217;s main financial
liabilities include trade payables as well as lease liabilities. The primary purpose of these financial liabilities is to finance ADSE&#8217;s
operations and provide guarantees to support its operations. ADSE is mainly exposed to liquidity risk as well as credit risk. The market
risk, mainly including currency risk, interest rate risk, and equity risk is assessed as not negligible. However, ADSE does not have long
term loans with variable interest rates. Furthermore, most of the business activities are concluded in the reporting currency Euro.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_234" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_233"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.5.2.1</td><td>Credit risk</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_235" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_234"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk of financial loss to ADSE
if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from ADSE&#8217;s
receivables from customers and contract assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_236" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_235"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts of financial assets and contract
assets represent ADSE&#8217;s maximum credit exposure. ADSE monitors its credit risk regularly.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_237" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_236"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Impairment losses on financial assets recognized
in profit or loss amounted to kEUR 224 in the financial year 2022 (2021: kEUR <ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="adse:FinancialAssetsRecognized" scale="3" unitRef="eur">171</ix:nonFraction>, <ix:nonFraction contextRef="c7" decimals="-3" name="adse:FinancialAssetsRecognized" scale="3" unitRef="eur">2020</ix:nonFraction>: kEUR <ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="adse:FinancialAssetsRecognized" scale="3" unitRef="eur">9</ix:nonFraction>).</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_238" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_237"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade receivables, contract assets and other
investments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_239" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_238"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s exposure to credit risk is influenced
mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit
risk of its customer base, including the default risk associated with the industry and country in which customers operate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_240" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_239"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For trade receivables, contract assets and other
investments, ADSE applies the &#8220;simplified approach&#8221; and measures and accounts the loss allowance for its trade receivables
at an amount equal to the lifetime expected credit losses. As there is a heterogeneous portfolio of customers separate probabilities of
default rates are determined for each significant customer. The determination of probability of default is done by an external service
provider that acts as an independent credit rating agency.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_241" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_240"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A write-off of the trade receivables, contract
assets and other investments of individual customers within the simplified approach is applied if one or more events take place that have
an influence on the customer&#8217;s credit rating. These events include payment delays, pending insolvency or concessions by the debtor
due to payment difficulties. Trade receivables, contract assets and other investments are written off when there is no reasonable expectation
of recovery.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_242" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_241"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfTradeReceivablesAndContractAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_243" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_242"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the following tables, loss allowances solely
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_244" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_243"><ix:nonNumeric contextRef="c0" continuedAt="adse_DisclosureTradeReceivablesAndContractAssetsDebtorsDueToPaymentTableTextBlock-c0_cont_1" escape="true" name="adse:DisclosureTradeReceivablesAndContractAssetsDebtorsDueToPaymentTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_245" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_244"><ix:continuation id="adse_DisclosureTradeReceivablesAndContractAssetsDebtorsDueToPaymentTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_246" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_245"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The anomaly in the weighted-average loss rate
relates to individual receivables only.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_247" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_246"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other financial assets</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_248" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_247"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE considers the probability of default at the
date of initial recognition of assets and the existence of a significant increase in the risk of default during all reporting periods.
To assess whether the risk of default has increased significantly, ADSE compares the risk of default on the asset at the reporting date
with the risk of default at the initial recognition. Available, appropriate, and reliable forward-looking information is considered. Indicators
such as internal and external credit ratings as well as actual and expected significant changes in the debtor&#8217;s earnings situation
are taken into account.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_249" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_248"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_250" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_249"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents are mainly cash at banks.
ADSE regularly monitors the corresponding bank&#8217;s credit ratings. Due to the short investment period and the good credit rating of
the banks ADSE considers that its cash and cash equivalents have low credit risk. Consequently, no impairment was recognized on cash and
cash equivalents.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_251" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_250"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.5.2.2</td><td>Liquidity risk</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_252" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_251"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that ADSE will encounter
difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial
asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_253" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_252"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE aims to maintain the level of its cash and
cash equivalents at an amount more than expected cash outflows on financial liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_254" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_253"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exposure to liquidity risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_255" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_254"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s policy is to maintain sufficient
cash and cash equivalents at all times to meet current and future obligations as they fall due. ADSE manages its liquidity by maintaining
sufficient liquid assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_256" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_255"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adverse developments in the capital markets could
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_257" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_256"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the remaining contractual
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_258" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_257"><ix:nonNumeric contextRef="c0" continuedAt="adse_DisclosureOfRemainingContractualMaturitiesOfADSEsFinancialLiabilitiesTableTextBlock-c0_cont_1" escape="true" name="adse:DisclosureOfRemainingContractualMaturitiesOfADSEsFinancialLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_260" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_259"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE&#8217;s current financial position with a
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However, ADSE is exposed to high liquidity risks if ADSE cannot manage to generate cash from its current inventories or cannot obtain
additional financing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_261" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_260"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2021, the bank credit line was tied to compliance
with financial covenants, which if breached, gave right of termination without notice to the bank. Thus, ADSE was exposed to liquidity
risks, if the financial covenants for the bank credit line were not met. In the course of the financial year 2022, all secured bank loans
in the table above have been repaid. During the financial years 2022 and 2021 ADSE fulfilled all covenants.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-indent: -34pt">&#160;</p><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_262" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_261"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">4.5.2.3</td><td>Market risk</td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_263" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_262"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_264" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_263"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market risk is the risk that changes in market
prices &#8211; e.g. foreign exchange rates, interest rates and equity prices &#8211; will affect ADSE&#8217;s income or the value of its
holdings of financial instruments. The financial instruments affected by market risk essentially comprise financial assets and financial
liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_265" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_264"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_266" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_265"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Interest risk
is that changes of interest rates will affect interest expenses from loans or borrowings and interest income from cash and cash equivalents.
As of December 31, 2022, no third-party interest-bearing loans or borrowings exist. Based on balances in bank accounts amounting to kEUR
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_267" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_266"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_268" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_267"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Equity risk
is that changes in stock markets &#8211; e.g. a falling price of ordinary shares and/or public warrants of ADSE (&#8220;ADSE&#8217;s trading
price&#8221;), receiving no dividends, receiving lower dividends than expected, or fluctuations in the equity markets &#8211; will affect
the value of ADSE&#8217;s common shares and outstanding warrants. The volatility of ADSE&#8217;s trading price could potentially have
significant impact on the valuation of warrant liabilities in the future and valuation of future share-based payments. As of December
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_269" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_268"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currency risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_270" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_269"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign exchange risk arises when individual Group
entities enter into transactions denominated in a currency other than their functional currency.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_271" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_270"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">ADSE is exposed
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purchases for materials and services, and operating business activities in the US for ADSE US. The main exposure of currency risks arise
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_272" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_271"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sensitivity of the foreign currency risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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the risk that can occur within the framework of set assumptions if certain parameters are changed to a defined extent. Exchange rate risks
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_274" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_273"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following disclosures describe the sensitivity
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financial instruments that are denominated in a currency other than the functional currency and are of a monetary nature. Translation
differences from the translation of financial statements of foreign Group companies into ADSE currency are not taken into account. The
sensitivity analysis was prepared for the main financial instrument (cash and cash equivalents) outstanding as at the balance sheet date
of ADSE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_275" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_274"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the EUR had appreciated or depreciated by <ix:nonFraction contextRef="c5" decimals="3" format="ixt:num-dot-decimal" name="adse:PercentageOfDepreciated" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c6" decimals="3" format="ixt:num-dot-decimal" name="adse:PercentageOfDepreciated" scale="-2" unitRef="pure">10.0</ix:nonFraction></ix:nonFraction>%
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_276" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_275"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfAppreciatedOrDepreciatedTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_277" id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_276"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other market risks</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="adse_DisclosuresOnIndividualItemsOfTheFinancialStatementsTextBlock-c0_cont_277"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADSE is not significantly exposed to other market
risks.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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</div><div>

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of ADSE&#8217;s business activities. Therefore, ADSE manages its operations based on two operating segments referring to its business
activities in Europe and North America.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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storage and e-mobility.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 164; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0; margin-bottom: 0; font-style: normal; font-weight: normal"><span style="font-size: 10pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total non-current assets of both reportable segments
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total current assets of both reportable segments
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total liabilities of both reportable segments
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="adse:DisclosureOfLiabilitiesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfGeographicalAreasExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues from two major customers of ADSE represented
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 34pt">6.</td><td style="text-align: justify">Related party transactions</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

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</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Related parties are natural persons or companies
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another related party of the reporting entity. Transactions between related parties mainly include loans, leases, and management services.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1 provides information about ADSE&#8217;s
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides the total amount
of transactions that have been entered into with related parties for the relevant financial year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_6" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*)</td><td style="text-align: justify">Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH. Transactions with affiliates include transaction with subsidiaries of the shareholders.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_7" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the financial year 2021 ADSE acquired several
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are presented within property, plant, and equipment in the statement of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><ix:continuation continuedAt="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_2" id="_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">kEUR</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 services</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

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<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*)</td><td style="text-align: justify">Transactions with shareholders comprise agreements with ADSH,
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_11" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*)</td><td style="text-align: justify">Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH as well as any subsidiaries of Robert Bosch GmbH. Transactions with affiliates include
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_12" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_11"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other expenses</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_13" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other expenses mainly include the administration
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_14" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_13"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_15" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expenses mainly include the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_16" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below provides an overview of significant
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_17" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_16"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Receivables and liabilities to shareholders
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_18" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liabilities to affiliated companies mainly comprise
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_19" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfReceivablesAndLiabilitiesToShareholdersTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_20" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*)</td><td style="text-align: justify">Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH. Transactions with affiliates include transaction with subsidiaries of the shareholders.</td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_21" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_20"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key management personnel compensation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_22" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the comparison date December 31, 2020, key
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date and as of December 31, 2021, comprise the board of directors and authorized representatives of ADSE Holdco. As of the reporting date
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_24" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key management personnel compensation comprised
the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_25" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_24"><ix:nonNumeric contextRef="c0" escape="true" name="adse:ScheduleOfKeyManagementPersonnelCompensationComprisedTextBock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_26" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key management personnel compensation for the
financial year 2021 solely includes short-term employee benefits for four members of the key management as the rest of the key management
was first appointed on December 23, 2021 and did not receive any short-term employee benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfRelatedPartyExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short term employee benefits include salary, company
cars, training, and other benefits. Share-based payments include expenses for restricted stock units and non-qualified stock options (see
note 4.3).</p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 34pt">7.</td><td style="text-align: justify">Other financial disclosures</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 34pt">8.</td><td style="text-align: justify">Events after the reporting period</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

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of ads-tec Energy Services GmbH, N&#252;rtingen, Germany. ads-tec Energy Services GmbH is completely owned by ADSE GM and is focusing
on the global service in connection with products and services in the fields of energy management, energy storage, e-mobility and renewable
energies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_3" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, ADSE GM completed the foundation
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and other services to ADSE group entities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_4" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2023, a restructuring plan related to
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</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_5" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 05, 2023, ADSE entered into unsecured shareholder
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22, 2023. The shareholder loans can be drawn by ADSE as required. The shareholder loans have an interest rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="adse:InterestRatePercentages" scale="-2" unitRef="pure">10</ix:nonFraction>% per annum on the
unpaid and actually drawn principal. In addition, the lenders receive redeemable warrants representing the right to purchase <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="adse:OrdinarySharesIssued" scale="0" unitRef="shares">1,716,667</ix:nonFraction>
ordinary shares, par value USD <ix:nonFraction contextRef="c4" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per ordinary share, at an exercise price of USD <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="adse:PurchasePricePerShare" scale="0" unitRef="usdPershares">3.00</ix:nonFraction> per ordinary share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_6" id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 05, 2023, the convertible loan granted
to a customer by ADSE amounting to kEUR <ix:nonFraction contextRef="c456" decimals="-3" format="ixt:num-dot-decimal" name="adse:ConvertibleLoanAmount" scale="3" unitRef="eur">4,520</ix:nonFraction> was completely paid back to ADSE including the principal portion as well as interest accrued
(also see note 4.2.4).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ExplanationOfFinancialEffectOfNonadjustingEventAfterReportingPeriod-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No further events occurred between December 31,
2022, and May 10, 2023, that would require adjustments to the amounts recognized in these consolidated financial statements or would need
to be disclosed under this heading.  </p></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34pt; text-align: justify; text-indent: -34pt">&#160;</p><div>

</div><div><a id="z_025"></a></div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 34pt">9.</td><td style="text-align: justify">Approval of the financial statements</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements were approved by the
Board of Directors on May 10, 2023 and approved for publication.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">N&#252;rtingen</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 10, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 40%; text-align: justify">/s/ <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Speidel</span></td>
    <td style="width: 20%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 40%; text-align: justify">/s/ <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wolfgang Breme</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas Speidel</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wolfgang Breme</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0">F-61</p><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

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<ix:nonFraction contextRef="c51" id="hidden-fact-98" name="adse:CapitalIncreasedecrease" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c58" decimals="-6" id="hidden-fact-103" name="adse:AdditionalPaidAmount" unitRef="eur">35000000</ix:nonFraction>
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<ix:nonFraction contextRef="c6" id="hidden-fact-133" name="ifrs-full:TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-134" name="adse:NontaxableIncome" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c6" id="hidden-fact-135" name="adse:NontaxableIncome" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-136" name="adse:AdditionsForTaxPurposes" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c6" id="hidden-fact-137" name="adse:AdditionsForTaxPurposes" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c6" id="hidden-fact-139" name="adse:TrueUpOnDeferredTaxesFromPriorYear" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c191" id="hidden-fact-154" name="ifrs-full:LeaseLiabilities" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c194" id="hidden-fact-156" name="adse:TradePayables1" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c191" id="hidden-fact-158" name="adse:ContractLiability" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c192" id="hidden-fact-160" name="adse:WarrantLiabilities" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c194" id="hidden-fact-161" name="adse:WarrantLiabilities" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c195" id="hidden-fact-162" name="adse:WarrantLiabilities" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-163" name="adse:WarrantLiabilities" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c191" id="hidden-fact-165" name="adse:TaxLossCarryforward" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-166" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-167" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c188" id="hidden-fact-168" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c190" id="hidden-fact-169" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c199" id="hidden-fact-170" name="adse:DisposalsOfCost" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c6" id="hidden-fact-171" name="adse:ExpensesRelatingToLeasesOfLowvalueAssetsExcludingShorttermLeasesOfLowValueAssets" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-172" name="adse:ShareForShareExchange" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c6" id="hidden-fact-173" name="adse:ShareForShareExchange" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-174" name="adse:BusinessCombination" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c6" id="hidden-fact-175" name="adse:BusinessCombination" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-176" name="adse:StockCompensations" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c6" id="hidden-fact-177" name="adse:StockCompensations" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c7" id="hidden-fact-178" name="ifrs-full:TreasuryShares" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c8" id="hidden-fact-179" name="ifrs-full:TreasuryShares" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c4" id="hidden-fact-181" name="adse:SpotPrice" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c7" id="hidden-fact-182" name="adse:SpotPrice" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-183" name="adse:StrikePrice" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c7" id="hidden-fact-184" name="adse:StrikePrice" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_0_footnote" xml:lang="en-US">Equal to the observed price of the common shares,</ix:footnote><!--Text not found in footnote sections assigned to Schedule of market prices for private warrants-->
<ix:footnote id="ix_1_footnote" xml:lang="en-US">Warrant strike price,</ix:footnote><!--Text not found in footnote sections assigned to Schedule of market prices for private warrants-->
<ix:footnote id="ix_2_footnote" xml:lang="en-US">Calculated as the time period between the end of the reporting period and the warrants expiration date (December 22, 2026),</ix:footnote><!--Text not found in footnote sections assigned to Schedule of market prices for private warrants-->
<ix:footnote id="ix_3_footnote" xml:lang="en-US">Interpolated 3.98-year (December 31, 2021: 4.98) constant maturity US treasury rates,</ix:footnote><!--Text not found in footnote sections assigned to Schedule of market prices for private warrants-->
<ix:footnote id="ix_4_footnote" xml:lang="en-US">Assumed dividend yield of 0%,</ix:footnote><!--Text not found in footnote sections assigned to Schedule of market prices for private warrants-->
<ix:footnote id="ix_5_footnote" xml:lang="en-US">Implied volatility observed through the public warrants traded price.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of market prices for private warrants-->
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<ix:nonFraction contextRef="c323" id="hidden-fact-200" name="adse:FairValueLiabilites" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c8" id="hidden-fact-201" name="ifrs-full:NumberOfSharesOutstanding" unitRef="shares" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c5" id="hidden-fact-203" name="adse:AwardsExercisedInTheReportingPeriod" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-204" name="adse:AwardsExpiredInTheReportingPeriod" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-205" name="adse:AwardsExercisableAtTheEndOfTheReportingPeriod" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-206" name="adse:AwardsExpiredInTheReportingPeriod" unitRef="shares" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c327" id="hidden-fact-208" name="ifrs-full:NumberOfSharesOutstanding" unitRef="shares" xsi:nil="true"></ix:nonFraction>
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<ix:nonFraction contextRef="c326" id="hidden-fact-210" name="adse:AwardsExpiredInTheReportingPeriod" unitRef="shares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c345" id="hidden-fact-211" name="adse:CreditImpaired" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c346" id="hidden-fact-212" name="adse:CreditImpaired" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c348" id="hidden-fact-213" name="ifrs-full:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="eur" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c347" id="hidden-fact-214" name="adse:CreditImpaired" unitRef="eur" xsi:nil="true"></ix:nonFraction>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION
12(b) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No.
001-41188
ADS-TEC ENERGY PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
Not applicable
(Translation of Registrant's name into English)
Ireland
(Jurisdiction of incorporation or organization)
10 Earlsfort Terrace
Dublin 2
,
D02 T380
,
Ireland
(Address of principal executive office)
Thomas Speidel
, Chief Executive Officer
10 Earlsfort Terrace
Dublin 2
,
D02 T380
,
Ireland
Tel:
+353 1
920 1000
(Name, Telephone, Email and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act.
Title of each class
Trading Symbol
Name of each exchange
on which registered
Ordinary Shares, $0.0001 nominal value per share
ADSE
The
Nasdaq
Stock Market LLC
Warrants to purchase Ordinary Shares
ADSEW
The
Nasdaq
Stock Market LLC
Securities registered pursuant to Section 12(g)
of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act
None
(Title of Class)
Indicate the number of outstanding shares of each
of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:
48,877,162
Ordinary Shares,
nominal value $0.0001 per share as of December 31, 2022
11,662,486 Warrants to purchase
Ordinary Shares, as of December 31, 2022
Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐
No
☒
If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934.
Yes ☐
No
☒
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large
accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
☒
Emerging growth company
☒
If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended period
for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
☐
† The term "new or revised financial
accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.
☐
If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐
International Financial Reporting Standards as issued by the International
Other ☐
Accounting Standards Board ☒
If "Other" has been checked in response
to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No
☒
Page
PART I
Item 1.
Identity of Directors, Senior Management and Advisers
1
Item 2.
Offer Statistics and Expected Timetable
1
Item 3.
Key Information
1
3.A.
[Reserved]
1
3.B.
Capitalization and Indebtedness
1
3.C.
Reasons for the Offer and Use of Proceeds
1
3.D.
Risk Factors
1
Item 4.
Information on the Company
33
4.A.
History and Development of the Company
33
4.B.
Business Overview
34
4.C.
Organizational Structure
45
4.D.
Property, Plants and Equipment
45
Item 4A.
Unresolved Staff Comments
46
Item 5.
Operating and Financial Review and Prospects
46
5.A.
Operating Results
46
5.B.
Liquidity and Capital Resources
55
5.C.
Research and Development, Patents and Licenses, Etc.
57
5.D.
Trend Information
57
5.E.
Critical Accounting Estimates
57
Item 6.
Directors, Senior Management and Employees
58
6.A.
Directors and Senior Management
58
6.B.
Compensation
60
6.C.
Board Practices
67
6.D.
Employees
70
6.E.
Share Ownership
70
6.F.
Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation
70
Item 7.
Major Shareholders and Related Party Transactions
70
7.A.
Major Shareholders
70
7.B.
Related Party Transactions
72
7.C.
Interests of Experts and Counsel
75
Item 8.
Financial Information
76
8.A.
Consolidated Statements and Other Financial Information
76
8.B.
Significant Changes
76
Item 9.
The Offer and Listing
76
9.A.
Offer and Listing Details
76
9.B.
Plan of Distribution
76
9.C.
Markets
76
9.D.
Selling Shareholders
76
9.E.
Dilution
76
9.F.
Expenses of the Issue
76
Item 10.
Additional Information
77
10.A.
Share Capital
77
10.B.
Memorandum and Articles of Association
77
10.C.
Material Contracts
80
10.D.
Exchange Controls
80
10.E.
Taxation
80
10.F.
Dividends and Paying Agents
90
10.G.
Statements by Experts
90
10.H.
Documents on Display
90
10.I.
Subsidiary Information
90
Item 11.
Quantitative and Qualitative Disclosures About Market Risk
90
Item 12.
Description of Securities Other Than Equity Securities
91
12.A.
Debt Securities
91
12.B.
Warrants and Rights
91
12.C.
Other Securities
91
12.D.
American Depositary Shares
91
i
PART II
Item 13.
Defaults, Dividend Arrearages and Delinquencies
92
Item 14.
Material Modifications to the Rights of Security Holders and Use of Proceeds
92
Item 15.
Controls and Procedures
92
Item 16.
[Reserved]
95
16.A.
Audit Committee and Financial Expert
95
16.B.
Code of Ethics
95
16.C.
Principal Accountant Fees and Services
95
16.D.
Exemptions from the Listing Standards for Audit Committees
96
16.E.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
96
16.F.
Change in Registrant's Certifying Accountant
96
16.G.
Corporate Governance
96
16.H.
Mine Safety Disclosure
96
16.I.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
96
16.J.
Insider Trading Policies
96
Item 17.
Financial Statements
97
Item 18.
Financial Statements
97
Item 19.
Exhibits
97
Index to Financial Statements
F-1
ii
FREQUENTLY USED TERMS
Unless otherwise stated in
this Annual Report or the context otherwise requires references to:
"
ADSE
"
means collectively, ads-tec Energy GmbH, ads-tec Energy, Inc., and ads-tec Energy PLC.
"
ADSE GM
"
means ads-tec Energy GmbH, a wholly-owned subsidiary of ADSE Holdco, based in Nürtingen, Germany and entered in the commercial register
of the Stuttgart Local Court under HRB 762810.
"
ADSE Holdco
"
or "
Company
" means ADS-TEC Energy PLC, an Irish public limited company duly incorporated under the laws of Ireland.
"
ADSE US
"
means ads-tec Energy, Inc., a Delaware corporation and wholly-owned subsidiary of ADSE GM.
"
ADSH
"
means ads-tec Holding GmbH, based in Nürtingen, Germany and entered in the commercial register of the Stuttgart Local Court under
HRB 224527.
"
Bosch
"
means Bosch Thermotechnik GmbH, based in Wetzlar and entered in the commercial register of the Wetzlar Local Court under HRB 13.
"
Bosch Acquisition
"
means ADSE Holdco's acquisition from Bosch of certain shares of ADSE GM in exchange for the Cash Consideration.
"
Business Combination
Agreement
" means the Business Combination Agreement, dated as of August 10, 2021, by and among EUSG, ADSE Holdco, Merger Sub,
Bosch, ADSH and ADSE GM.
"
Cash Consideration
"
means €20,000,000, multiplied by the applicable currency exchange rate.
"Closing"
means
the closing of the Transactions (other than the PIPE Financing).
"
Closing Date
"
means December 22, 2021, the date on which the Closing occurred.
"
EBC
" means
EarlyBirdCapital, Inc.
"
EUSG
"
means European Sustainable Growth Acquisition Corp., a blank check company incorporated as a Cayman Islands exempted company.
"
EUSG Class A Ordinary
Shares
" means Class A ordinary shares, par value of $0.0001 per share, in the share capital of EUSG.
"
EUSG Class B Ordinary
Shares
" means Class B ordinary shares, par value of $0.0001 per share, in the share capital of EUSG.
"
EUSG Founder Shares
"
means the Class B ordinary shares, par value $0.0001 per share, held by the initial shareholders of EUSG.
"
EUSG Lender Warrants
"
means whole redeemable warrants to purchase EUSG Class A Ordinary Shares issued to Jonathan Copplestone upon conversion of an outstanding
unsecured convertible promissory note in an aggregate principal amount of $100,000, dated October 30, 2021, between EUSG and Jonathan
Copplestone.
"
EUSG Private Warrants
"
means whole redeemable warrants to purchase EUSG Class A Ordinary Shares issued pursuant to (i) that certain Private Placement Warrants
Purchase Agreement, dated as of January 26, 2021, by and between EUSG and EUSG Sponsor, (ii) that certain Private Placement Warrants Purchase
Agreement, dated as of January 26, 2021 by and between EUSG and EBC, and (iii) that certain Private Placement Warrants Purchase Agreement,
dated as of January 26, 2021, by and between EUSG and ABN AMRO Securities (USA) LLC.
iii
"
EUSG Public Warrants
"
means the warrants to purchase EUSG Class A Ordinary Shares issued as part of the EUSG units in the IPO.
"
EUSG Sponsor
"
means LRT Capital1 LLC, a Delaware limited liability company.
"
Exchange Act
"
means the U.S. Securities Exchange Act of 1934, as amended.
"
IFRS
"
means International Financial Reporting Standards as issued by the International Accounting Standards Board.
"
Incentive Plan
"
means ADS-TEC Energy PLC's 2021 Omnibus Incentive Plan.
"
IPO
" means
EUSG's initial public offering of EUSG units, consummated on January 26, 2021.
"
JOBS Act
"
means the Jumpstart Our Business Startups Act of 2012, as amended.
"
Lender Warrants
"
means the 100,000 Warrants that came into existence on the automatic adjustment of the EUSG Lender Warrants upon consummation of the business
combination contemplated in the Business Combination Agreement.
"
Merger
"
means the merger of EUSG with and into Merger Sub, as a result of which the separate corporate existence of EUSG ceased and Merger Sub
continued as the surviving company and as a wholly-owned subsidiary of ADSE Holdco, and the security holders of EUSG (other than shareholders
of EUSG that elected to redeem their EUSG ordinary shares) became security holders of ADSE Holdco.
"
Merger Sub
"
means EUSG II Corporation, an exempted company incorporated in the Cayman Islands with limited liability under company number 379118
and a wholly-owned subsidiary of ADSE Holdco.
"
Ordinary Shares
"
means the ordinary shares, with $0.0001 par value per share, of ADSE Holdco.
"
PCAOB
"
means the Public Company Accounting Oversight Board.
"
PIPE Financing
"
means the private placement of 15,600,000 EUSG ordinary shares to the PIPE Investors for gross proceeds of $156,000,000, pursuant to the
Subscription Agreements.
"
Private Warrants
"
means the Warrants that came into existence on the automatic adjustment of the EUSG Private Warrants upon consummation of the business
combination contemplated in the Business Combination Agreement.
"
Public Warrants
"
means the Warrants that came into existence on the automatic adjustment of the EUSG Public Warrants upon consummation of the business
combination contemplated in the Business Combination Agreement.
"
Securities Act
"
means the U.S. Securities Act of 1933, as amended.
"
Share-for-Share
Exchange
" means the transaction by which ADSH and Bosch transferred as contribution to ADSE Holdco, and ADSE Holdco assumed
from ADSH and Bosch, certain shares of ADSE GM in exchange for Ordinary Shares.
"
Subscription Agreements
"
means those certain subscription agreements entered into on August 10, 2021, among EUSG, ADSE Holdco and the accredited investors named
therein (collectively, "the PIPE Investors") relating to the PIPE Financing.
"
Transactions
"
means the transactions contemplated by the Business Combination Agreement which, among other things, provides for the Merger, the Bosch
Acquisition and the Share-for-Share Exchange.
"
Underwriters
"
means EarlyBirdCapital, Inc. and ABN AMRO Securities (USA) LLC, the underwriters in the IPO.
"
Warrants
"
means warrants to purchase one Ordinary Share at a price of $11.50 per share.
"$", "US$"
and "U.S. dollar"
means the United States dollar.
"€", "EUR"
and "Euro"
means the Euro
.
iv
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
In this Annual Report on Form 20-F (this "
Annual
Report
"), unless otherwise indicated, all references to (i) the "Company," "we," "our,"
or "us" refer solely to ADS-TEC Energy PLC, (ii) "ADSE" refers to ADS-TEC Energy PLC, ads-tec Energy GmbH and
ads-tec Energy, Inc., collectively, and (iii) "ADSE GM" refer solely to ads-tec Energy GmbH, a German limited liability company.
ADS-TEC Energy PLC is an Irish public limited company duly incorporated under the laws of Ireland on July 26, 2021.
Financial Information
This Annual Report contains
our audited consolidated financial statements as of and for the periods ended December 31, 2022 and 2021 (our "audited consolidated
financial statements"). The Company qualifies as a foreign private issuer as defined under Rule 405 under the Securities Act and
prepares its financial statements denominated in euros ("
EUR
" or €) and in accordance with International Financial
Reporting Standards as adopted by the International Accounting Standards Board ("
IFRS
").
Industry and Market Data
In this Annual Report, we
present industry data, information and statistics regarding the markets in which the Company competes as well as publicly available information,
industry and general publications and research and studies conducted by third parties. This information is supplemented where necessary
with the Company's own internal estimates and information obtained from discussions with its customers, taking into account publicly
available information about other industry participants and the Company's management's judgment where information is not publicly
available.
Industry publications, research,
studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but that
the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these
sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this Annual Report. These
forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under
"Item 3. Key Information – D. Risk Factors." These and other factors could cause results to differ materially from those
expressed in any forecasts or estimates.
v
CAUTIONARY NOTE
Regarding
FORWARD-LOOKING STATEMENTS
This Annual Report contains
certain "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended (the "
Securities
Act
"), and Section 21E of the Securities Exchange Act of 1934 (the "
Exchange Act
") that involve significant
risks and uncertainties. All statements other than statements of historical facts are forward-looking statements. These forward-looking
statements include information about our possible or assumed future results of operations or our performance. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "estimates," and variations
of such words and similar expressions are intended to identify the forward-looking statements.
The risk factors and cautionary
language referred to or incorporated by reference in this Annual Report provide examples of risks, uncertainties and events that may cause
actual results to differ materially from the expectations described in our forward-looking statements, including, but not limited to,
those items identified under "Item 3. Key Information – D. Risk Factors". These risks and uncertainties include:
●
our ability to maintain the listing of the Ordinary Shares and Warrants on a national securities exchange;
●
changes adversely affecting the businesses in which we are engaged;
●
management of growth;
●
general economic conditions, including changes in the credit, debit, securities, financial or capital markets;
●
the impact of COVID-19 or other adverse public health developments on ADSE Holdco's business and operations;
●
increased costs, disruption of supply, or shortage of materials, could harm our business;
●
our ability to implement business plans, operating models, forecasts, and other expectations and identify and realize additional business opportunities;
●
the result of future financing efforts;
●
product liability lawsuits, civil or damages claims or regulatory proceedings relating to our technology, intellectual property or products;
●
the impact of the military action in Ukraine may affect our current and future operations in the European Union;
●
any identified material weaknesses in our internal control over financial reporting which, if not corrected, could adversely affect the reliability of our financial reporting;
●
changes to fuel economy standards or the success of alternative fuels may negatively impact the EV market and thus the demand for our products and services;
●
changes to battery energy storage standards or the success of alternative energy storage technologies may negatively impact the battery-energy storage market and thus the demand for our products and services;
●
existing and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations that may adversely impact our financial results or results of operation; and
●
other factors discussed in "Item 3. Key Information — D. Risk Factors" in this Annual Report.
Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report. Although we believe
that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will
prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which
are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ
materially from those expressed or implied by such forward-looking statements. We undertake no obligation to publicly update or revise
any forward-looking statements contained in this Annual Report, or the documents to which we refer readers in this Annual Report, to
reflect any change in our expectations with respect to such statements or any change in events, conditions or circumstances upon which
any statement is based.
vi
PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not Applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not Applicable.
ITEM 3. KEY INFORMATION
3.A. [Reserved]
3.B. Capitalization and Indebtedness
Not Applicable.
3.C. Reasons for the Offer and Use of Proceeds
Not Applicable.
3.D. Risk Factors
You should carefully consider
the risks described below, together with all of the other information included in this Annual Report, in evaluating us and our shares.
Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading
price and value of our ordinary shares could decline due to any of these risks, and you may lose all or part of your investment. This
Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below
and elsewhere in this Annual Report.
Additional risks not presently
known to us or that we currently deem immaterial may also impair our business operations.
Summary of Risk Factors
The following summary highlights
some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary is not
complete and the risks summarized below are not the only risks we face.
Risks Related to Our Business and Financial Position
●
We are an early stage company with a history of losses. Our ability to continue as a going concern will depend on our ability to timely reduce our inventory by generating sufficient revenue and/or postponement or cancellation of purchase obligation for inventory.
●
Failure to expand our geographic footprint and to build scalable and robust processes could harm our prospects for growth and profitability, and we may never successfully do so or achieve or sustain profitability.
●
We currently face competition from a number of companies, particularly in commercial and industrial battery-based energy-storage market in Europe, and expect to face significant competition in the future as the market for the EV High-Power-Charger develops.
1
●
We face risks related to natural disaster and health pandemics, including the recent coronavirus ("
COVID-19
") pandemic, which could have a material adverse effect on our business and results of operations.
●
We rely on a limited number of suppliers and manufacturers for our products. A loss of any of these partners could negatively affect our business.
●
Increases in costs, disruption of supply, or shortage of materials, have harmed and could harm our business again in the future.
●
Our business is subject to risks associated with construction, cost overruns and delays, and other contingencies that may arise in the course of completing installations, and such risks may increase in the future.
●
We have a limited operating history.
●
If we are unable to attract, retain, and motivate key employees and hire qualified management, technical, engineering and sales personnel, our ability to compete and successfully grow our business would be harmed and could diminish anticipated benefits.
●
We are expanding operations internationally, which will expose us to additional tax, compliance, market and other risks.
●
Our management has limited experience in operating in the consolidated group of a U.S. public company.
●
We may need additional capital in the future to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or at all, which could compromise our ability to meet our financial obligations and grow our business.
●
The impact of the military action in Ukraine may affect our current and future operations in the European Union.
●
We may be adversely affected by inflationary or market fluctuations, including impact of tariffs, in the cost of products consumed in providing our services or our cost of labor.
Risk Relating to EV Market
●
Changes to fuel economy standards or the success of alternative fuels may negatively impact the EV market and thus the demand for our products and services.
●
Our future growth and success is partly correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and fleet applications.
Risks Relating to Battery Storage System Market
●
Changes to battery energy storage standards or the success of alternative energy storage technologies may negatively impact the battery-energy storage market and thus the demand for our products and services.
●
We may face significant costs relating to environmental regulations for the storage and shipment of our lithium-ion battery packs.
●
Our future growth and success is partly correlated with and thus dependent upon the continuing rapid adoption of decentralized renewable energy.
●
The EV charging and battery-energy storage markets are characterized by rapid technological change, which requires us to continue to develop new products and product innovations and maintain and expand our intellectual property portfolio. Any delays in such development could adversely affect market adoption of our products and our business, financial condition and operational result.
2
Risks Related to Our Technology, Intellectual
Property and Infrastructure
●
Our business may be adversely affected if we are unable to protect our technology and intellectual property from unauthorized use by third parties.
●
Our technology has had and in the future could have undetected defects, errors or bugs in hardware or software which has and could reduce market adoption, damage our reputation with current or prospective customers, and/or expose us to product liability and other claims that could materially and adversely affect our business.
●
We expect to incur research and development costs and devote significant resources to developing new products, which could significantly reduce our profitability and may never result in revenue to the Company.
Customer-Related Risks
●
We have a concentration of sales with a key customer and any substantial reduction in sales to such customer would have a material adverse effect on our results of operations and financial condition.
●
Customer relationships with start-up may present more risks than with established companies.
Financial, Tax and Accounting-Related Risks
●
Our financial condition and results of operations are likely to fluctuate in future periods, which could cause our results for a particular period to fall below expectations, resulting in a decline in the price of Ordinary Shares.
●
As a public company, we have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future. Failure to remediate such material weaknesses in the future or to maintain an effective system of internal control could impair our ability to comply with the financial reporting and internal controls requirements for publicly traded companies.
Risks Related to the Regulatory Environment
in which the Company Operates
●
Existing and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations that may adversely impact our financial results or results of operation.
●
We are subject to an increasing focus on
environmental, social and governance requirements, which could result in additional costs or reputational damage.
●
Our business and territories that we operate in are subject to changes of regulations, laws and policies.
Risks Related to Ownership of Our Ordinary
Shares and Warrants
●
Certain shareholders that own a significant percentage of the Company may have interests that conflict with the Company's or yours in the future.
●
Our staggered board will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of Ordinary Shares may view as beneficial.
3
Risks Related to Our Business and Financial
Position
We are an early stage company with a history
of losses. Our ability to continue as a going concern will depend on our ability to timely reduce our inventory by generating sufficient
revenue and/or postponement or cancellation of purchase obligation for inventory.
ADSE incurred a net loss of
EUR 87.6 million and EUR 18.9 million for the year ended December 31, 2021 and for the year ended December 31, 2022, respectively. ADSE
had an accumulated deficit of approximately EUR 117.2 million as of December 31, 2021 (including share listing expenses of EUR 65.8 million
as of December 31, 2021) and EUR 136.1 million as of December 31, 2022. We expect we will improve the Company´s cash flow generation
and operating result significantly in 2023. Our ability to continue as a going concern will depend on our ability to timely reduce our
inventory by generating sufficient revenue and/or postponement or cancellation of purchase obligation for inventory. ADSE´s consolidated
financial statements for year ended December 31, 2022, do not include any adjustments that might result from outcome of this uncertainty
and have been prepared on a basis that assumes the Company will continue as a going concern. Even if it achieves profitability, there
can be no assurance that it will be able to maintain profitability in the future.
The Company's potential
profitability of the revenue stream "Charging" is particularly dependent upon the continued adoption of EVs by consumers and
fleet operators, the widespread adoption of electric trucks and other vehicles and other electric transportation modalities, which may
not occur. The Company's potential profitability of the revenue stream "Commercial and Industrial" depends on expansion
of decentralized power supply systems and the need of commercial and industrial customer for the battery storage systems. Our potential
profitability of the revenue stream "Residential" depends on expansion of residential photovoltaic systems and the adoption
of residential coupling (connecting photovoltaic ("PV") system with heating and residential EV charging by using battery storage
systems).
We have experienced rapid growth and expect
to invest in growth for the foreseeable future. If we fail to manage growth effectively, our business, operating results and financial
condition could be adversely affected.
We have experienced rapid
growth in recent periods. For example, the number of employees has grown from an average of 46 in 2018 to 148 in 2022. The growth and
expansion of our business has placed and continues to place a significant strain on management, engineering, operations, financial infrastructure
and corporate culture. We rely on our sales and marketing teams to expand our commercial footprint and obtain new customers and partners,
respectively, in order to grow our EV charger, commercial and residential business, and relies on our engineering, operations and project
management personnel to build out and serve new customers. We also rely on our technology team, which is currently being scaled, to continue
to develop improvements, enhancements and new functionality in our EV charging products and battery storage systems. We plan to continue
to expand in these functional areas but we may not be able to recruit and hire a sufficient number of competent personnel with the requisite
skills, technical expertise and experience, which may adversely affect our ability to expand such capabilities.
In the event of further growth,
our information technology systems and internal control over financial reporting and procedures may not be adequate to support our operations
and may introduce opportunities for data security incidents that may interrupt business operations and permit bad actors to obtain unauthorized
access to business information or misappropriate funds. We may also face risks to the extent such bad actors infiltrate the information
technology infrastructure of our contractors.
To manage growth in operations
and personnel, we will need to continue to improve our operational, financial and management controls and reporting systems and procedures.
Failure to manage growth effectively could result in difficulty or delays in attracting new customers, declines in quality or customer
satisfaction, increases in costs, difficulties in development and introduction of new products and services or enhancing existing products
and services, loss of customers, information security vulnerabilities or other operational difficulties, any of which could adversely
affect our business performance and operating results.
4
Failure to expand our geographic footprint
and to build scalable and robust processes could harm our prospects for growth and profitability, and we may never successfully do so
or achieve or sustain profitability.
Our ability to achieve significant
revenue growth and profitability in the future will depend, in large part, on our success in expanding our product portfolio and business
both within our existing markets and to additional markets and geographies and building scalable and robust processes to manage our business
and operations. If prospective customers and business partners in such existing and new markets and geographies do not perceive our product
and service offerings to be of value to them, or our EV charging products, battery storage systems and services are not favorably received
by them in such markets, we may not be able to attract and retain such customer and business partners and successfully expand in our existing
markets and to new markets and geographies.
In addition, if we are not
able to build scalable and robust processes to manage our existing business operations and prospective growth and expansion, we may fail
to satisfy and retain our existing customers and business partners and may not be able to attract new customers and business partners
in additional markets and, as a result, our ability to maintain and/or grow the business and achieve or sustain profitability will be
adversely affected.
We currently face competition from a number
of companies, particularly in commercial and industrial battery-based energy-storage market in Europe, and expect to face significant
competition in the future as the market for the EV High-Power-Charger develops
.
The EV charging market is
relatively new and competition is still developing. We primarily compete with providers of battery-buffered and non-battery-buffered ultra-fast
EV charging platforms. Large early-stage markets, such as Europe, require early engagement across verticals and customers to gain market
share, and ongoing effort to scale channels, installers, teams and processes. In addition, there are multiple competitors in Europe and
the United States with limited funding, which could cause poor experiences, hampering overall EV adoption or trust in any particular provider.
In addition, there are other
means for charging EVs, which could affect the level of demand for onsite charging capabilities at businesses. For example, Tesla Inc.
continues to build out its supercharger network across the United States and Europe for its vehicles and announced it will open its network
for other brands in Europe, which could reduce overall demand for EV charging at other sites. Also, third-party contractors can provide
basic electric charging capabilities to potential customers seeking to have on premise EV charging capability as well as for home charging.
In addition, many EV charging manufacturers are offering home charging equipment, which could reduce demand for fast charging capabilities
of potential customers and reduce the demand for onsite charging capabilities if EV owners who find charging at home to be sufficient.
The commercial and industrial
battery-based energy-storage market is growing rapidly and our competitors are mainly specialized platform providers for residential or
commercial and industrial applications. Within Europe, large markets such as Germany, Austria and Switzerland, ask for long-term serviceability,
high quality and reliability of battery-storage systems to scale channels and to gain market share. Within Europe, there are multiple
competitors, many of them new to the market, which could cause poor experience and aggravate the usage and implementation of battery-based
energy storage systems. Further there are alternative energy storage systems, which could affect the level of demand for battery-based
storage systems. For example, hydrogen-based energy storage systems could become an additional possibility to store energy, which could
reduce the overall demand for battery-based energy storage systems. Also, energy suppliers and grid service providers can provide centralized
energy storage system or extend significantly the grid itself, which could decrease the overall demand of decentralized systems.
Further for EV charging and
commercial battery storage system market, our current or potential competitors may be acquired by third parties with greater available
resources. As a result, competitors may be able to respond more quickly and effectively than us to new or changing opportunities, technologies,
standards or customer requirements and may have the ability to initiate or withstand substantial price competition. In addition, competitors
may in the future establish cooperative relationships with vendors of complementary products, technologies or services to increase the
availability of their solutions in the marketplace. This competition may also materialize in the form of costly intellectual property
disputes or litigation.
New competitors or alliances
may emerge in the future that have greater market share, more widely adopted proprietary technologies, greater marketing expertise and
greater financial resources, which could put us at a competitive disadvantage. Future competitors could also be better positioned to serve
certain segments of our current or future target markets, which could create price pressure. In light of these factors, even if our offerings
are more effective and higher quality than those of our competitors, current or potential customers may accept our competitors'
solutions instead of ours. If we fail to adapt to changing market conditions or continue to compete successfully with current charging
platform providers or new competitors, our growth will be limited which would adversely affect our business and results of operations.
5
We face risks related to natural disaster
and health pandemics, including the recent coronavirus ("COVID-19") pandemic, which could have a material adverse effect on
our business and results of operations.
The impact of COVID-19, including
changes in consumer and business behavior, pandemic fears and market downturns, and restrictions on business and individual activities,
has created significant volatility in the global economy. The spread of COVID-19 has also created a disruption in the manufacturing, delivery
and overall supply chain of vehicle and photovoltaic manufacturers and suppliers around the world. Any sustained downturn in demand for
EVs or photovoltaic or battery storage system would harm our business.
The pandemic has resulted
in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines,
stay-at-home or shelter-in-place orders and business shutdowns. These measures may adversely impact our employees and operations and the
operations of our customers, suppliers, vendors and business partners, and may negatively impact demand for our products. These measures
by government authorities may remain in place for a significant period of time and may adversely affect manufacturing and building plans,
sales and marketing activities, business and results of operations.
We have modified our business
practices reducing physical participation in sales activities, meetings, events and conferences. We have also implemented additional safety
protocols for essential workers, have implemented cost cutting measures in order to reduce our operating costs, and may take further actions
as may be required by government authorities or that we determine are in the best interests of our employees, customers, suppliers, vendors
and business partners. There is no certainty that such actions will be sufficient to mitigate the risks posed by the virus or otherwise
be satisfactory to government authorities. If significant portions of our workforce are unable to work effectively, including due to illness,
quarantines, social distancing, government actions or other restrictions in connection with the COVID-19 pandemic, our operations will
be negatively impacted. Furthermore, if significant portions of our customers' or potential customers' workforces are subject
to stay-at-home orders or otherwise have substantial numbers of their employees working remotely for sustained periods of time, user demand
for High-Power-Charger and services will decline.
The extent to which the COVID-19
pandemic impacts our business, prospects and results of operations will depend on future developments, which are highly uncertain and
cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the
virus or treat its impact, and when and to what extent normal economic and operating activities can resume. The COVID-19 pandemic has
limited the ability of customers, suppliers, vendors and business partners to perform, including third-party suppliers' ability
to provide components and materials used in High-Power-Chargers and battery storage systems or to provide installation or maintenance
services, resulting in manufacturing delays and increases in prices for such components and materials. Even after the COVID-19 pandemic
has subsided, we may continue to experience an adverse impact to our business as a result of its global economic impact, including any
recession that has occurred or may occur in the future.
Specifically, difficult macroeconomic
conditions, such as decreases in per capita income and level of disposable income, increased and prolonged unemployment or a decline in
consumer confidence as a result of the COVID-19 pandemic, as well as reduced spending by businesses, could each have a material adverse
effect on the demand for our products and services.
We rely on a limited number of suppliers
and manufacturers for our products. A loss of any of these partners could negatively affect our business.
We rely on a limited number
of suppliers to manufacture our High-Power-Charger and battery storage systems, including in some cases only a single supplier for some
products and components. This reliance on a limited number of manufacturers increases our risks, since it does not currently have proven
reliable alternative or replacement manufacturers beyond these key parties. In the event of interruption, it may not be able to increase
capacity from other sources or develop alternate or secondary sources without incurring material additional costs and substantial delays.
Thus, our business could be adversely affected if one or more of our suppliers is impacted by any interruption at a particular location.
For example, in 2022 there were supply chain issues that affected the supply of electronic components and the manufacturing business globally,
caused delays in the production of our products and adversely impacted our revenues.
6
If we experience a significant
increase in demand for our products, or if we need to replace an existing supplier, it may not be possible to supplement or replace them
on acceptable terms, which may undermine our ability to deliver products to customers in a timely manner. For example, it may take a significant
amount of time to identify a manufacturer that has the capability and resources to assemble circuit board or battery cells and submodules
in sufficient volume. Identifying suitable suppliers and manufacturers could be an extensive process that requires us to become satisfied
with their quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor
and other ethical practices. Accordingly, a loss of any significant suppliers or manufacturers could have an adverse effect on our business,
financial condition and operating results.
Increases in costs, disruption of supply,
or shortage of materials, have harmed and could harm our business again in the future.
We have experienced and may
in the future experience increases in the cost or a sustained interruption in the supply or shortage of materials necessary for the production,
maintenance and service of our systems and related technologies. Any such increase in cost, supply interruption, or materials shortage
in the future could again adversely impact our business, prospects, financial condition, and operating results. Our suppliers use various
materials. The prices and supply of these materials may fluctuate, depending on market conditions and global demand for these materials,
including increased production of electric vehicles and other energy storage applications by our competitors and companies in adjacent
markets such as passenger cars and stationary storage.
Substantial increases in the
prices for our materials or prices charged to us could reduce our margins if we cannot recoup the increased costs through increased sale
prices on our systems. Furthermore, fluctuations in fuel costs, or other economic conditions, may cause us to experience significant increases
in freight charges and material costs. Moreover, any attempts to increase prices in response to increased material costs could increase
the difficulty of selling at attractive prices to new and existing customers and lead to cancellations of customer orders. If we are unable
to effectively manage our supply chain and respond to disruptions to our supply chain in a cost-efficient manner, we may fail to achieve
the financial results we expect or that financial analysts and investors expect, and our business, prospects, financial condition, and
operating results may be adversely affected.
Our business is subject to risks associated
with construction, cost overruns and delays, and other contingencies that may arise in the course of completing installations, and such
risks may increase in the future.
We do not typically install
High-Power-Charger or residential and commercial battery storage systems at customer sites. The installations are typically performed
by our partners, customers or electrical contractors with an existing relationship with the customer and/or knowledge of the site. For
industrial customer projects the installation is typically performed by us or by one of our partners. The installation of High-Power-Charger
and battery storage systems at a particular site is generally subject to oversight and regulation in accordance with state and local laws
and ordinances relating to building codes, safety, environmental protection and related matters, and typically requires various local
and other governmental approvals and permits that may vary by jurisdiction. In addition, building codes, accessibility requirements or
regulations may hinder EV charger and battery storage installation because they end up costing the developer or installer more in order
to meet the code requirements. Meaningful delays or cost overruns may impact our recognition of revenue in certain cases and/or impact
customer relationships, either of which could impact our business and profitability.
Furthermore, we may in the
future elect to install our products at customer sites or manage contractors, likely as part of offering customers a turnkey solution.
Working with contractors may require us to obtain licenses or require us or our customers to comply with additional rules, working conditions
and other union requirements, which can add costs and complexity to an installation project. In addition, if these contractors are unable
to provide timely, thorough and quality installation-related services, customers could fall behind their construction schedules leading
to liability to us or cause customers to become dissatisfied with the solutions we offer.
7
While to date we have not made material
acquisitions, should we pursue acquisitions in the future, they would be subject to risks associated with acquisitions.
We may acquire additional
assets, products, technologies or businesses that are complementary to our existing business. The process of identifying and consummating
acquisitions and the subsequent integration of new assets and businesses into our own business would require attention from management
and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on our operations.
Acquired assets or businesses may not generate the expected financial results. Acquisitions could also result in the use of cash, potentially
dilutive issuances of equity securities, the occurrence of goodwill impairment charges, amortization expenses for other intangible assets
and exposure to potential unknown liabilities of the acquired business.
If we are unable to attract, retain, and
motivate key employees and hire qualified management, technical, engineering and sales personnel, our ability to compete and successfully
grow our business would be harmed and could diminish anticipated benefits.
Our success depends, in part,
on our continuing ability to identify, hire, attract, motivate, train and develop and retain highly qualified personnel critical to the
business and operations of the Company. The inability to do so effectively would adversely affect our business. The success of the Company
will depend in part on the attraction, retention and motivation of executive personnel. Executives may experience uncertainty about their
future roles with the Company. In addition, competitors may recruit our management. If we are unable to attract, retain and motivate executive
personnel that are critical to successful operations, we could face disruptions in operations, strategic relationships, key information,
expertise or know-how and unanticipated recruitment and onboarding costs.
Additionally, competition
for employees can be intense, particularly in area of Stuttgart, Germany, where we are headquartered, and the ability to attract, hire
and retain them depends on our ability to provide competitive compensation. We may not be able to attract, assimilate, develop or retain
qualified personnel in the future, and failure to do so could adversely affect our business, including the execution of our global business
strategy. For example, the resignation of an executive officer could cause us to expend resources to ensure a smooth transition with his
or her successor due to the transfer of institutional knowledge and divert management attention away from executing our operational plan
during this transition period.
We are expanding operations internationally,
which will expose us to additional tax, compliance, market and other risks.
Our primary operations are
in Germany and we maintain contractual relationships with parts and manufacturing suppliers in Asia, the United States, Europe and other
locations. Also, we are continuing to invest to increase our presence in the United States. Managing this expansion requires additional
resources and controls, and could subject us to risks associated with international operations, including:
●
conformity with applicable business customs, including translation into foreign languages and associated expenses;
●
lack of availability of government incentives and subsidies;
●
challenges in arranging, and availability of, financing for customers;
●
potential changes to our established business model;
●
cost of alternative power sources, which could vary meaningfully outside of Germany;
●
difficulties in staffing and managing foreign operations in an environment of diverse culture, laws, and customers, and the increased travel, infrastructure, and legal and compliance costs associated with international operations;
●
installation challenges, including those associated with local licensing and permitting requirements;
8
●
differing driving habits and transportation modalities in other markets;
●
different levels of demand among commercial, industrial and residential customers;
●
compliance with multiple, potentially conflicting and changing governmental laws, regulations, certifications, and permitting processes including environmental, banking, employment, tax, information security, privacy, and data protection laws and regulations such as the European Union (the "
EU
") General Data Protection Regulation ("
GDPR
"), national legislation implementing the same and changing requirements for legally transferring data out of the European Economic Area;
●
compliance with U.S. and foreign anti-bribery laws including the Foreign Corrupt Practices Act ("
FCPA
") and the United Kingdom Anti-Bribery Act;
●
conforming products to various international regulatory and safety requirements;
●
difficulty in establishing, staffing and managing foreign operations;
●
difficulties in collecting payments in foreign currencies and associated foreign currency exposure;
●
restrictions on repatriation of earnings;
●
compliance with potentially conflicting and changing laws of taxing jurisdictions and compliance with applicable German tax laws as they relate to international operations, the complexity and adverse consequences of such tax laws, and potentially adverse tax consequences due to changes in such tax laws;
●
challenges in obtaining intellectual property protection, policing the unauthorized use of intellectual property or pursuing enforcement of intellectual property rights outside of Germany;
●
geopolitical turmoil, including the ongoing invasion of the Ukraine by Russia or increased trade restrictions between the EU, Russia, China and other countries, social unrest, political instability, terrorism, or other acts of war which may further adversely impact supply chains, transportation and logistics; and
●
regional economic and political conditions.
In addition, any continued
expansion is likely to involve the incurrence of significant upfront capital expenditures. As a result of these risks, our current expansion
efforts and any potential future international expansion efforts may not be successful.
Our management has limited experience in
operating in the consolidated group of a U.S. public company.
Our management has limited
experience in the management of a company that is a significant part of a U.S. public company. Our management team may not successfully
or effectively manage our transition to this structure that will be subject to significant regulatory oversight and reporting obligations
under relevant securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to public companies
could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these activities which
will result in less time being devoted to the management and growth of the company. We may not have adequate personnel with the appropriate
level of knowledge, experience, and training in the accounting policies, practices or internal controls over financial reporting required
of U.S. public companies. The development and implementation of the standards and controls necessary for the company to achieve the level
of accounting standards required of a public company in the United States may require costs greater than expected. It is possible that
we will be required to expand our employee base and hire additional employees to support our operations as a public company, which will
increase our operating costs in future periods.
9
We may need additional capital in the future
to meet our financial obligations and to pursue our business objectives. Additional capital may not be available on favorable terms, or
at all, which could compromise our ability to meet our financial obligations and grow our business.
While the funds that were
made available to us from the trust account of EUSG in connection with the transactions contemplated by the Business Combination Agreement
and the concurrent private placement of the PIPE Financing have been sufficient to fund our operations since such time, we may need to
raise additional capital to fund operations in the future or finance future acquisitions.
If we seek to raise additional
capital in order to meet various objectives, including developing existing or future technologies and solutions, increasing working capital,
acquiring new clients, expanding geographically and responding to competitive pressures, capital may not be available on favorable terms
or may not be available at all. Lack of sufficient capital resources could significantly limit our ability to take advantage of business
and strategic opportunities. Any additional capital raised through the sale of equity or debt securities with an equity component would
dilute stock ownership. Our ability to raise equity and debt financing may be impacted by COVID-19, increased market volatility, decreased
market liquidity, adverse trends in employment levels, prolonged inflation, geopolitical instability or conflicts (including the ongoing
hostilities between Russia and Ukraine), trade disruptions, economic or other sanctions, or a sustained capital market correction, among
other events, and third-party financing being unavailable on terms acceptable to us or at all.
If adequate additional funds
are not available, we may be required to delay, reduce the scope of, or eliminate material parts of our business strategy, including acquiring
potential new clients or the continued development of new or existing technologies or solutions and geographic expansion. If we raise
funds through the issuance of debt securities or through loan arrangements, the terms of such financing could require significant interest
payments, contain covenants that restrict our business, or other unfavorable terms.
Computer malware, viruses, ransomware, hacking,
phishing attacks and similar disruptions could result in security and privacy breaches and interruption in service, which could harm our
business.
Computer malware, viruses,
physical or electronic break-ins and similar disruptions could lead to interruption and delays in our services and operations and loss,
misuse or theft of data. Computer malware, viruses, ransomware, hacking and phishing attacks against online networks have become more
prevalent and may occur on our systems in the future. Cyber security organizations in many countries have published warnings of increased
cybersecurity threats to U.S. and European business, and external events, like the conflict between Russia and Ukraine, may increase the
likelihood of cybersecurity attacks, particular directed at energy, fueling or infrastructure service providers. Any attempts by cyber
attackers to disrupt our services or systems, if successful, could harm our business, introduce liability to data subjects, result in
the misappropriation of funds, be expensive to remedy and damage our reputation or brand. Insurance may not be sufficient to cover significant
expenses and losses related to cyber-attacks. Efforts to prevent cyber attackers from entering computer systems are expensive to implement,
and we may not be able to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though
it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain
performance, reliability, security and availability of systems and technical infrastructure may, in addition to other losses, harm our
reputation, brand and ability to attract customers.
We may in the future experience,
service and production disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes,
third-party service providers, human or software errors and capacity constraints. If our services are unavailable when users attempt to
access them, they may seek other services, which could reduce demand for our solutions.
We have processes and procedures
in place designed to enable it to quickly recover from a disaster or catastrophe and continue business operations. However, there are
several factors ranging from human error to data corruption that could materially impact the efficacy of such processes and procedures,
including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult or impossible
to perform some or all recovery steps and continue normal business operations due to the nature of a particular disaster or catastrophe,
especially during peak periods, which could cause additional reputational damages, or loss of revenues, any of which could adversely affect
our business and financial results.
10
We have a limited operating history.
ADSE GM began operations in
2008 and operates in the charging technology and EV industry, which is rapidly evolving. As a result, there is limited information that
investors can use in evaluating ADSE's business, strategy, operating plan, results and prospects. It is difficult to predict future
revenues and appropriately budget for expenses, and ADSE has limited insight into trends that may emerge and affect its business. If the
assumptions ADSE uses to plan and operate its business are incorrect or change, its results of operations could differ materially from
its expectations and ADSE's business, financial condition and results of operations could be materially adversely affected.
We are an "emerging growth company"
and cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Ordinary Shares less
attractive to investors.
We are an "emerging
growth company" as defined in the JOBS Act. As an emerging growth company, we are only required to provide two years of audited
financial statements and only two years of related selected financial data and management discussion and analysis of financial condition
and results of operations disclosure. In addition, we are not required to obtain auditor attestation of our reporting on internal control
over financial reporting, have reduced disclosure obligations regarding executive compensation and are not required to hold non-binding
advisory votes on executive compensation. In addition, the JOBS Act provides that an emerging growth company can take advantage of an
extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the
adoption of these accounting standards until they would otherwise apply to private companies. We have elected to take advantage of such
extended transition period. We cannot predict whether investors will find the Ordinary Shares to be less attractive as a result of our
reliance on these exemptions. If some investors find the Ordinary Shares to be less attractive as a result, there may be a less active
trading market for the Ordinary Shares and the price of the Ordinary Shares may be more volatile.
We will remain an emerging
growth company until the earliest of: (i) the end of the fiscal year in which we have total annual gross revenue of $1.07 billion; (ii)
the last day of our fiscal year following January 26, 2026 (i.e., the fifth anniversary of the date on which EUSG consummated its initial
public offering); (iii) the date on which we issue more than $1.0 billion in non-convertible debt during the preceding three-year period;
or (iv) the end of the fiscal year in which the market value of the Ordinary Shares held by non-affiliates exceeds $700 million as of
the last business day of our most recently completed second fiscal quarter.
Further, there is no guarantee
that the exemptions available to us under the JOBS Act will result in significant savings. To the extent that we choose not to use exemptions
from various reporting requirements under the JOBS Act, we will incur additional compliance costs, which may impact our financial condition.
We may be a target of securities class action
and derivative lawsuits which could result in substantial costs.
Securities class action lawsuits and derivative
lawsuits are often brought against companies that have entered into merger agreements. Even if the lawsuits are without merit, defending
against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary
damages, which could have a negative impact on our liquidity and financial condition.
The impact of the military action in Ukraine may affect our current
and future operations in the European Union.
The current invasion of Ukraine by Russia has escalated
tensions among the United States, the North Atlantic Treaty Organization ("
NATO
") and Russia. The United States and
other NATO member states, as well as non-member states, have announced new sanctions against Russia and certain Russian banks, enterprises
and individuals. These and any future additional sanctions and any resulting conflict between Russia, the United States and NATO countries
could have an adverse impact on our current operations, and could restrict our ability to expand our operations and EV charger sites into
other countries in the European Union in the future. Further, such invasion, ongoing military conflict, resulting sanctions and related
countermeasures by NATO states, the United States and other countries lead to market disruptions, including significant volatility in
commodity prices, credit and capital markets, as well as supply chain interruptions for equipment. In light of these events, we developed
a plan designed to mitigate the impact of this conflict on our business, but it is unclear if it will successfully mitigate all disruptions,
which could have an adverse impact on our operations and financial performance.
11
We may be adversely affected by inflationary or market fluctuations,
including impact of tariffs, in the cost of products consumed in providing our services or our cost of labor.
The prices we pay for the principal items we consume
in performing our services are dependent primarily on current market prices. We have consolidated certain supply purchases with national
vendors through agreements containing negotiated prospective pricing. In the event such vendors are not able to comply with their obligations
under the agreements and we are required to seek alternative suppliers, we may incur increased costs of supplies.
Battery storage solutions and charging systems
for electric vehicles are impacted by commodity pricing factors, including the impact of tariffs, which in many cases are unpredictable
and outside of our control. We seek to pass on to customers such increased costs but sometimes we are unable to do so. Even when we are
able to pass on such costs to our customers, from time to time, sporadic unanticipated increases in the costs of certain supply items
due to market or economic conditions may result in a timing delay in passing on such increases to our customers. This type of spike and
unanticipated increase in battery storage and charging system costs could adversely affect our operating performance, and the adverse
effect could be greater if we are delayed in passing on such additional costs to our customers (e.g., where we may not be able to pass
such increase on to our customers until the time of our next scheduled service billing review). We seek to mitigate the impact of an unanticipated
increase in such supplies' costs through consolidation of vendors, which increases our ability to obtain more favorable pricing.
Our cost of labor may be influenced by factors
in certain market areas. A substantial number of our employees are hourly employees whose wage rates are affected by increases in national
or state minimum wage rates, wage inflation or local job market adjustments. We do not have a contractual right to automatically pass
through all wage rate increases resulting from wage rate inflation or local job market adjustments, and we may be delayed in doing so.
Our delay in, or inability to pass such wage increases through to our customers could have a material adverse effect on our financial
condition, results of operations, and cash flows.
Risk Relating to EV Market
Changes to fuel economy standards or the
success of alternative fuels may negatively impact the EV market and thus the demand for our products and services.
As regulatory initiatives
have required an increase in the mileage capabilities of cars, consumption of renewable transportation fuels, such as ethanol and biodiesel,
and consumer acceptance of EVs and other alternative vehicles has been increasing. If fuel efficiency of non-electric vehicles continues
to rise, whether as the result of regulations or otherwise, and affordability of vehicles using renewable transportation fuels improves,
the demand for electric and high energy vehicles could diminish. In addition, the EV fueling model is different than gas or other fuel
models, requiring behavior change and education of influencers, consumers and others such as regulatory bodies. Developments in alternative
technologies, such as advanced diesel, ethanol, fuel cells or compressed natural gas, or improvements in the fuel economy of the internal
combustion engine, may materially and adversely affect demand for EVs and EV charging stations. Regulatory bodies may also adopt rules
that substantially favor certain alternatives to petroleum-based propulsion over others, which may not necessarily be EVs. This may impose
additional obstacles to the purchase of EVs or the development of a more ubiquitous EV market.
If any of the above cause
or contribute to consumers or businesses to no longer purchase EVs or purchase them at a lower rate, it would materially and adversely
affect our business, operating results, financial condition and prospects.
Our future growth and success is partly
correlated with and thus dependent upon the continuing rapid adoption of EVs for passenger and fleet applications.
Our growth in the upcoming
years is highly dependent upon the adoption of EVs by businesses and consumers. The market for EVs is still rapidly evolving, characterized
by rapidly changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards and
changing consumer demands and behaviors, changing levels of concern related to environmental issues and governmental initiatives related
to climate change and the environment generally. Although demand for EVs has grown in recent years, there is no guarantee of continuing
future demand. If the market for EVs develops more slowly than expected, or if demand for EVs decreases, our business, prospects, financial
condition and operating results would be harmed. The market for EVs could be affected by numerous factors, such as:
●
perceptions about EV features, quality, safety, performance and cost;
●
perceptions about the limited range over which EVs may be driven on a single battery charge;
●
competition, including from other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy internal combustion engine vehicles;
12
●
volatility in the cost of oil and gasoline;
●
concerns regarding the stability of the electrical grid;
●
the decline of an EV battery's ability to hold a charge over time;
●
availability of service for EVs;
●
consumers' perception about the convenience and cost of charging EVs;
●
increases in fuel efficiency;
●
government regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to EVs, EV charging stations or decarbonization generally;
●
relaxation of government mandates or quotas regarding the sale of EVs; and
●
concerns about the future viability of EV manufacturers.
In addition, sales of vehicles
in the automotive industry can be cyclical, which may affect growth in acceptance of EVs. It is uncertain how macroeconomic factors will
impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the automotive industry
globally has been experiencing a recent decline in sales. Furthermore, because fleet operators often make large purchases of EVs, this
cyclicality and volatility in the automotive industry may be more pronounced with commercial purchasers, and any significant decline in
demand from these customers could reduce demand for EV charging and our products and services in particular.
Demand for EVs may also be
affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as sales and financing
incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs, import regulation
and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in reduced demand for EV charging solutions
and therefore adversely affect our business, financial condition and operating results.
Risks Relating to Battery Storage System Market
Lithium-ion battery modules in the marketplace
have been observed to catch fire or vent smoke and flame, and such events have raised concerns over the use of such batteries.
We use lithium-ion battery
cells in the production of battery modules for industrial and consumer equipment. Historically, lithium-ion batteries in laptops and cell
phones have been reported to catch fire or vent smoke and flames, and more recently, news reports have indicated that several electric
vehicles that use high-power lithium-ion batteries have caught on fire. Although we are not aware of our high-power lithium-ion batteries
having caught fire as of the date of this Annual Report, any adverse publicity and issues as to the use of high-power batteries in automotive
or other applications will affect our business and prospects. In addition, any failure of the battery cells used in our products may cause
damage to the industrial or consumer equipment or lead to personal injury or death and may subject us to lawsuits. We may have to recall
our products using battery cells, which would be time-consuming and expensive. Further, product liability claims, injuries, defects, or
other problems experienced by other companies in the lithium-ion battery market could lead to unfavorable market conditions for the industry
as a whole, and may have an adverse effect on our ability to attract new customers, thus harming our growth and financial performance.
13
Changes to battery energy storage standards
or the success of alternative energy storage technologies may negatively impact the battery-energy storage market and thus the demand
for our products and services.
As regulatory initiatives
and consumer behaviors have required an increase in the renewable energy, the demand for energy storage systems has been increasing. If
renewable energy requirements can be replaced by nuclear power stations, for example, or if grid extension or centralized energy storage
systems can be developed, whether as the result of regulations or otherwise, the demand of decentralized energy storage systems could
diminish. In addition, the usage of renewable energy and decentralized systems is different than the usage of fossil energy and centralized
energy systems which because it requires behavior change and education of influencers, consumers and others such as regulatory bodies.
Developments in alternative technologies, such as hydrogen adversely affect demand for battery-energy storage stations. Regulatory bodies
may also adopt rules that substantially favor certain alternatives to battery-based storage system over others. This may impose additional
obstacles to the purchase of battery-based systems.
If any of the above cause
or contribute to consumers or businesses to no longer purchase decentralized renewable energy and battery energy storage systems or purchase
them at a lower rate, it would materially and adversely affect our business, operating results, financial condition and prospects.
We may face significant costs relating to
environmental regulations for the storage and shipment of our lithium-ion battery packs.
Federal, state, and local
regulations impose significant environmental requirements on the manufacture, storage, transportation, and disposal of various components
of advanced energy storage systems. Although we believe that our operations are in material compliance with applicable environmental regulations,
there can be no assurance that changes in such laws and regulations will not impose costly compliance requirements on us or otherwise
subject us to future liabilities. Moreover, federal, state, and local governments may enact additional regulations relating to the manufacture,
storage, transportation, and disposal of components of advanced energy storage systems. Compliance with such additional regulations could
require us to devote significant time and resources and could adversely affect demand for our products. There can be no assurance that
additional or modified regulations relating to the manufacture, storage, transportation, and disposal of components of advanced energy
systems will not be imposed.
Our future growth and success is partly
correlated with and thus dependent upon the continuing rapid adoption of decentralized renewable energy.
Our growth in the upcoming
years is partly dependent upon the adoption of individual renewable energy by businesses and consumers. The market for individual installed
renewable energy is still rapidly evolving, characterized by rapidly changing technologies, competitive pricing and competitive factors,
evolving government regulation and industry standards and changing consumer demands and behaviors, changing levels of concern related
to environmental issues and governmental initiatives related to climate change and the environment generally. Although demand for battery-energy
storage systems has grown in recent years, there is no guarantee of continuing future demand. If the market for battery-energy storage
systems develops more slowly than expected, or if demand for it decreases, our business, prospects, financial condition and operating
results would be harmed. The market for battery-energy storage systems could be affected by numerous factors, such as:
●
perceptions about features, quality, safety, performance and cost;
●
perceptions about the limited capacity over the usage of battery systems or renewable energy source;
●
competition, including from other types of alternative storage systems;
●
volatility in the cost of energy;
●
concerns regarding the stability of the electrical grid;
14
●
availability of service;
●
consumers' perception about the convenience and cost of battery energy system;
●
decrease of cost for general energy supply;
●
government regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to battery-energy systems or decarbonization generally; and
●
concerns about the future viability of battery-energy systems manufacturers.
In addition, sales of battery
energy storage systems can be cyclical, which may affect growth in acceptance of it. It is uncertain how macroeconomic factors will impact
demand for individual energy storage systems, particular as it is investment to the future. Any significant decline in demand from customers
could reduce demand for battery-energy storage systems and our products and services in particular.
The EV and battery energy storage market
currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities and others
to offset the purchase or operating cost of EVs, EV charging stations and battery storage systems. The reduction, modification, or elimination
of such benefits, or any delay in payment could cause reduced demand for our products or delay their purchase or production, which would
adversely affect our financial results.
The U.S. and German federal
governments, foreign governments and some state and local governments provide incentives to end users and purchasers of EVs, EV charging
stations and battery energy storage systems in the form of rebates, tax credits and other financial incentives, such as payments for regulatory
credits. The EV and battery energy storage market relies on these governmental rebates, tax credits and other financial incentives to
significantly lower the effective price to customers. However, these incentives may expire on a particular date, end when the allocated
funding is exhausted, or be reduced or terminated as a matter of regulatory or legislative policy. In addition, there may be delays in
the payment of rebates, or in the recognition of tax credits, which could affect the timing of purchases by customers and also result
in a delay or reduction in the production cycle. All of these events could result in an adverse effect on our financial results.
The EV charging and battery-energy storage
markets are characterized by rapid technological change, which requires us to continue to develop new products and product innovations
and maintain and expand our intellectual property portfolio. Any delays in such development could adversely affect market adoption of
our products and our business, financial condition and operational result.
Continuing technological changes
in battery, battery energy storage systems and other technologies could adversely affect adoption of current EV charging and energy storage
technology and/or our products and services. Our future success will depend upon our ability to develop and introduce a variety of new
capabilities and innovations to our existing product offerings, as well as introduce a variety of new product offerings, to address the
changing needs of the market and business models. As new products are introduced, gross margins tend to decline in the near term and improves
as the product become more mature and with a more efficient manufacturing process.
As EV and battery energy storage
technologies change, we may need to upgrade or adapt our platform technology and introduce new products and services in order to serve
our customers that have the latest technology, which could involve substantial costs. In addition, changes in federal and state regulatory
requirements, such as German charging station decree, which regulates for example contactless payment functionality on EV charging stations,
could require us to develop and adopt technologies for our charging stations that we would otherwise not adopt, in order to ensure we
remain in compliance with applicable law. Even if we are able to keep pace with changes in technology, and develop new products and services,
our research and development expenses could increase, our gross margins could be adversely affected in some periods and our prior products
could become obsolete more quickly than expected.
15
We cannot guarantee that any
new products will be released in a timely manner, or at all, or achieve market acceptance. Delays in delivering new products that meet
customer requirements could damage our relationships with customers and lead them to seek alternative providers. Delays in introducing
products and innovations or the failure to offer innovative products or services at competitive prices may cause existing and potential
customers to purchase our competitors' products or services.
If we are unable to devote
adequate resources to develop products or cannot otherwise successfully develop products or services that meet customer requirements on
a timely basis or that remain competitive with technological alternatives, our products and services could lose market share, our revenue
will decline, we may experience higher operating losses and our business and prospects will be adversely affected.
Our business may be adversely affected by
labor union activities.
Although none of our employees
are currently represented by a labor union, it is common throughout the EV and battery storage industry generally for many employees at
companies to belong to a union, which can result in higher employee costs and increased risk of work stoppages. We may also directly and
indirectly depend upon other companies with unionized work forces, such as parts suppliers and trucking and freight companies, and work
stoppages or strikes organized by such unions could have a material adverse impact on our business, financial condition or operating results.
Certain estimates of market opportunity
and forecasts of market growth included in this Annual Report may prove to be inaccurate.
This Annual Report includes
estimates of the addressable market for our solutions and the EV and battery storage market in general. Market opportunity estimates and
growth forecasts, whether obtained from third-party sources or developed internally, are subject to significant uncertainty and are based
on assumptions and estimates that may prove to be inaccurate. The estimates and forecasts in this Annual Report relating to the size and
expected growth of the target market, market demand and adoption, capacity to address this demand and pricing may also prove to be inaccurate.
In particular, estimates regarding the current and projected market opportunity are difficult to predict. The estimated addressable market
may not materialize for many years, if ever, and even if the markets meet the size estimates and growth forecasted, our business could
fail to grow at similar rates.
Risks Related to Our Technology, Intellectual
Property and Infrastructure
We may need to defend against intellectual
property infringement or misappropriation claims, which may be time-consuming and expensive.
From time to time, the holders
of intellectual property rights may assert their rights and urge us to take licenses, and/or may bring suits alleging infringement or
misappropriation of such rights. There can be no assurance that we will be able to mitigate the risk of potential suits or other legal
demands by competitors or other third parties. Accordingly, we may consider entering into licensing agreements with respect to such rights,
although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur, and such
licenses and associated litigation could significantly increase our operating expenses. In addition, if we are determined to have or believe
there is a high likelihood that we have infringed upon or misappropriated a third party's intellectual property rights, we may be
required to cease making, selling or incorporating certain key components or intellectual property into the products and services we offer,
to pay substantial damages and/or royalties, to redesign our products and services, and/or to establish and maintain alternative branding.
In addition, to the extent that our customers and business partners become the subject of any allegation or claim regarding the infringement
or misappropriation of intellectual property rights related to our products and services, we may be required to indemnify such customers
and business partners. If we were required to take one or more such actions, our business, prospects, operating results and financial
condition could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial
costs, negative publicity and diversion of resources and management attention.
16
Our business may be adversely affected if
we are unable to protect our technology and intellectual property from unauthorized use by third parties.
Our success depends, at least
in part, on our ability to protect our core technology and intellectual property. To accomplish this, we rely on, and plan to continue
relying on, a combination of patents, trade secrets (including know-how), employee and third-party nondisclosure agreements, copyright,
trademarks, intellectual property licenses and other contractual rights to retain ownership of, and protect, our technology. Failure to
adequately protect our technology and intellectual property could result in competitors offering similar products, potentially resulting
in the loss of some of our competitive advantage and a decrease in revenue which would adversely affect our business, prospects, financial
condition and operating results.
The measures we take to protect
our technology intellectual property from unauthorized use by others may not be effective for various reasons, including the following:
●
any patent applications we submit may not result in the issuance of patents;
●
the scope of issued patents may not be broad enough to protect proprietary rights;
●
any issued patents may be challenged by competitors and/or invalidated by courts or governmental authorities;
●
the costs associated with enforcing patents, confidentiality and invention agreements or other intellectual property rights may make aggressive enforcement impracticable;
●
current and future competitors may circumvent patents or independently develop similar trade secrets or works of authorship, such as software;
●
know-how and other proprietary information we purport to hold as a trade secret may not qualify as a trade secret under applicable laws; and
●
proprietary designs and technology embodied in our products may be discoverable by third-parties through means that do not constitute violations of applicable laws.
Patent, trademark, and trade
secret laws vary significantly throughout the world. Some foreign countries do not protect intellectual property rights to the same extent
as do the laws of Germany. Further, policing the unauthorized use of our intellectual property in foreign jurisdictions may be difficult
or impossible. Therefore, our intellectual property rights may not be as strong or as easily enforced outside of Germany.
Certain patents in the EV
and battery storage space may come to be considered "standards essential." If this is the case with respect to any of our
patents, we may be required to license certain technology on "fair, reasonable and non-discriminatory" terms, decreasing revenue.
Further, competitors, vendors, or customers may, in certain instances, be free to create variations or derivative works of our technology
and intellectual property, and those derivative works may become directly competitive with our offerings.
In addition to patented technology, we rely
on unpatented proprietary technology, trade secrets, designs, experiences, work flows, data, processes, software and know-how.
We rely on proprietary information
(such as trade secrets, designs, experiences, work flows, data, know-how and confidential information) to protect intellectual property
that may not be patentable or subject to copyright, trademark, trade dress or service mark protection, or that we believe is best protected
by means that do not require public disclosure. We generally seek to protect this proprietary information by entering into confidentiality
agreements, or consulting, services or employment agreements that contain non-disclosure and non-use provisions with our employees, consultants,
customers, contractors and third parties. However, we may fail to enter into the necessary agreements, and even if entered into, such
agreements may be breached or may otherwise fail to prevent disclosure, third-party infringement or misappropriation of our proprietary
information, may be limited as to their term and may not provide adequate remedies in the event of unauthorized disclosure or use of proprietary
information. We have limited control over the protection of trade secrets used by our current or future manufacturing counterparties and
suppliers and could lose future trade secret protection if any unauthorized disclosure of such information occurs. In addition, our proprietary
information may otherwise become known or be independently developed by our competitors or other third parties. To the extent that our
employees, consultants, customers, contractors, advisors and other third parties use intellectual property owned by others in their work
for it, disputes may arise as to the rights in related or resulting know-how and inventions. Costly and time-consuming litigation could
be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary
information could adversely affect our competitive business position. Furthermore, laws regarding trade secret rights in certain markets
where we operate may afford little or no protection to our trade secrets.
17
We also on physical and electronic
security measures to protect our proprietary information, but cannot provide assurance that these security measures will not be breached
or provide adequate protection for our property. There is a risk that third parties may obtain and improperly utilize our proprietary
information to our competitive disadvantage. We may not be able to detect or prevent the unauthorized use of such information or take
appropriate and timely steps to enforce our intellectual property rights, and our business, financial condition and results of operations
could be materially adversely affected.
The current lack of international standards
may lead to uncertainty, additional competition and further unexpected costs.
Lack of industry standards
for EV High-Power-Charger and battery storage system management and, coupled with utilities, photovoltaic installation companies and other
large organizations mandating their own adoption of specifications that have not become widely adopted in the industry, may hinder innovation
or slow new product or new feature introduction.
In addition, automobile manufacturers
may choose to utilize their own proprietary systems, which could lock out competition for EV chargers, or to use their size and market
position to influence the market, which could limit our market and reach to customers, negatively impacting our business.
Our technology has had and in the future
could have undetected defects, errors or bugs in hardware or software which has and could reduce market adoption, damage our reputation
with current or prospective customers, and/or expose us to product liability and other claims that could materially and adversely affect
our business.
We have been and in the future
could be subject to claims that High-Power-Charger and battery storage systems are defective or have malfunctioned, or even that persons
were injured or purported to be injured as a result of such defects, and our customers may bring legal claims against the Company to attempt
to hold it liable. Any insurance that we carry may not be sufficient or it may not apply to all situations. Similarly, to the extent that
such malfunctions are related to components obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions.
For example, certain of our customers have experienced a malfunction in our High-Power Charger that we believe is likely the result of
a defective semiconductor component, which has required us to work with our third-party supplier of such component to inspect and implement
countermeasures to address these defects and may require us to replace such products under our warranty. These activities have resulted
in an increase to our special warranty provision in other expenses for the year ended December 31, 2021 as compared to the year ended
December 31, 2020 as detailed under "Item 5. Operating and Financial Review and Prospects – Operating Results – Results
of Operations – Comparison of the Twelve Months Ended December 31, 2021 and 2020 – Other Expenses." We expect to
continue to address this issue, and this defect or similar events in the future could adversely affect our brand, relationships with customers
and vendors, operating results or financial condition.
Furthermore, our software
platform is complex, developed for over a decade by many developers, and includes a number of licensed third-party commercial and open-source
software libraries. Our software has contained defects and errors and may in the future contain undetected defects or errors. We are continuing
to evolve the features and functionality of our platform through updates and enhancements, and as we do, we may introduce additional defects
or errors that may not be detected until after deployment to customers. In addition, if our products and services, including any updates
or patches, are not implemented or used correctly or as intended, inadequate performance and disruptions in service may result.
Any defects or errors in product
or services offerings, or the perception of such defects or errors, or other performance problems could result in any of the following,
each of which could adversely affect our business and results of our operations:
●
expenditure of significant financial and product development resources, including recalls, in efforts to analyze, correct, eliminate or work around errors or defects;
●
loss of existing or potential customers or partners;
●
interruptions or delays in sales;
●
delayed or lost revenue;
18
●
delay or failure to attain market acceptance;
●
delay in the development or release of new functionality or improvements;
●
negative publicity and reputational harm;
●
sales credits or refunds;
●
exposure of confidential or proprietary information;
●
diversion of development and customer service resources;
●
breach of warranty claims;
●
legal claims under applicable laws, rules and regulations; and
●
an increase in collection cycles for accounts receivable or the expense and risk of litigation.
Although we have contractual
protections, such as warranty disclaimers and limitation of liability provisions, in many of our agreements with customers, resellers
and other business partners, such protections may not be uniformly implemented in all contracts and, where implemented, may not fully
or effectively protect from claims by customers, reseller, business partners or other third parties. Any insurance coverage or indemnification
obligations of suppliers may not adequately cover all such claims, or cover only a portion of such claims. A successful product liability,
warranty, or other similar claim could have an adverse effect on our business, operating results and financial condition. In addition,
even claims that ultimately are unsuccessful could result in expenditure of funds in litigation, divert management's time and other
resources and cause reputational harm.
In addition, we rely on some
open-source software and libraries issued under the General Public License (or similar "copyleft" licenses) for development
of our products and may continue to rely on similar copyleft licenses. Third-parties may assert a copyright claim against us regarding
our use of such software or libraries, which could lead to the adverse results listed above. Use of such software or libraries may also
force us to provide third parties, at no cost, the source code to our proprietary software, which may decrease revenue and lessen any
competitive advantage we have due to the secrecy of our source code.
We expect to incur research and development
costs and devote significant resources to developing new products, which could significantly reduce our profitability and may never result
in revenue to the Company
.
Our future growth
depends on penetrating new markets, adapting existing products to new applications and customer requirements, and introducing new
products that achieve market acceptance. We plan to incur significant research and development costs in the future as part of our
efforts to design, develop, manufacture and introduce new products and enhance existing products. ADSE's research and not
capitalized development expenses were kEUR 749, kEUR 2,012, and kEUR 1,701 during the fiscal years ended December 31, 2020, 2021,
and 2022 respectively, and are likely to grow in the future. Further, our research and development program may not produce
successful results, and our new products may not achieve market acceptance, create additional revenue or become profitable.
19
Customer-Related Risks
If we fail to offer high-quality support
to customers, battery energy storage and charging station owners and users, our business and reputation will suffer.
Once a customer has installed
our platforms and subscribed to our products and services, customers will rely on us to provide support services to resolve any issues
that might arise in the future. Rapid and high-quality customer support is important so owners can provide services and end use customers
can receive reliable service. The importance of high-quality customer support will increase as we seeks to expand our business and pursue
new customers and geographies. If we do not quickly resolve issues and provide effective support, our ability to retain customers or sell
additional products and services to existing customers could suffer and our brand and reputation could be harmed.
Failure to effectively expand our sales
and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our solutions.
Our ability to grow our customer
base, achieve broader market acceptance, grow revenue, and achieve and sustain profitability will depend, to a significant extent, on
our ability to effectively expand our sales and marketing operations and activities. Sales and marketing expenses represent a significant
percentage of our total revenue, and our operating results will suffer if sales and marketing expenditures do not contribute significantly
to increasing revenue.
We are substantially dependent
on our direct sales force to obtain new customers. We plan to continue to expand our direct sales force both domestically and internationally,
but we may not be able to recruit and hire a sufficient number of sales personnel, which may adversely affect our ability to expand our
sales capabilities. New hires require significant training and time before they achieve full productivity, particularly in new sales territories.
Recent hires and planned hires may not become as productive as quickly as anticipated, and we may be unable to hire or retain sufficient
numbers of qualified individuals. Furthermore, hiring sales personnel in new countries can be costly, complex and time-consuming, and
requires additional set up and upfront costs that may be disproportionate to the initial revenue expected from those countries. There
is significant competition for direct sales personnel with the strong sales skills and technical knowledge.
Our ability to achieve significant
revenue growth in the future will depend, in large part, on our success in recruiting, training, incentivizing and retaining a sufficient
number of qualified direct sales personnel and on such personnel attaining desired productivity levels within a reasonable amount of time.
Our business will be harmed if continuing investment in our sales and marketing capabilities does not generate a significant increase
in revenue.
We have a concentration of sales with two
key customers and any substantial reduction in sales to such customers would have a material adverse effect on our results of operations
and financial condition.
While we expect to significantly
diversify our customer basis in the next twelve months, historically we have had one major customer that comprised approximately 87%,
56%, and 27% of our revenues in 2020, 2021, and 2022, respectively. In 2022, there was one other customer that comprised 31% of our
total revenue. If we are not able to sufficiently diversify our customer base, we will remain subject to significant risks associated
with a highly concentrated customer base.
This concentration exposes
our business, financial condition and operating results to a number of risks, including the following:
●
In
a highly concentrated business environment, if a particular customer does not place an order, or if they delay or cancel orders, we may
not be able to replace the business.
●
As
a result of this concentrated customer base, single customers represent a greater portion of our sales and, consequently, have greater
commercial negotiating leverage. Customers may have aggressive policies regarding engaging alternative, second-source suppliers for the
products we offer and, in addition, may seek and, on occasion, receive pricing, payment, intellectual property-related or other commercial
terms that may have an adverse impact on our business. Any of these changes could negatively impact our prices, customer orders, revenues,
and gross margins.
20
●
The
highly concentrated business environment also increases our exposure to risks related to the financial condition of each of our customers.
To the extent our customers experience liquidity issues in the future, we may be required to incur additional credit losses with respect
to receivables owed to us by those customers. In addition, customers with liquidity issues may be forced to reduce purchases of our equipment,
delay deliveries of our products, discontinue operations or may be acquired by one of our customers, and in either case such event would
have the effect of further consolidating our customer base.
Any of these factors could
have a material adverse effect on our business, financial condition and operating results.
Customer relationships with start-ups may present more risks
than with established companies.
A growing portion of the Company's
current customer base is comprised of start-up companies. Customer relationships with start-up companies present special risks because
these companies do not have an extensive operating history. As a result, there is less demonstration of market acceptance of their products
or services, making it harder for us to anticipate needs and requirements than with established customers. In addition, funding for such
companies may be more difficult to obtain and these customer relationships may not continue or materialize to the extent we plan or previously
experienced. Further, supply chain risks arising from COVID-19 policies or geopolitical turmoil may have a more significant impact on
start-up customers than with established customers. This may result in additional credit risk, including but not limited to the collection
of trade accounts receivables and payment for their inventory. Although we perform ongoing credit evaluations of our customers and adjust
our allowance for doubtful accounts receivable for all customers, including start-up customers, based on the information available, these
allowances may not be adequate. If we do not have adequate allowances recorded, our results of operations may be negatively affected.
Financial, Tax and Accounting-Related Risks
Our financial condition and results of operations
are likely to fluctuate in future periods, which could cause our results for a particular period to fall below expectations, resulting
in a decline in the price of Ordinary Shares.
Our financial condition and
results of operations have fluctuated in the past and may continue to fluctuate in the future due to a variety of factors, many of which
are beyond our control.
In addition to the other risks
described herein, the following factors could also cause our financial condition and results of operations to fluctuate:
●
the
timing and volume of new sales;
●
fluctuations
in service costs, particularly due to unexpected costs of servicing and maintaining chargers;
●
the
timing of new product introductions, which can initially have lower gross margins;
●
weaker
than anticipated demand for Higher-Power-Charger and battery storage system, whether due to changes in government incentives and policies
or due to other conditions;
●
fluctuations
in sales and marketing or research and development expenses;
●
supply
chain interruptions and manufacturing or delivery delays;
●
the
timing and availability of new products relative to our customers' and business partners' expectations;
●
the
length of the sales and installation cycle for a particular customer;
●
the
impact of COVID-19 on our workforce, or those of our customers, suppliers, vendors or business partners;
●
ability
to attract and retain qualified personnel; and
●
unanticipated
changes in federal, state, local or foreign government incentive programs, which can affect demand for EVs and battery storage systems.
Fluctuations in operating
results and cash flow could, among other things, give rise to short-term liquidity issues. In addition, revenue, and other operating results
may fall short of the expectations of investors and financial analysts, which could have an adverse effect on the price of the common
stock.
21
Our reported financial results may be negatively
impacted by changes in IFRS.
IFRS is subject to the requirements
of IFRS as issued by the IASB, the interpretation by the International Financial Reporting Standards Interpretation Committee ("
IFRS
IC
"), the SEC and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles
or interpretations could have a significant effect on reported financial results, and may even affect the reporting of transactions completed
before the announcement or effectiveness of a change.
The ability of the Company to utilize net
operating loss and tax credit carryforwards is conditioned upon the Company attaining profitability and generating taxable income. The
Company has incurred significant net losses since inception and it is anticipated that the Company will continue to incur significant
losses. Additionally, the Company's ability to utilize net operating loss and tax credit carryforwards to offset future taxable
income may be limited.
ADSE generated a loss carryforward
in its development phase in an amount of kEUR 82.796 as of its financial year ended December 31, 2022 which may be used to off-set taxes
in Germany on future profits. As a matter of German tax law, loss carryforwards will be disregarded for tax purposes in case of a change
of control unless certain exemptions are met (e.g. valuation issues of hidden reserves). While currently management is optimistic that
these criteria can be met in whole or in part and thus loss carryforwards will continue to be available for the future, there is no certainty
that the German Tax Authorities will recognize this assessment as it has a certain discretionary scope to evaluate hidden reserves and
company values.
We will need to improve the operational
and financial systems to support continuous growth, increasingly complex business arrangements, and rules governing revenue and expense
recognition and any inability to do so will adversely affect our billing and reporting.
To manage the growth of our
operations and increasing complexity, we will need to improve the operational and financial systems, procedures, and controls and continue
to increase systems automation to reduce reliance on manual operations. Any inability to do so will affect our manufacturing operations,
customer billing and reporting. Our current and planned systems, procedures and controls may not be adequate to support new complex arrangements
we enter into and the rules governing revenue and expense recognition for our future operations and expected growth. Delays or problems
associated with any improvement or expansion of our operational and financial systems and controls could adversely affect our relationships
with our customers, cause harm to our reputation and brand and could also result in errors in our financial and other reporting. We expect
that complying with these rules and regulations will increase our legal and financial compliance costs and will make some activities more
time-consuming and costly. We cannot predict or estimate the amount or timing of additional costs it may incur to respond to these requirements.
As a public company, we have identified
material weaknesses in our internal control over financial reporting and may identify additional material weaknesses in the future. Failure
to remediate such material weaknesses in the future or to maintain an effective system of internal control could impair our ability to
comply with the financial reporting and internal controls requirements for publicly traded companies.
We have limited accounting
and financial reporting personnel and other resources with which to address the internal controls and procedures required for public companies.
Becoming a U.S.-listed public company, we operate in an increasingly demanding regulatory environment, which requires us to comply with
the Sarbanes-Oxley Act of 2002 (the "
Sarbanes-Oxley Act
"), Nasdaq regulations, SEC rules and regulations, expanded
disclosure requirements, accelerated reporting requirements and more complex accounting rules. Company responsibilities required by the
Sarbanes-Oxley Act include establishing corporate oversight and adequate internal control over financial reporting and disclosure controls
and procedures. Effective internal controls in accordance with the Sarbanes-Oxley Act are necessary for us to produce reliable financial
reports and are important to help prevent financial fraud.
Since becoming a public company,
ensuring that we have adequate internal financial and accounting controls and procedures in place to produce accurate financial statements
on a timely basis has become costly and a time-consuming effort. In addition, the rapid growth of our operations has created a need for
additional resources within the accounting and finance functions in order to produce timely financial information and to ensure the level
of segregation of duties customary for a public company.
22
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Our
management is also required, on a yearly basis, to evaluate the effectiveness of our internal controls and to disclose any changes and
material weaknesses identified. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement in our annual consolidated financial statements might
not be prevented or detected on a timely basis. As described in "Item 15. Controls and Procedures" , there were several material
weaknesses identified in our disclosure and internal controls over financial reporting.
We are in the process of designing
and implementing measures to improve our internal control over financial reporting to remediate the material weaknesses, including by
implementing new information technology and systems for the preparation of the financial statements, implementing additional review procedures
within our accounting and finance department, hiring additional staff and engaging external accounting experts to support improving our
accounting processes and procedures and supplement our internal resources in our computation processes.
We are working to develop
and implement a remediation plan as soon as practicable. Our remediation plan, which is continuing to be developed, can only be accomplished
over time, and these initiatives may not accomplish their intended effects. Failure to maintain our internal control over financial reporting
could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis. Likewise,
if our financial statements are not filed on a timely basis, we could be subject to regulatory actions, legal proceedings or investigations
by Nasdaq, the SEC or other regulatory authorities, which could result in a material adverse effect on our business and/or we may not
be able to maintain compliance with certain of our agreements. Ineffective internal controls could also cause investors to lose confidence
in our financial reporting, which could have a negative effect on our stock price, business strategies and ability to raise capital.
We anticipate that the process
of building our accounting and financial functions and infrastructure will result in substantial costs, including significant additional
professional fees and internal costs. Any disruptions or difficulties in implementing or using such a system could adversely affect our
controls and harm our business. Moreover, such disruption or difficulties could result in unanticipated costs and diversion of management's
attention.
Even after the remediation
of our material weaknesses, our management does not expect that our internal controls ever will prevent or detect all errors and all fraud.
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's
objectives will be met. No evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur
or that all control issues and instances of fraud, if any, within the business will have been detected.
If we are not able to comply
with the requirements of Section 404(a) of the Sarbanes-Oxley Act in a timely manner, or if we are unable to maintain proper and effective
internal controls, we may not be able to produce timely and accurate financial statements. If we cannot provide reliable financial reports
or prevent fraud, our business and results of operations could be harmed, investors could lose confidence in our reported financial information
and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities.
We identified material weaknesses in EUSG's
internal control over financial reporting with respect to EUSG's previously issued financial statements. These material weaknesses
could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely
manner, and we may face litigation and other risks as a result of the material weakness in EUSG's internal control over financial
reporting.
Management is responsible
for establishing and maintaining adequate internal control over financial reporting designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Management
also evaluates the effectiveness of our internal controls and we will disclose any changes and material weaknesses identified through
such evaluation in those internal controls. A material weakness is a deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial
statements will not be prevented or detected on a timely basis.
23
Prior to the Closing in 2021,
in light of recent comments issued by the SEC, EUSG, a predecessor in interest to ADSE, re-evaluated its application of ASC 480-10-S99-3A
to its accounting classification of its redeemable Class A ordinary shares (the "
Public Shares
") issued as part of
the units sold in EUSG's initial public offering ("
IPO
") in January 2021. EUSG determined that, at the closing
of its IPO, and in all of its subsequent periodic reports filed with the SEC, through and including the Form 10-Q for the quarterly period
ended July 31, 2021, it had improperly valued its Public Shares subject to possible redemption. EUSG had previously determined the Public
Shares subject to possible redemption to be equal to the redemption value, while also taking into consideration a redemption cannot result
in net tangible assets being less than $5,000,001. EUSG's management determined that the Public Shares issued during the IPO can
be redeemed or become redeemable subject to the occurrence of future events considered outside of EUSG's control. Therefore, management
concluded that the redemption value should include all Public Shares subject to possible redemption, resulting in the Public Shares subject
to possible redemption being equal to its redemption value. As a result, management restated temporary equity and permanent equity. This
resulted in a restatement to the initial carrying value of the Public Shares subject to possible redemption with the offset recorded to
additional paid-in capital (to the extent available), accumulated deficit and ordinary shares.
EUSG management concluded
that in light of the error described above, a material weakness exists in EUSG's internal control over financial reporting related
to EUSG's accounting for complex financial instruments and that, because of this and additional material weaknesses identified in
the fiscal quarters ended January 31, 2021, April 30, 2021, and July 31, 2021, EUSG's disclosure controls and procedures were not
effective for all periods noted above.
EUSG has restated its previously
issued financial statements to report all Public Shares as temporary equity and implemented a remediation plan to remediate these material
weakness surrounding EUSG's historical presentation of the Public Shares but can give no assurance that the measures it has taken
will prevent any future material weaknesses or deficiencies in internal control over financial reporting. Even though we have strengthened
controls and procedures, in the future those controls and procedures may not be adequate to prevent or identify irregularities or errors
or to facilitate the fair presentation of our financial statements.
In addition, as a result of
such material weakness, the restatements, the change in accounting classification of all of the EUSG Class A ordinary shares as temporary
equity, and other matters raised or that may in the future be raised by the SEC, we face potential for litigation or other disputes which
may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the
restatement and material weaknesses in our internal control over financial reporting and the preparation of our financial statements.
As of the date of this Annual Report, we have no knowledge of any such litigation or dispute. However, we can provide no assurance that
such litigation or dispute will not arise in the future. Any such litigation or dispute, whether successful or not, could have a material
adverse effect on our business, results of operations and financial condition.
Irish, German and European insolvency laws
are substantially different from U.S. insolvency laws and may offer our shareholders less protection than they would have under U.S. insolvency
laws.
As an Irish public limited
company and as a company with its 'centre of main interest' in Germany, we are subject to Irish and German insolvency laws
in the event any insolvency proceedings are initiated against us including, among other things, Regulation (EU) 2015/848 of the European
Parliament and of the Council of May 20, 2015 on insolvency proceedings. Should courts in another European country determine that
the insolvency laws of that country apply to us in accordance with and subject to such EU regulations, the courts in that country could
have jurisdiction over the insolvency proceedings initiated against us. Insolvency laws in Germany, Ireland, or the relevant other European
country, if any, may offer our shareholders less protection than they would have under U.S. insolvency laws and make it more difficult
for our shareholders to recover the amount they could expect to recover in a liquidation under U.S. insolvency laws.
Risks Related to the Regulatory Environment
in which the Company Operates
Existing and future environmental health
and safety laws and regulations could result in increased compliance costs or additional operating costs or construction costs and restrictions.
Failure to comply with such laws and regulations may result in substantial fines or other limitations that may adversely impact our financial
results or results of operation.
The Company and its operations,
as well as those of the Company's contractors, suppliers and customers, are subject to certain environmental laws and regulations,
including laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic
wastes and hardware, whether hazardous or not. These laws may require the Company or others in the Company's value chain to obtain
permits and comply with procedures that impose various restrictions and obligations that may have material effects on the Company's
operations. If key permits and approvals cannot be obtained on acceptable terms, or if other operational requirements cannot be met in
a manner satisfactory for the Company's operations or on a timeline that meets the Company's commercial obligations, it may
adversely impact its business.
24
Environmental and health and
safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational,
national, sub-national and/or local level or new or modified regulations that may be implemented under existing law. The nature and extent
of any changes in these laws, rules, regulations and permits may be unpredictable and may have material effects on our business. Future
legislation and regulations or changes in existing legislation and regulations, or interpretations thereof, including those relating to
hardware manufacturing, electronic waste or batteries, could cause additional expenditures, restrictions and delays in connection with
our operations as well as other future projects, the extent of which cannot be predicted.
Further, we currently rely
on third parties to ensure compliance with certain environmental laws, including those related to the disposal of hazardous and non-hazardous
wastes. Any failure to properly handle or dispose of such wastes, regardless of whether such failure is the Company's or its contractors,
may result in liability under environmental laws, under which liability may be imposed without regard to fault or degree of contribution
for the investigation and clean-up of contaminated sites, as well as impacts to human health and damages to natural resources. Additionally,
we may not be able to secure contracts with third parties to continue their key supply chain and disposal services for our business, which
may result in increased costs for compliance with environmental laws and regulations.
We are subject to an increasing focus on
environmental, social and governance requirements, which could result in additional costs or reputational damage.
The increasing environmental,
social and governance requirements from governments and customers as well as potential financing restrictions from governments on carbon
emitting processes could result in additional supply chain and operational costs. Additionally, business involvement in sensitive environmental,
social or governance activities might be negatively perceived and trigger adverse media attention. This could lead to reputational damage
and have an impact on achieving our business goals.
Our business and territories that we operate
in are subject to changes of regulations, laws and policies.
As a growing company with
operations commencing in new territories, we are exposed to various product- and country-related regulations, laws and policies influencing
our business activities and processes. We monitor the political and regulatory landscape in all our key markets to anticipate potential
problem areas, with the aim of quickly adjusting our business activities and processes to reflect the changed conditions. However, any
changes in regulations, laws and policies could adversely affect our business activities and processes as well as our financial condition
and results of operations.
Risks Associated with Being a U.S. Public Company
We incur significant costs and devote substantial
management time as a result of being subject to reporting requirements in the United States, which may adversely affect our operating
results in the future.
As a company subject to reporting
requirements in the United States, we incur significant legal, accounting and other expenses that we would not have incurred as a private
Irish company. For example, we are subject to the reporting requirements of the Exchange Act and are required to comply with the applicable
requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations
subsequently implemented by the SEC, including the establishment and maintenance of effective disclosure and financial controls and changes
in corporate governance practices. Compliance with these requirements increases our legal and financial compliance costs and makes some
activities more time consuming and costly, while also diverting management attention. In particular, we expect to incur significant expenses
and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which
will increase when we are no longer an emerging growth company as defined by the JOBS Act.
Risks Related to Ownership of Our Ordinary
Shares and Warrants
An active trading market of the Ordinary
Shares and Warrants may not be sustained and investors may not be able to resell their Ordinary Shares and Warrants at or above the price
for which they purchased the securities.
An active trading market for
the Ordinary Shares and Warrants may not be sustained. In the absence of an active trading market for the Ordinary Shares and/or Warrants,
investors may not be able to sell their Ordinary Shares or Warrants, respectively, at or above the price they paid at the time that they
would like to sell. In addition, an inactive market may impair our ability to raise capital by selling shares or equity securities and
may impair our ability to acquire business partners by using the Ordinary Shares as consideration, which, in turn, could harm our business.
25
The trading price of the Ordinary Shares
or Warrants may be volatile, and holders of the Ordinary Shares or Warrants could incur substantial losses.
The stock market in general
has experienced extreme volatility in the wake of the COVID-19 pandemic Russia's ongoing incursion into Ukraine, and increases in
inflation rates that have often been unrelated to the operating performance of particular companies. As a result of this volatility, shareholders
may not be able to sell their Ordinary Shares or Warrants at or above the price paid for the securities. The market price for the Ordinary
Shares and Warrants may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:
●
volatility in the wake of the COVID-19 pandemic that has often been unrelated to the operating performance of particular companies
●
the continued impact of COVID-19 or other adverse public health developments;
●
actual
or anticipated variations in operating results;
●
changes in financial estimates by the Company or failure to meet these estimates;
●
failure of securities analysts to initiate or maintain coverage of the Company, changes in financial estimates by any securities analysts who follow the Company, or the Company's failure to meet these estimates or the expectations of investors;
●
the issuance of reports from short sellers that may negatively impact the trading price of the Ordinary Shares and/or Warrants;
●
conditions or trends in the Company's industry;
●
stock market price and volume fluctuations of other publicly traded companies and, in particular, those that operate in the electric vehicle charging infrastructure industry;
●
announcements by the Company or its competitors of new product or service offerings, significant acquisitions, technical innovations, capital commitments, strategic partnerships or divestitures;
●
announcements of investigations or regulatory scrutiny of the Company or lawsuits threatened or filed against the Company;
●
negative publicity related to problems in the Company's manufacturing or the real or perceived quality of the Company's products;
●
rumors and market speculation involving the Company or other companies in our industry;
●
capital commitments;
●
political and country risks in the geographical areas in which the Company is operating;
●
business disruption and costs related to shareholder activism;
●
new laws, regulations, subsidies, or credits or new interpretations of them applicable to the Company's business;
●
the expiration of contractual lock-up or market standoff agreements;
●
additions or departure of key personnel;
●
sales or anticipated sales of Ordinary Shares and/or Warrants, including sales by the Company, the Company's directors and officers, or shareholders;
●
market conditions in the Company's industry and general economic, political and market conditions, including those resulting from ongoing conflict between Russia and Ukraine and increased trade restrictions by governmental and private entities; and
●
expectations of future cash dividend declarations and payments.
26
The future exercise of registration rights
may adversely affect the market price of Ordinary Shares.
Certain of our shareholders
have registration rights for restricted securities under the terms of our Registration Rights Agreement with the Sponsor and certain other
shareholders of ADSE Holdco and Subscription Agreement with the PIPE Investors, which provide for customary "demand" and "piggyback"
registration rights for certain shareholders. Sales of a substantial number of Ordinary Shares pursuant to the resale registration statement
in the public market could occur at any time the registration statement remains effective. In addition, certain registration rights holders
can request underwritten offerings to sell their securities. These sales, or the perception in the market that the holders of a large
number of shares intend to sell shares, could reduce the market price of our Ordinary Shares. See "Item 7. Major Shareholders and
Related Party Transactions
—
7.B. Related Party Transactions —Registration Rights Agreement."
Certain shareholders that own a significant percentage
of the Company may have interests that conflict with the Company's or yours in the future.
Two of our shareholders beneficially
own approximately 57.4% of the outstanding Ordinary Shares. See "Item 7. Major Shareholders and Related Party Transactions—7.A.
Major Shareholders." For so long as these shareholders continue to own a significant percentage of our Ordinary Shares, they
will be able to significantly influence or effectively control the composition of our board of directors and the approval of actions requiring
shareholder approval through their voting power. Accordingly, for such period of time, these shareholders will have significant influence
with respect to our management, business plans and policies, including the appointment and removal of our officers. In particular, for
so long as these shareholders continue to own a significant percentage of the outstanding Ordinary Shares, they will be able to cause
or prevent a change of control of the Company or a change in the composition of our board of directors and could preclude any unsolicited
acquisition of the Company. The concentration of ownership could deprive you of an opportunity to receive a premium for your Ordinary
Shares as part of a sale of the Company and ultimately might affect the market price of the Ordinary Shares.
Our staggered board will limit your ability
to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of Ordinary Shares
may view as beneficial.
The Company's Memorandum
and Articles of Association ("
M&A
") provides that our board of directors has three classes of directors with staggered
terms of up to three years until his or her successor is designated and qualified. During such term, our shareholders will have no power
to remove directors without cause. The Company's staggered board will limit your ability to influence corporate matters and could
also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect
of depriving the holders of Ordinary Shares and Warrants of the opportunity to sell their Ordinary Shares at a premium over the prevailing
market price. Additionally, our staggered board may discourage proxy contests for the election of directors and purchases of substantial
blocks of Ordinary Shares by making it more difficult for a potential acquirer to gain control of our board of directors.
No individual, group or other
company will hold in excess of 50% of the voting power for the election of directors of the Company. Accordingly, we will not be a "controlled
company" under the rules of the Nasdaq Stock Market.
We may issue additional Ordinary Shares
or other equity securities without seeking approval of the shareholders, which would dilute your ownership interests and may depress the
market price of the Ordinary Shares.
The Company has Warrants outstanding
to purchase up to an aggregate of 11,662,486 Ordinary Shares. In addition to the PIPE Financing, we may choose to seek third-party financing
to provide additional working capital for our business, in which event the Company may issue additional equity securities. We may also
issue additional Ordinary Shares or other equity securities of equal or senior rank in the future for any reason or in connection with,
among other things, future acquisitions, the redemption of outstanding warrants, or repayment of outstanding indebtedness, without shareholder
approval, in a number of circumstances.
The Company's issuance
of additional Ordinary Shares or other equity securities of equal or senior rank would have the following effects:
●
the Company's existing shareholders' proportionate ownership interest will decrease;
●
the amount of cash available per share, including for payment of dividends in the future, may decrease;
●
the relative voting strength of each previously outstanding Ordinary Share may be diminished; and
●
the market price of the Ordinary Shares may decline.
27
There may be less publicly available information
concerning the Company than there is for issuers that are not foreign private issuers because it is anticipated that the Company will
be considered a foreign private issuer and will be exempt from a number of rules under the Exchange Act and will be permitted to file
less information with the SEC than issuers that are not foreign private issuers and the Company, as a foreign private issuer, will be
permitted to follow home country practice in lieu of the listing requirements of Nasdaq, subject to certain exceptions.
A foreign private issuer under
the Exchange Act is exempt from certain rules under the Exchange Act, and is not required to file periodic reports and financial statements
with the SEC as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private
issuers, or to comply with Regulation FD, which restricts the selective disclosure of material non-public information. It is anticipated
that we will be exempt from certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange
Act. The members of the Company's board of directors, officers and principal shareholders will be exempt from the reporting and
"short-swing" profit recovery provisions of Section 16 of the Exchange Act. Accordingly, there may be less publicly available
information concerning the Company than there is for companies whose securities are registered under the Exchange Act but are not foreign
private issuers, and such information may not be provided as promptly as it is provided by such companies.
In addition, certain information
may be provided by the Company in accordance with Irish law, which may differ in substance or timing from such disclosure requirements
under the Exchange Act. As a foreign private issuer, under Nasdaq rules we will be subject to less stringent corporate governance requirements.
Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer to follow its home country practice in lieu of the
listing requirements of Nasdaq, including, for example, certain internal controls as well as board, committee and director independence
requirements. We do not currently intend to follow any Irish corporate governance practices in lieu of Nasdaq corporate governance rules,
but we cannot assure you that this will not change. If the Company determines to follow Irish corporate governance practices in lieu of
Nasdaq corporate governance standards, we will disclose each Nasdaq rule that we do not intend to follow and describe the Irish practice
that we will follow in lieu thereof.
We may lose our foreign private issuer status
in the future, which could result in significant additional cost and expense.
In the future, we would lose
our foreign private issuer status if a majority of our shareholders, directors or management are U.S. citizens or residents and we fail
to meet additional requirements necessary to avoid loss of foreign private issuer status. Although our management has elected to comply
with certain U.S. regulatory provisions, our loss of foreign private issuer status would make such provisions mandatory. The regulatory
and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher. If we are not a foreign private
issuer, we will be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are
more detailed and extensive than the forms available to a foreign private issuer. For example, the annual report on Form 10-K requires
domestic issuers to disclose executive compensation information on an individual basis with specific disclosure regarding the domestic
compensation philosophy, objectives, annual total compensation (base salary, bonus, and equity compensation) and potential payments in
connection with change in control, retirement, death or disability, while the annual report on Form 20-F permits foreign private issuers
to disclose compensation information on an aggregate basis. We would also have to mandatorily comply with U.S. federal proxy requirements,
and our officers, directors, and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions
of Section 16 of the Exchange Act. We may also be required to modify certain of our policies to comply with good governance practices
associated with U.S. domestic issuers and convert from IFRS to U.S. GAAP. Such conversion and modifications will involve additional costs.
In addition, we may lose our ability to rely upon exemptions from certain corporate governance requirements on U.S. stock exchanges that
are available to foreign private issuers.
If securities or industry analysts do not
publish research or publish inaccurate or unfavorable research about our business, the market price of the Ordinary Shares and/or Warrants
and trading volume could decline.
The market price for the Ordinary
Shares and Warrants depends in part on the research and reports that securities or industry analysts publish about the Company or the
Company's business. If industry analysts cease coverage of the Company, the trading price for the Ordinary Shares and/or Warrants
would be negatively affected. In addition, if one or more of the analysts who cover the Company downgrade the Ordinary Shares and/or Warrants
or publish inaccurate or unfavorable research about the Company's business, the Ordinary Share and/or Warrant price would likely
decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for the Ordinary Shares
and/or Warrants could decrease, which might cause the Ordinary Share and/or Warrant price and trading volume to decline.
28
Future changes in U.S. and foreign tax laws
could adversely affect us.
The U.S. Congress, the Organisation
for Economic Co-operation and Development, and government agencies in jurisdictions where we and our affiliates do business have focused
on issues related to the taxation of multinational corporations. In particular, specific attention has been paid to "base erosion
and profit shifting", where payments are made between affiliates from a jurisdiction with high tax rates to a jurisdiction with
lower tax rates. As a result the tax laws in Ireland, Germany, the U.S. and other countries in which we and our affiliates do business
could change, on a prospective or retroactive basis, and any such change could adversely affect us.
We may redeem your Public Warrants prior
to their exercise at a time that is disadvantageous to you, thereby making such warrants worthless.
We may redeem your Public
Warrants prior to their exercise at a time that is disadvantageous to you, thereby making such warrants worthless. We will have the ability
to redeem outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
warrant, provided that the last sales price of the Ordinary Shares reported has been at least $18.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) on each of 20 trading days within the 30 trading
day period ending on the third trading day prior to the date on which a notice of redemption is sent to the warrantholders. We will not
redeem the warrants as described above unless (i) a registration statement under the Securities Act covering the Ordinary Shares issuable
upon exercise of such warrants is effective and a current prospectus relating to those Ordinary Shares is available throughout the 30-day
redemption period or (ii) we have elected to require the exercise of the Public Warrants on a cashless basis; provided, however, that
if and when the Public Warrants become redeemable by the Company, we may not exercise such redemption right if the issuance of Ordinary
Shares upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or we
are unable to effect such registration or qualification. Redemption of the outstanding Public Warrants could force you (i) to exercise
your Public Warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) to sell your
Public Warrants at the then-current market price when you might otherwise wish to hold your Public Warrants, or (iii) to accept the nominal
redemption price which, at the time the outstanding Public Warrants are called for redemption, is likely to be substantially less than
the market value of your Public Warrants.
Recent trading prices for
the Ordinary Shares have not met the $18.00 per share threshold at which the Public Warrants would become redeemable. In such a case,
the holders will be able to exercise their Public Warrants prior to redemption for a number of Ordinary Shares determined based on the
fair market value of the Ordinary Shares.
The value received upon exercise
of the Public Warrants (1) may be less than the value the holders would have received if they had exercised their Public Warrants at a
later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Public Warrants.
ADSE Holdco may be or become a passive foreign
investment company ("PFIC"), which could result in adverse U.S. federal income tax consequences to U.S. Holders.
If ADSE Holdco is a PFIC for
any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section titled "Item
10.E. Taxation — Material U.S. Federal Income Tax Considerations) of Ordinary Shares or Warrants, the U.S. Holder may be subject
to adverse U.S. federal income tax consequences and additional reporting requirements. ADSE Holdco does not currently expect to be treated
as a PFIC for the current or future taxable years. However, this conclusion is a factual determination that must be made annually at the
close of each taxable year and depends, among other things, upon the composition of ADSE Holdco's gross income and assets and its
market capitalization, which is likely to fluctuate. Accordingly, there can be no assurance that Parent will not be treated as a PFIC
for any taxable year. For a more detailed discussion of certain material U.S. federal income tax consideration that may be relevant to
a U.S. Holder in respect of ADSE Holdco's PFIC classification, please see the section titled "Item 10.E. Taxation —
Material U.S. Federal Income Tax Considerations — Passive Foreign Investment Company Status." U.S. Holders are urged to consult
their tax advisors regarding the possible application of the PFIC rules to acquiring, owning and disposing of Ordinary Shares and Warrants.
Investors may face difficulties in protecting
their interests, and their ability to protect their rights through the U.S. federal courts may be limited, because we are formed under
Irish law.
We are a company formed under
the laws of Ireland, all of our properties are located outside of the United States, a majority of our directors and officers reside outside
of the United States and all of our assets are and a majority of our assets are likely in the future to be located outside of the United
States. As a result, it may be difficult, or in some cases not possible, for investors in the United States to enforce their legal rights
against the Company, to effect service of process upon our directors or officers or to enforce judgements of United States courts predicated
upon civil liabilities and criminal penalties on our directors under United States laws.
29
Our corporate affairs will
be governed by the Company's M&A, the Irish Companies Act and the common law of Ireland. The rights of shareholders to take
action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors under Irish law are
governed by the Irish Companies Act and the common law of Ireland. The rights of our shareholders and the fiduciary responsibilities of
our directors under Irish law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, Ireland has a less developed body of securities laws as compared to the United States, and some states,
such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. See "
Comparison of Corporate
Governance and Shareholder Rights
" in the Company's Registration Statement on Form F-4 declared effective by the SEC on
December 7, 2021 for a discussion of certain differences between Irish and Cayman Islands corporate law.
The jurisdiction and choice of law clauses
set forth in the Amended and Restated Warrant Agreement, and our status as an Irish company, may have the effect of limiting a warrantholder's
ability to effectively pursue its legal rights against us in any United States court.
The Amended and Restated Warrant
Agreement provides that disputes arising under the Amended and Restated Warrant Agreement are governed by New York law and that the Company
consents to jurisdiction in courts of the State of New York or the United States District Court for the Southern District of New York.
This provision may limit the ability of warrantholders to bring a claim against the Company other than in courts of the State of New York
or the United States District Court for the Southern District of New York and may limit a warrantholder's ability to bring a claim
in a judicial forum that it finds more favorable for disputes under the Amended Warrant Agreement. The Amended and Restated Warrant Agreement,
however, also expressly makes clear that this choice of law and forum provision shall not restrict a warrantholder from bringing a claim
under the Exchange Act in any federal or state court having jurisdiction over such claim. To the extent that any such claims may be based
upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty
or liability created by the Exchange Act or the rules and regulations thereunder. Furthermore, Section 22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act or the rules and regulations thereunder. Irrespective of the ability of a warrantholder to bring an action in any such forum, due
to the fact that we are an Irish company with all of our properties located outside of the United States, if a warrantholder brings a
claim against us under the Amended Warrant Agreement, the Securities Act or Exchange Act, or otherwise, such warrantholder may have difficulty
pursuing its legal rights against us in any United States courts having jurisdiction over any such claims.
A transfer of Ordinary Shares or Warrants,
other than one effected by means of the transfer of book-entry interests in the Depositary Trust Company, may be subject to Irish stamp
duty.
The Irish Revenue Commissioners
have confirmed that transfers of Ordinary Shares and Warrants effected by means of the transfer of book entry interests in the Depositary
Trust Company ("
DTC
") will not be subject to Irish stamp duty. It is anticipated that the majority of Ordinary Shares
and Warrants will be traded through DTC by brokers who hold such shares on behalf of customers.
However, if you hold your
Ordinary Shares and/or Warrants directly rather than beneficially through DTC, any transfer of your Ordinary Shares and/or Warrants could
be subject to Irish stamp duty (currently at the rate of 1% of the higher of the price paid or the market value of the Ordinary Shares
or Warrants acquired). Payment of Irish stamp duty is generally a legal obligation of the transferee. The potential for stamp duty could
adversely affect the price of your Ordinary Shares.
If the Ordinary Shares or Warrants are not
eligible for deposit and clearing within the facilities of DTC, then transactions in the Ordinary Shares and/or Warrants may be disrupted.
The facilities of DTC are
a widely-used mechanism that allow for rapid electronic transfers of securities between the participants in the DTC system, which include
many large banks and brokerage firms.
The Ordinary Shares and the
Warrants are eligible for deposit and clearing within the DTC system. We have entered into arrangements with DTC whereby we have agreed
to indemnify DTC for any Irish stamp duty that may be assessed upon it as a result of its service as a depository and clearing agency
for the Ordinary Shares and such Warrants. Accordingly, DTC has agreed to accept the Ordinary Shares and Warrants for deposit and clearing
within its facilities.
30
However, while DTC has accepted
the Ordinary Shares and/or Warrants, it generally will have discretion to cease to act as a depository and clearing agency for the Ordinary
Shares and/or Warrants. If DTC determined at any time that the Ordinary Shares and/or Warrants were not eligible for continued deposit
and clearance within its facilities, then we believe the Ordinary Shares and/or Warrants would not be eligible for continued listing on
a U.S. securities exchange and trading in the Ordinary Shares and/or Warrants would be disrupted. While we would pursue alternative arrangements
to preserve the Company's listing and maintain trading, any such disruption could have a material adverse effect on the trading
price of the Ordinary Shares and/or Warrants.
In certain limited circumstances, dividends
paid by the Company may be subject to Irish dividend withholding tax.
We do not intend to pay dividends
on our Ordinary Shares in the foreseeable future. If we were to declare and pay dividends, in certain limited circumstances, dividend
withholding tax (currently at a rate of 25%) may arise in respect of dividends paid on the Ordinary Shares. A number of exemptions from
dividend withholding tax exist such that shareholders resident in the U.S. and other exempt countries may be entitled to exemptions from
dividend withholding tax.
The Irish Revenue Commissioners
have confirmed that shareholders resident in the U.S. that hold their Ordinary Shares through DTC will not be subject to dividend withholding
tax, provided the addressees of the beneficial owners of such Ordinary Shares in the records of the brokers holding such Ordinary Shares
are recorded as being in the U.S. (and such brokers have further transmitted the relevant information to a qualifying intermediary appointed
by the Company). However, other holders of Ordinary Shares may be subject to dividend withholding tax, which could adversely affect the
price of their Ordinary Shares.
Dividends received by Irish residents and
certain other shareholders may be subject to Irish income tax.
Shareholders entitled to an
exemption from Irish dividend withholding tax on dividends received from the Company will not be subject to Irish income tax in respect
of those dividends unless they have some connection with Ireland other than their shareholding in the Company (for example, they are resident
in Ireland). Shareholders who receive dividends subject to Irish dividend withholding tax will generally have no further liability to
Irish income tax on those dividends.
Ordinary Shares or Warrants received by
means of a gift or inheritance could be subject to Irish capital acquisitions tax.
Irish capital acquisitions
tax ("
CAT
") could apply to a gift or inheritance of Ordinary Shares or Warrants irrespective of the place of residence,
ordinary residence or domicile of the parties. This is because Ordinary Shares and Warrants will be regarded as property situated in Ireland.
The person who receives the gift or inheritance has primary liability for CAT. Gifts and inheritances passing between spouses are exempt
from CAT. Children have a tax-free threshold of €335,000 in respect of taxable gifts or inheritances received from their parents.
It is recommended that each
shareholder consult his or her own tax advisor as to the tax consequences of holding Ordinary Shares and Warrants in, and receiving distributions
from, the Company.
Provisions in the Company's M&A
and under Irish law could make an acquisition of the Company more difficult, may limit attempts by Company shareholders to replace or
remove the Company's management, may limit shareholders' ability to obtain a favorable judicial forum for disputes with the
Company or the Company's directors, officers, or employees, and may limit the market price of the Ordinary Shares and/or Warrants.
Provisions in the Company's
M&A may have the effect of delaying or preventing a change of control or changes in the Company's management. The Company's
M&A include provisions that:
●
require
that the Company's board of directors is classified into three classes of directors with staggered three-year terms;
●
permit
the board of directors to establish the number of directors and fill any vacancies and newly created directorships; and
●
prohibit
shareholder action by written consent without unanimous approval of all holders of Ordinary Shares.
31
The Company's M&A contains exclusive
forum provisions for certain claims, which could limit the Company's shareholders' ability to obtain a favorable judicial
forum for disputes with us or our directors, officers or employees.
The Company's M&A
provides that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States
of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause
of action arising under the Exchange Act or the Securities Act 1933 of the United States (the "
Federal Forum Provision
").
Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all claims brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Our decision to adopt the Federal Forum Provision
followed a decision by the Supreme Court of the State of Delaware holding that such provisions are facially valid under Delaware law.
While there can be no assurance that federal or state courts will follow the holding of the Delaware Supreme Court or determine that the
Federal Forum Provision should be enforced in a particular case, application of the Federal Forum Provision means that suits brought by
the Company's shareholders to enforce any duty or liability created by the Securities Act must be brought in federal court and cannot
be brought in state court.
Section 27 of the Exchange
Act creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the Exchange Act or the
rules and regulations thereunder and the Company's M&A confirms that the federal district courts of the United States of America
will be the exclusive forum for resolving any complaint asserting a cause of action arising under the Exchange Act. Accordingly, actions
by the Company's shareholders to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder
must be brought in federal court.
Any person or entity purchasing
or otherwise acquiring or holding any interest in any of the Company's securities shall be deemed to have notice of and consented
to our exclusive forum provisions, including the Federal Forum Provision. Additionally, the Company's shareholders cannot waive
compliance with the federal securities laws and the rules and regulations thereunder. These provisions may lead to the Company's
shareholders incurring increased costs if they were to bring a claim against the Company, and may limit the Company's shareholders'
ability to bring a claim in a judicial forum they find favorable for disputes with the Company or the Company's directors, officers,
or other employees, which may discourage lawsuits against the Company and the Company's directors, officers, and other employees
and agents. Alternatively, if a court were to find the choice of forum provision contained in the Company's M&A to be inapplicable
or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which may have
an adverse effect on our business, financial condition and results of operations.
As a matter of Irish law,
the Company's shareholders are bound by the provisions of the Company's M&A. An Irish court would be expected to recognize
the exclusive jurisdiction of the federal district courts of the United States of America in respect of causes of action arising under
the Exchange Act or the Securities Act 1933.
As an Irish public limited company, certain
capital structure decisions regarding the Company will require the approval of the shareholders of the Company, which may limit our flexibility
to manage our capital structure.
Irish law generally provides
that a board of directors may allot and issue shares (or rights to subscribe for or convert into shares) if authorized to do so by a company's
constitution or by an ordinary resolution. Such authorization may be granted for up to the maximum of a company's authorized but
unissued share capital and for a maximum period of five years, at which point it must be renewed by another ordinary resolution. The Company's
M&A authorizes the Board of Directors of the Company to allot shares up to the maximum of the Company's authorized but unissued
share capital until December 22, 2026. This authorization will need to be renewed by ordinary resolution upon its expiration and at periodic
intervals thereafter. Under Irish law, an allotment authority may be given for up to five years at each renewal, but governance considerations
may result in renewals for shorter periods or for less than the maximum permitted number of shares being sought or approved.
While Irish law also generally
provides shareholders with pre-emptive rights when new shares are issued for cash, it is possible for the Company's M&A, or
for shareholders of the Company in a general meeting, to exclude such pre-emptive rights. The Company's M&A excludes pre-emptive
rights until December 22, 2026. This exclusion will need to be renewed by special resolution upon its expiration and at periodic intervals
thereafter. Under Irish law, a disapplication of pre-emption rights may be authorized for up to five years at each renewal, but governance
considerations may result in renewals for shorter periods or for less than the maximum permitted number of unissued shares being sought
or approved.
32
Attempted takeovers of the Company will
be subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel.
We are subject to the Irish
Takeover Rules, which regulate the conduct of takeovers of, and certain other relevant transactions affecting, Irish public limited companies
listed on certain stock exchanges, including Nasdaq. The Irish Takeover Rules are administered by the Irish Takeover Panel, which has
supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules operate to ensure that no offer is frustrated
or unfairly prejudiced and, in situations involving multiple bidders, that there is a level playing field. For example, pursuant to the
Irish Takeover Rules, the Board of Directors of the Company will not be permitted, without shareholder approval, to take certain actions
which might frustrate an offer for Ordinary Shares once the Board of Directors of the Company has received an approach that might lead
to an offer or has reason to believe that an offer is, or may be, imminent.
Under the Irish Takeover Rules,
if an acquisition of Ordinary Shares were to increase the aggregate holdings of the acquirer (together with its concert parties) to 30%
or more of the voting rights of the Company, such acquirer and, in certain circumstances, its concert parties would be required (except
with the consent of the Irish Takeover Panel) to make an offer for the outstanding Ordinary Shares at a price not less than the highest
price paid by such acquirer or its concert parties for Ordinary Shares during the previous 12 months. This requirement would also be triggered
by the acquisition of Ordinary Shares by any person holding (together with its concert parties) between 30% and 50% of the voting rights
of the Company if the effect of such acquisition were to increase that person's voting rights by 0.05% within a 12-month period.
Anti-takeover provisions in
the Company's M&A could make an acquisition of the Company more difficult. The Company's M&A contains provisions that
may delay or prevent a change of control, discourage bids at a premium over the market price of Ordinary Shares, adversely affect the
market price of Ordinary Shares, and adversely affect the voting and other rights of shareholders of the Company. These provisions include:
(i) permitting the Board of Directors of the Company to issue preference shares without the approval of Company Shareholders, with such
rights, preferences and privileges as they may designate; and (ii) allowing the Board of Directors of the Company to adopt a shareholder
rights plan upon such terms and conditions as it deems expedient in the interests of the Company.
ITEM 4. INFORMATION ON THE COMPANY
4.A. History and Development of the Company
ADS-TEC ENERGY PLC, a public
limited company incorporated in Ireland ("
ADSE Holdco
", the "
Company
", "
we
",
"
us
", "
our
" or similar terms), was incorporated in Ireland on July 26, 2021 as a public limited
company. ADSE Holdco serves as a holding company for ADSE GM and its subsidiaries. Prior to the Transactions (as defined below), we did
not conduct any material activities other than those incident to our formation and certain matters related to the Business Combination,
such as the making of certain required securities law filings. Upon the Closing (as defined below) of the Transactions, ADSE GM became
the direct, wholly owned subsidiary of the Company, and holds all material assets and conducts all business activities and operations
of the Company. The Company's principal executive office is located at 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. The Company's
telephone number is +353 1 920 1000.
On August 10, 2021, ADSE Holdco
entered into a business combination agreement (the "
Business Combination Agreement
") with EUSG, ADSE GM, Merger Sub,
and the shareholders of ADSE GM ("
ADSE GM Shareholders
"), pursuant to which (i) EUSG would merge with and into Merger
Sub (the "
Merger
"), with Merger Sub being the surviving entity of the Merger and continuing as a wholly-owned subsidiary
of ADSE Holdco, followed immediately by (ii) the transfer by Bosch Thermotechnik GmbH ("
Bosch
") to ADSE Holdco, and
ADSE Holdco's acquisition from Bosch, of certain shares of ADSE GM in exchange for the Cash Consideration (as defined in the Business
Combination Agreement) (the "
Bosch Acquisition
"), and (iii) concurrently with the Bosch Acquisition, ADSH, and Bosch
would transfer as contribution to ADSE Holdco, and ADSE Holdco would assume from ADSH and Bosch, certain shares of ADSE GM in exchange
for Ordinary Shares (the "
Share-for-Share Exchange
" and, together with the Merger, the Bosch Acquisition and the other
transactions contemplated by the Business Combination Agreement, the "
Transactions
").
On December 22, 2021, the
parties to the Business Combination Agreement consummated the Transactions (the "
Closing
"), resulting in EUSG ceasing
to exist and ADSE GM becoming a wholly-owned subsidiary of ADSE Holdco and the securityholders of ADSE GM and EUSG becoming securityholders
of ADSE Holdco. On the business day immediately prior to the closing of the Merger, EUSG consummated the closing of a series of subscription
agreements with accredited investors for the sale in a private placement of 15,600,000 Class A ordinary shares of EUSG ("
EUSG
Class A Ordinary Shares
") for an aggregate investment of approximately $156 million, which shares were automatically cancelled
in exchange for 15,600,000 Ordinary Shares upon the closing of the Transactions.
33
ADSE Holdco is subject to
certain of the informational filing requirements of the Exchange Act. Since ADSE Holdco is a "foreign private issuer", it
is exempt from the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and the
officers, directors and principal shareholders of ADSE Holdco are exempt from the reporting and "short-swing" profit recovery
provisions contained in Section 16 of the Exchange Act with respect to their purchase and sale of Ordinary Shares. In addition, ADSE
Holdco is not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. public companies whose
securities are registered under the Exchange Act. However, ADSE Holdco is required to file with the SEC an Annual Report on Form 20-F
containing financial statements audited by an independent accounting firm and is subject to the provisions of the Irish Companies Act
2014.
The SEC also maintains a website
at
http://www.sec.gov
that contains reports and other information that ADSE Holdco files with or furnishes electronically
to the SEC. Such information can also be found on ADSE Holdco's website (https://www.ads-tec-energy.com/en/). The information on
or accessible through our website is not part of, and is not incorporated by reference into, this Annual Report.
4.B. Business Overview
Our Vision
Our vision is to accelerate
the transition from a primarily fossil-based economy to a majority all-electric, carbon (CO2) neutral economy by supplying intelligent
and scalable battery-based ecosystem platforms consisting of hardware, software and services upon which our customers can operate their
individual energy-related business models in the areas of electric vehicle (EV) ultra-fast charging on power limited grids, residential
sector coupling, and a wide range of commercial and industrial applications.
Business Strategy
We are a supplier of integrated
technology platforms (ecosystem platforms) that enable customers to run their EV charging and energy business models on those decentralized
platforms. Our ecosystem platforms consist of hardware, software and services and are designed to provide key functions such as flexibility
(energy storage with a battery), intelligent energy- and data management, as well as a wide range of related and recurring digital and
physical services. We believe that these decentralized ecosystem platforms will play a significant role in the transition to a low carbon
economy. These decentralized systems are getting more and more complex as the level of integration increases. Development must follow
continuous changes in regulatory requirements and component improvements. Batteries, power inverters and all the software and security
involved must be serviceable and maintained over a long period of time. For the leading players in the future energy market such as utilities
and operators, the question of which platforms to invest in and run their business on will, in our opinion, be based on the quality and
total cost of ownership of such platforms. Our core business is providing and servicing these ecosystem platforms to, ideally, all of
the future power companies, in principle, striving to reach a CO2 neutral world. Due to the depth of our experience and capabilities across
a wide range of technical disciplines, we have positioned ourselves as partner of choice for customers running their business and serving
their end-customers on these platforms. We strive to penetrate three main domains of the decentralized energy market: (1) Ultra-fast Charging
on power limited grids; (2) Residential sector coupling; and (3) Commercial & Industrial applications.
The High Power Charging opportunity
EVs are expected to play a
significant role in mobility. Bloomberg NEF ("
BNEF
") expects that yearly sales of electric vehicles globally will reach
double digit millions per year between 2026 and 2030. This will lead to a strong increase of EVs in the vehicle population, requiring
increasingly quick, reliable, and comfortable charging. Consumers expect at least a comparable convenience and freedom of mobility they
are used to with internal combustion vehicles (ICV) today. Charging within hours might be acceptable if the car is not needed (for example,
at night or at the workplace). With an upcoming mobility mass-market, we expect that vehicle owners will want to recharge their vehicles
to gain meaningful additional range quickly not only during long-distance travel, but also within the local area they are situated. It
cannot be expected that people will be willing to plan a journey like people did 100 years ago. Sudden events, spontaneous rides and unexpected
travel must be covered. Hence, ultra-high-power chargers must be widely available in a wide-area network, not only on the highway. Our
equipment, which allows the driver to add 100 miles of range in less than 10 minutes (if the car allows sufficient power input), addresses
this need of ultra-fast charging everywhere.
34
Charging electric vehicles
in minutes typically requires DC fast charging with charging power in excess of 100kW. We believe that power grids are generally not designed
to provide this amount of power at all locations without an upgrade of the grid. We believe, from an economic perspective, that it will
not likely be considered reasonable to expand and upgrade the grids everywhere to provide this amount of power just for temporary charging.
We have developed a solution to provide a quick charge within minutes with up to 320KW, which we believe will enable ultra-high charging
power on a lower power grid connection starting from 30/50 KW subject to local regulation. Our charger works with an internal battery
buffer. The buffer will be filled from the existing grid at a lower power rate. As soon as the car shows up to get recharged, the available
grid power can be boosted up to 320KW by using the buffered energy in the charger.
These decentralized chargers
must be small and quiet. Installations at gas stations, condominiums, apartment houses, and in major downtown metropolitan areas, must
comply with the given limitations of space, grid access and noise acceptance. We are focused on ultra-high-power chargers on power-limited
grids. We intend to provide these platforms to all types of charging companies so they can enhance their existing product portfolio.
The Energy transition opportunity
We believe that the global
objective of a CO2 neutral energy system requires a more or less "majority-electric energy system". The transition will be
driven by regenerative energy generation, such as solar, wind and water energy generation, which leads to two central challenges in energy
production. First, the production of energy from regenerative sources fluctuates as wind is not constant but is part of changing weather
conditions, and solar energy fluctuates with day and night, yearly seasons, and the current weather. Due to this and the fact that the
regenerative sources need to follow the natural conditions and cannot be located everywhere, regenerative energy is best produced in decentralized
and scalable units. Therefore, some of the centralized power plants are going to be replaced by decentralized systems capable of coping
with volatile power generation. We believe that the demand on the energy system will further increase with the roll-out of electric vehicles
being a large contributor. We believe the asynchronous power generation and consumption patterns need to be balanced, and a temporary
energy and power surplus needs to be provided flexibly on demand.
In our view, the only way
to manage this transition will be based on millions of distributed intelligent ecosystem platforms. These ecosystem platforms are an integrated
combination of energy-buffers, power-electronics, controls, and state of the art security. In the future, energy providers are expected
to operate and manage these decentralized ecosystem platforms by connecting them to "virtual powerplants". Driven by IT-based
and very intelligent systems and algorithms, the future power companies will find and manage the operational balance of such decentralized
systems in order to ensure reliable energy supply and local peak power to the economy. Energy companies will in the future be not only
the traditional power/electricity companies but also other utility, oil and gas companies, and automotive original equipment manufacturers,
as well as new players such as start-ups with new digital business models. It is our mission to provide such future energy providers with
the best and most reliable decentralized ecosystem platforms accompanied by services over long-term periods to run their own complex business
models and serve the end-customers.
Our customers need to make
significant long-term investments in the build-out of the energy infrastructure be it for a charging infrastructure for electro-mobility,
energy storage systems for industrial or utility applications or residential solutions for sector coupling at the end-customer. It is
the core business of ADSE to provide these ecosystem platforms to all kinds of future power companies in flexible contractual set-ups
including long-term services. The market in which ADSE operates is characterized by strong growth, new market entrants among its customers,
and constantly evolving customer preferences, technology and regulations. Due to our strategy to have the core technology and know-how
in-house, and the resulting ability to continuously adapt our portfolio to new regulatory or market requirements, we are able to offer
solutions for the long-term.
The conditions of national,
regional and even local energy systems may vary significantly and may require individual solutions. This is not only due to local regulations
and governmental strategies, but also because of individual combinations and use cases. Local generators provide power when the sun is
shining, or the wind is blowing, but not always when the power is needed, or when people want to charge their cars.
We are not selling to the
private end customer. We are not a utility company or a charge point operator. We aim to be the partner of choice for the future power
companies and to provide highly integrated ecosystem platforms and services so they can run and optimize their businesses. We are offering
a range of digital services to the partners which enables them to optimize their individual business model.
We believe our products will
often be considered as part of the "critical infrastructure" when this transition happens. It is very important that these
assets can be maintained and operated safely and securely over a long period of time. It is a question of total cost of ownership and
reliability. We help to reduce the risk for our customers by taking care of these decentralized complex assets. This is possible because
of our ability to develop and service these products in-house, which minimizes the dependency on component suppliers such as battery-systems
or power-electronics providers. We can even provide in house the relevant software and firmware.
35
Products and Services
Our portfolio of ecosystem
platforms target the market in three areas: (i) DC-based ultra-fast charging for EVs on power limited grids, (ii) energy storage and management
solutions for commercial & industrial applications, and (iii) energy storage and management solutions for residential sector coupling
applications.
Charging
The ADSE charging product
portfolio offers battery-supported fast charging solutions for electromobility with up to 320 KW charging power. The combination with
energy storage enables applications in areas where the grid performance is insufficient to directly provide ultra-fast charging. ADSE
offers stationary (ChargeBox), semi-mobile (ChargePost) and mobile solutions (ChargeTrailer, a mobile ultra-high-power charging park with
10 DC outlets per trailer).
The portfolio comprises three
platforms:
ChargeBox.
This is
the existing system which is certified in Europe (CE) and the US (UL). The product is in full production and we currently have capacity
to produce up to 5,000 systems per year. The ChargeBox is perfect for separated installations of up to two dispensers and the ChargeBox
which contains the battery and power inverters. Based on a very small footprint (approx. 1.2 x 1.2 meters), the ChargeBox can be installed
almost anywhere where space is scarce. Up to two dispensers (charging cable outlets) can be installed separated up to 100m with a small
footprint of approximately 400 x 400mm.
ChargePost.
The ChargePost
is a product that became available in late 2022. It can be connected to existing low power grids and requires virtually no additional
construction work in most situations, starting with approximately 20kW at 400 V. Furthermore, the ChargePost can have advertisement screens
allowing our partners and customers an additional revenue stream out of the investment. Grid services such as bidirectional operations
and physical services such as frequency regulation or reactive power supply will be able to be operated on this system. The ChargePost
is a semi-mobile ultra-high-power charger which can easily follow the demand by providing up to 300KW charging power even on low powered
grids.
The ChargePost can be placed
in space-restricting locations, such as city centres, gas stations, shopping malls, residential areas and in companies for permanent or
temporary use. One advantage for network operators is that they can be relocated if certain sites develop more strongly than others. Operators
may optimize their investment in case the location shows a weaker utilization than expected.
ChargeTrailer.
The
ChargeTrailer is, to our knowledge, the world's most powerful mobile high power charging system in the form of a standard truck
trailer size and weight. Ten electric vehicles can be charged simultaneously with up to 320 kW each. The battery modules currently have
a storage capacity of 2.1MWh. It is effectively a mobile ultra-high power charge park. The charging technology is suitable to a variety
of use cases including the installation on high-traffic routes during holiday periods, for marketing or press events, for driving events
of electrified vehicles and as a charging facility at festivals. The trailers are planned by ADSE's customers to travel all over
Europe providing temporary charging power.
The truck has several integrated
inverters, air-conditioning, an energy management unit, a security firewall, as well as a communication unit via mobile radio and DC-charging
technology. The ChargeTrailer offers a scalable AC connection to the 400 V distribution grid. The ChargeTrailer is designed for outdoor
use.
Source:
Bloomberg NEF
36
Commercial & Industrial
The energy transition will
also take place on commercial and industrial sites. ADSE has a broad range of experience in this area. Potential uses for these products
include peak shaving, black start, grid services, and self-optimization. Today, ADSE is using standard inverters from the market. In the
future, ADSE intends to use its own inverter system which allows a better control of the margin, stable ability to act, and independency
from suppliers. The C&I market is expected to grow significantly.
Our product offerings in C&I
include the PowerBooster, the Container-Systems and the Rack systems.
PowerBooster
The PowerBooster is a battery
energy system with an integrated inverter, security, and communication unit. It provides, for example, boosting capacity for the charging
process. Power and capacity may vary due to inverter and battery cell types.
Potential uses for the PowerBooster
are, among others, peak load capping, as a buffer-storage for self-consumption of solar power, and for emergency power supply.
In addition to the storage
function of the PowerBooster, the decentralised battery system can be installed as grid service stations directly at the site and can
be connected to the 400 V distribution networks. Additional functions such as voltage stability, delay for optimum bandwidth utilisation
of the network, frequency regulation, and reactive power supply are possible. It is for these distribution networks, which might be temporarily
overloaded due to renewable supply, that smart grids are in high demand in order to better utilize existing networks.
Container-System
For large-scale applications,
ADSE supplies custom battery systems as complete 20- or 40-foot container solutions with up to the MW and MWh capacity. The modular design
and the comprehensive IT management system allow virtually unlimited scalability of the container solution. The Container-Systems are
built with power electronics and inverters from various manufacturers.
Rack-System
Storage Rack Systems address
the area of larger systems and infrastructures, providing power and storage capacities that range between 50kW/50kWh, and multiple MW/MWh
with nearly unlimited scaling options. The Rack systems can be supplied as storage components or as a complete system with power electronics
(inverter from third party suppliers), allowing for peak-shaving, and swarm operation.
37
MultiScale
The PowerBooster with an ADSE
integrated MultiScale inverter is a pipeline product under development and will be rolled-out in the future. The MultiScale will be a
scalable AC/DC power inverter with its own control system and will extend the PowerBooster as well as the rack systems to create a fully
integrated energy storage solution. ADSE's MultiScale system will offer emergency power supply in cases of power outages and stands
out with its compatibility with the ADSE scalable battery. Integrating their own power electronics will lead to a higher efficiency, lower
costs and extended service capabilities for the strong growing market in the area of C&I.
Digital Services
The energy management product
portfolio ranges from offline versions of a decentralized individual system to complex connected systems. ADSE's current portfolio
includes their own BMS with a Digital Twin, Big-LinX Energy and the Energy Management System.
The integrated BMS is an in-house
solution that facilitates monitoring of battery cells during the operation. Big-LinX Energy is the cloud-based solution for monitoring
the system from anywhere and enables the administration and remote management of the installed systems. In addition, the Energy Management
system enables the operator to locally control the systems. Since ADSE has access to the software, it is possible to provide interfaces
and customized adaptions which allows operators and power companies to interconnect with ADSE platforms and integrate these into their
own energy management systems.
Residential
The product portfolio Residential
is designed for the huge market of single and multi-family houses. In these applications, areas are often available for PV generators,
and the task of energy management goes beyond mere day/night shifts. Individual optimization options are available in a combination of
different operating modes. The goal is to synchronize production and consumption with the given boundary conditions and dynamic behavior
in the best possible way.
MyPowerplant
The energy transition will
take place in residential homes as well. We already have markets, such as Germany, with regulation and incentive schemes to accelerate
the use of renewable energy-operated systems. In the future, it is expected that residential heating systems will be expanded by electrical
heat pumps or fuel cells, PV gensets on rooftops, and electric vehicles in garages, which will be integral elements of the residential
energy system. Today we see early adopters, enthusiasts and people investing due to the subsidies they get from government installing
PV, but soon we expect the market of renewable energy technology for single and multi-family homes to become a mass-market, which will
require easy to install and preferably maintenance free solutions. Instead of many different suppliers of individual sub-systems (PV Inverter,
Battery-System and a Wallbox) with different interfaces, software, and controllers, we believe "all-in-one" platforms from
one supplier with a bespoke set of services will be needed.
ADSE is developing such an
all-in-one platform. It is called MyPowerplant. The system can be connected to 1/3 phase low powered grids, has a scalable battery, direct
PV module inputs and a DC/DC wallbox providing up to 20KW even at home.
Our ownership of this technology
allows for a long-term supply and service offering to our partners. They will be able integrate MyPowerplant in their own environment
and energy management and benefit from two sides: First, they can optimize their own energy management by connecting thousands of these
platforms to a virtual powerplant; and secondly, they can offer the end customer a perfect and reliable service package up to an offer
for an energy flat rate.
38
Market Opportunity
Charging
The EV charging market is
profiting from the recent increase in the global demand. Based on stringent emission regulations and an increasing customer acceptance
of EVs, including the associated increase in the number of EV models offered by original equipment manufacturers ("
OEMs
"),
the demand has accelerated strongly. Going forward, ADSE expects that the EV market, accompanied by an increasing demand for chargers,
will continue to show strong growth, and expects prices for EVs to fall, partly due to lower battery costs, stronger performance of new
EVs and the availability of a charging infrastructure supported by public investments, incentives and regulations. According to BNEF,
the demand for EVs in ADSE's target markets will increase between 2020 and 2025 by almost 30% per annum.
As the EV penetration is steadily
increasing, new vehicle models with a greater charging capacity, voltage (400V and 800V) and battery — such as the Porsche Taycan
— are in demand. Based on the continuous evolution of the EV's performance, ADSE expects an increasing demand for the ultra-fast
charging infrastructure to make use of the technological advancement. This trend is fueled by a low consumer acceptance for long charging
periods of greater than 30 minutes. Therefore, ultra-fast charging (>150kW) has gained significant importance and will experience significant
growth rates within the charging market.
However, we believe most of
the existing power grids in Europe and the U.S. are not designed for providing area-wide ultra-fast charging anywhere. As of today, the
low power from the grid is limiting the electro mobility. With ADSE's charging systems, solutions are available which allow ultra-fast
charging despite the limitations of the grid. Profiting from the integrated battery buffer, the power received from the standard low power
grid connection (30 – 110 kW) will be used for continuously charging the integrated battery and allowing power output to the vehicle
of up to 320 kW.
The accompanying expansion
of the EV infrastructure is supported by government funds. According to eurelectric, investments of ~€400 billion in the EV infrastructure
are needed through 2030 in Europe, and the latest infrastructure program in the US includes up to $7.5 billion for charging platforms.
39
Battery storage solutions
Going forward, renewable energy
will likely become the essential energy source by receiving broad political support and experiencing tailwinds from rising environmental
awareness. Up to 40% of world electricity in 2040 will come from renewable sources.
However, a main constraint
is that renewable energy sources aggravate the load of the electricity network as they strongly depend on weather conditions, which leads
to a fluctuating energy output. To provide the necessary flexibility, an intelligent network with local energy storage solutions and management
systems is required to accommodate changing electricity demand patterns of consumers, daily peaks in electricity consumption (e.g. through
EV charging) and the trend towards self-sufficient off-grid energy supply. Using electricity generated by renewable energy sources universally
requires the ability to couple energy consumers and producers with the use of intelligent energy management and battery systems.
Therefore, the strong growth
in these volatile energy sources requires high investments into smart grid technology and energy storage solutions in order to ensure
the requested power supply. According to BNEF, the expected boom in the energy storage market will draw $662 billion in investment over
the next two decades. The demand for storage will increase to balance higher proportion of variable, renewable generation and consumption
in the electricity systems.
ADSE has a product portfolio
available and in the pipeline well-suited to address key challenges for the transition to a majority-electric world. Besides the energy
storage solutions for the commercial and industrial use, ADSE's intelligent energy management system, MyPowerplant, promises to
generate high market demand based on the opportunity of sector coupling at home with the integration of PV, battery storage, DC charging
and energy management in one platform.
Distribution, Marketing and Strategic Relationships
ADSE has a product and eco-system-platform
and a development pipeline which will allow it to diversify in the three end-market segments: "Charging", "Commercial
& Industrial" and "Residential". All three markets have already been served by ADSE. In general, ADSE applies a
B2B market approach serving all kinds of the Future Power Companies.
ADSE sells to leading companies
operating the ADSE products and platforms. This can be a direct sales and support approach or by utilizing value-added resellers as distribution
partners. The decentralized energy market is changing rapidly, and ADSE is enabling its partners to follow this fast change. The marketing,
distribution and sales strategy follows the business strategy: ADSE is the company and partner serving the "Future Power Companies"
with best-in-class technology and long-term services to optimize the operation and TCO (total cost of ownership).
Direct sales relationships
are preferred for large and strategic long-term partners with strong regional and/or thematical market access. These customers are taking
advantage and benefit from a high level of integration of the ADSE platforms in their own business models, backend systems and decentralized
service concepts. These partners and ADSE customers are operating the infrastructure by themselves and optimize the offerings to a wide
range of end-customers. Examples for this type of partners are utility companies, oil & gas companies, charge-point operators, etc.
ADSE may from time to time support direct sales relationships with financing to enable customer operation and purchase of ADSE platforms.
ADSE entered into its first such relationship in 2021.
Value-added resellers act
as multipliers for ADSE into the distributed local wide area networks for individual needs and business models. They have a strong existing
network and a highly skilled partner base, as well as the ability to ensure long-term customer satisfaction through a complete service
offering. The value-added reseller is running an established logistic and service network and helps its partners and customers to benefit
from adapting the products, platforms and services to their local and individual use. These can sometimes be niches with special but important
use cases.
In addition to the outright
sales of products, platforms and services, ADSE may enter into partnership agreements with either direct sales customers or resellers
to pursue certain projects. These projects may include the acquisition of a financial interest in joint ventures or other project-related
forms of partnership. These partnerships would pursue specific market opportunities for selected products or in certain regions. Such
partnerships may also include ADSE entering into some form of limited exclusivity. If this is the case, the terms of the exclusivity may
limit other sales opportunities which could have been pursued without such an agreement. ADSE will only enter into such limited exclusive
relationships if it expects that the benefit from such a partnership would outweigh the potential disadvantages of any limitations which
might result from such partnership.
40
ADSE pursues a B2B business
model and offers its products to preferred highly skilled and long-term oriented customers and partners. While ADSE provides technical
services, customized product adaption, and training, as well as customized support, spare parts, service agreements and digital services
to its customers and partners, the customer or partner maintains the direct contact and relationships with the end-users. ADSE believes
this business model creates a long-term partnership that is beneficial not only to ADSE and its customers/partners, but also the end-customer
who sees "one face to the customer".
ADSE believes this approach
best suits a quick expansion of its market presence and long-term growth, and it also provides incentive for its customers and partners
to grow their business as well. If the customers and partners do not actively support ADSE's products, they will not achieve the
full benefit of the ADSE platform integration in their business models. In addition, they may not qualify for local subsidies (for example
grid expansion or other solutions that are made more attractive due to such subsidies) or will not be as competitive in the markets they
serve. ADSE's markets are very distinct and volatile in terms of how to address the existing and potential customers, hence ADSE
has developed and will further develop an individual go-to market strategy for each end-market and region. Market development will be
a strategic and ongoing important focus.
Charging
The market for charging services,
or selling electric energy to drivers of electrified vehicles, is characterized by dynamic growth and the entrance of new market participants.
ADSE's flexible go-to-market strategy — providing platforms and services to many owners and operators — allows it to
directly or indirectly serve all incumbent and future operators of charging equipment. ADSE serves the charging market either through
direct sales or resellers as distribution partners. Orders may be generated through any one of the market participants fulfilling crucial
functions in setting-up and operating charge points, including project developers, the charge point operator (CPO) itself, installation
and infrastructure service companies, energy companies, and site owners. Usually, ADSE's customers or distribution partners fulfill
several of the above functions.
In order to further improve
market penetration, ADSE has approached a large number of potential customers through a central mailing initiative. This generates leads
which are then shared with the distribution partners.
Commercial & Industrial
In the Commercial & Industrial
segment, ADSE sees a trend from individual customer specific storage containers to flexible scalable solutions.
For Commercial customers with
energy storage requirements of just some hundred kW/kWh, ADSE utilizes both a direct sales approach and resellers. Resellers as distribution
partners have access to a large number of customers and can serve the entire market, such as specialized wholesalers, large installation
service companies, or companies who offer ADSE's products as part of a complete product offering to their customers. Direct customers
are typically commercial companies with an individual energy storage need and the capability to operate it.
The Industrial segment today
mainly comprises energy storage containers and the ADSE products "PowerBooster". Storage sizes typically range from 100kWh
to single digit MWh. Customers require a specific solution for a certain energy management need and operate the systems by themselves.
Those customers are mainly served through direct sales. Besides the delivery of the product ADSE typically designs the required system
according to individual customer specifications in cooperation with the customer. In addition, ADSE sometimes participates in tenders
for larger projects. It is expected that the "commercial & industrial" segment will benefit from the need that companies
will be measured according to their contribution to a CO2 neutral operation. Renewables, EV-Charging and local energy management will
get a higher priority and therefore flexibility such as decentralized energy management and storage will be needed.
Residential
Today, the market is mainly
characterized by small battery packs which are connected to the local PV-generator on the rooftop. In the future, there is a need for
a more intelligent sector coupling at the home in order to combine the power generation through PV and cogeneration of heat and power,
as well as with EV charging and providing grid services. Here, ADSE expects to be well-positioned with its future platform MyPowerplant.
Due to the general business model and the highly fragmented market, ADSE uses mostly resellers as distribution partners. Typically, ADSE
will sell to a value-added reseller who may be an energy utility, a wholesaler of home energy equipment, or a vendor of other complementary
home energy equipment with a network of their own, or independent electricians and installation and service companies who will undertake
the installation at the individual site and ensure the maintenance service. ADSE sees itself as the ideal partner to provide support along
the whole technology chain over many years to provide physical and digital services and interfaces. Those resellers have access to a larger
number of customers and can cover entire regions or product segments. In selected cases, ADSE may also serve customers directly who operate
the equipment by themselves as part of a network (swarm operation).
41
Environmental Issues
ADSE and its operations, as
well as those of ADSE's contractors, suppliers and customers, are subject to certain environmental laws and regulations, including
laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic wastes
and hardware, whether hazardous or not. These laws may require ADSE or others in ADSE's value chain to obtain permits and comply
with procedures that impose various restrictions and obligations that may have material effects on ADSE's operations. The installation
of high power charger and battery storage systems at a particular site is generally subject to oversight and regulation in accordance
with provincial, state and local laws and ordinances relating to building codes, safety, environmental protection and related matters,
and typically requires various local and other governmental approvals and permits that may vary by jurisdiction.
Environmental and health and
safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational,
national, sub-national and/or local level or new or modified regulations that may be implemented under existing law. Future legislation
and regulations relating to hardware manufacturing, electronic waste or batteries, could cause additional expenditures, restrictions and
delays in connection with ADSE's operations as well as other future projects.
Further, ADSE currently relies
on third parties to ensure compliance with certain environmental laws, including those related to the disposal of hazardous and non-hazardous
wastes. Any failure to properly handle or dispose of such wastes, regardless of whether such failure is ADSE's or its contractors,
may result in liability under environmental laws, under which liability may be imposed without regard to fault or degree of contribution
to the investigation and clean-up of contaminated sites, as well as impacts to human health and damages to natural resources. Additionally,
ADSE may not be able to secure contracts with third parties to continue their key supply chain and disposal services for our business,
which may result in increased costs for compliance with environmental laws and regulations. See also "Risk Factors —
Existing
and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs
or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations
that may adversely impact our financial results or results of operation."
Competition
ADSE is diversified across
the areas of charging for e-mobility, commercial & industrial and residential applications and considers itself well-positioned in
the event of a market change or competitive dynamics in any of those segments individually.
In the EV infrastructure charging
market (non-residential), ADSE focusses on battery-buffered ultra-fast charging systems. This comprises charging systems with a charging
power above 150kW. Due to its ability to provide ultra-fast charging even at power limited grids and hence its specific use cases, ADSE
regards battery-buffered ultra-fast chargers as a distinct market segment of ultra-fast chargers.
ADSE believes there are several
potential competitors still in the prototyping phase and may offer battery-based products similar to ADSE's products in the future.
In terms of technical specifications in particular, due to the combination of high available charging power with a small footprint and
low noise emission, ADSE believes it is well-positioned compared to current and future competitors. A particular advantage of the HPC
Booster is that it can be located very flexibly at a broad range of potential customer sites due to the battery and charging pole being
separated (up to 100m apart from the ChargeBox). By continued R&D efforts, ADSE strives to incorporate new technical developments
in battery technology, into its products.
While ADSE sees battery-buffered
ultra-fast chargers as a separated market segment, non-battery buffered grid connected ultra-fast chargers do in principle compete with
battery-based ultra-fast chargers in those cases in which enough power at the current grid connection is available, or an upgrade of the
grid is economically reasonable or preferred by the investor for some reason. This may often be the case in typical applications such
as central charge parks or super chargers on near highway locations. ADSE sees compact and ultra-fast chargers with an integrated battery
buffers in many cases still as the more economic and more suitable solution, especially when high power rates are not requested continuously
or at least for the majority of the time.
42
As the number of EVs continues
to grow, so will the need for a charging infrastructure, including ultra-fast chargers. Solutions that do not have an integrated energy
storage capability rely on the available grid capacity, or need expensive and long-term expansion of the grid network to offer ultra-fast
charging. Solutions may also require a separate energy storage system with related investment costs and space requirements. Therefore,
ADSE sees itself in a good competitive position for the necessary extension of the EV-charging infrastructure based on existing grid conditions.
With the increasing EV population,
the number of wallboxes sold for home charging will likely increase as well. While home charging in principle may reduce the usage of
public charging, ADSE sees a strong market opportunity for public charging driven by the higher number of EVs in the market. Overall,
due to the different use cases and technology, ADSE does not see AC-wallboxes as separate and not directly competing market. In contrast,
ADSE sees a potential of DC charging at home or at company sites as a potential market opportunity in future.
In addition to the incumbent
market participants the possibility persists of new players entering a still developing market and gaining market share with innovative
products. However, due to the advanced expertise and knowledge as well as the ecosystem platform technology and long-term services, ADSE
expects to be able to effectively compete even with such new potential market entrants.
In the Commercial & Industrial
segment, ADSE focuses on applications in which it believes it has a competitive advantage due to the overall platform integration accompanied
by digital and physical services. With the Multi-Scale based PowerBooster, ADSE will be able to offer an innovative product with an integrated
scalable power inverter providing a fully integrated energy storage solution to the market.
In the Residential segment,
ADSE intends to offer a highly integrated eco-platform that specially addresses the needs of single and multifamily homes who would like
to integrate renewable energy generation at the site through PV or power-heat cogeneration units, DC-Charging at home, scalable energy
storage and a connection to the electricity grid.
In addition, with an increasing
market size for residential energy storage and management systems, competition from existing and new competitors may increase. Given a
fragmented end-customer base and the need to install those products at the individual site of use, ADSE relies on distribution partnerships.
For example, ADSE relies on heating systems manufacturers or installation companies and networks, depending on the individual market in
which ADSE operates. While ADSE believes that its current and future products are an attractive complement to the offering of its current
and potential future distribution partners, ADSE may have difficulties to attract distribution partners in the future, or such distribution
partners may not yield the revenues anticipated by ADSE for such partnerships which may limit our growth.
While ADSE sold its products
in the past mainly in Germany, ADSE has started to internationalize its business by selling and offering products in US and other markets
in Europe. While ADSE strives to develop and market its products on contractual terms and conditions in such way that its products comply
with the necessary regulation in those markets. Consequently, the competition in such markets may change over time significantly, and
other factors including but not limited to governmental or local regulation and subsidies may create obstacles for ADSE to compete in
such markets and may create limiting factors to its growth.
The following table represents the breakdown of
total revenues by geographic market for each of the last three financial years:
Revenue by Region (kEUR)
2022
2021
2020
Germany
19,538
23,809
46,979
Switzerland
1,628
1,186
222
Ireland
1,223
1,944
-
Spain
1,071
3,371
17
Netherlands
872
491
-
Austria
-
750
4
United States of America
731
-
29
Other European countries
1,367
1,482
118
Total
26,430
33,035
47,370
43
The following table presents the revenue from
contracts with customers disaggregated by major products:
Major Products (kEUR)
2022
2021
2020
Charging
19,506
23,721
40,514
Commercial and industrial
4,463
6,334
5,472
Service
1,774
2,235
1,231
Residential
287
479
153
Other
400
267
-
Total
26,430
33,035
47,370
The business performance of ADSE does not follow
a regular seasonality or cyclicality of results.
Raw Materials and Suppliers
ADSE sources primarily in
European Union and Asia a number of key raw materials, parts and supplies for the assembly of its products including but not limited to
semiconductors, power modules, battery cells, HVAC components, mechanical systems, electrical components, and electronic components, such
as conductors, switches, fuses and DC-meters. While ADSE strives to source standard components where possible, many components are sourced
from single suppliers for which it may not be possible to find an alternative source in a short period of time or even at all. In addition,
supplier changes may have impact on certification and customer acceptances. Further raw material may be subject to high price volatility
as for example in 2022 battery cells, semiconductors, power modules and electrical components. Due to ADSE competencies in design and
manufacturing and using own generated patents, it expects that in principle almost any supplier can be replaced over time. However, such
replacements may require additional development work, which may have negative impact on the ADSE's ability to deliver products and
its profitability.
Raw materials, parts and supplies
obtained from third-party vendors contained and may contain defects resulting in the malfunction of ADSE's products. ADSE could
be subject to claims that its products are defective or have malfunctioned, or even that persons were injured or purported to be injured
as a result of such defects, and ADSE's customers may bring legal claims against ADSE to attempt to hold it liable. Any insurance
that ADSE carries may not be sufficient or it may not apply to all situations. To the extent that such malfunctions are related to components
obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions. See "Item 3.D. Risk Factors
— Our technology has had and in the future could have undetected defects, errors or bugs in hardware or software which has and
could reduce market adoption, damage our reputation with current or prospective customers, and/or expose us to product liability and other
claims that could materially and adversely affect our business
." For example, certain of our customers have experienced a malfunction
in our High-Power Charger that we believe is the result of a defective semiconductor component, which has required us to work with our
third-party supplier of such component to inspect and repair these defects or replace such products under our warranty. We are in the
process of exchanging such affected products and have accrued approximately EUR 6.3 million in expenses for the fiscal year ended December
31, 2021 in connection with such process. See "Item 5. Operating and Financial Review and Prospects – Operating Results –
Results of Operations – Comparison of the Twelve Months Ended December 31, 2021 and 2020– Other Expenses." We expect
to continue to address this issue, and this defect or similar events in the future could adversely affect our brand, relationships with
customers and vendors, operating results or financial condition.
Employees and Human Capital Management
As of December 31, 2022, ADSE
had 189 (2021: 109) employees, with 167 (2021: 105)in Europe and 22 (2021: 4) in the U.S. These employees include 32 (2021: 26) in sales
and marketing, 92 (2021: 48) in operations, 42 (2021: 33) in product development, and 23 (2021: 2) in general and administrative positions.
ADSE currently also relies, and may continue to rely, on professional employer organizations and staffing organizations for the employment
to complement our workforce. Additionally, ADSE has retained a number of expert advisors and consultants that help navigate it through
different aspects of its business. ADSE considers its relations with its employees to be good and has not experienced any work stoppages,
slowdowns or other serious labor problems that have materially impeded ADSE's business operations.
ADSE's human capital
management objectives include, as applicable, identifying, recruiting, retaining, incentivizing, and integrating ADSE's new and
existing employees.
44
Manufacturing
ADSE has also decided to final
assemble its products in-house to ensure the constant high quality of its products and the scalability to meet the future demand. It is
the Company's strong conviction that the demand for technology enabling the transition into the energy market will grow strongly
across all product segments quickly growing into a regulated mass market of energy infrastructure. ADSE has therefore consequently targeted
flexible but scalable assembly facilities. ADSE has also designed its facilities with a system based on principles developed and applied
in the leading industry sectors, and applies a rigorous discipline in all processes and continuous improvement principles. An important
aspect of ADSE's facility design and digitized processes is that it can be cloned easily and quickly within a few months to expand
its capacities in line with market growth and its expansion in new markets.
ADSE benefits from its highly
developed production process which combines the advantages from assembly and in-house engineering. The production facilities are located
around Dresden, Germany.
Government, Regulation and Incentives
ADSE is subject to many forms
of government regulation in its current markets, primarily the European Union, but also in new markets like the United States. There is
not a primary agency that oversees the industry, but instead ADSE must comply with various federal, state and local rules and regulations.
The regulatory overlay relates to many areas of ADSE's operations, but primarily to safety concerns surrounding the manufacture
and implementation of its products and systems. Violations of the applicable regulations may result in substantial civil and criminal
fines, penalties and/or orders to cease operations or to conduct or pay for corrective work. Customer demand for ADSE's products
is and is expected to remain influenced by government regulations and economic incentives promoting fuel efficiency and alternate forms
of energy, and the availability of tax and other governmental incentives to purchase and operate electric vehicles.
4.C. Organizational Structure
Upon consummation of the Transactions,
ADSE GM, based in Nürtingen, Germany and entered in the commercial register of the Stuttgart Local Court under HRB 762810, became
a wholly-owned subsidiary of ADSE Holdco, an Irish public limited company duly incorporated under the laws of Ireland. ADSE US is a Delaware
corporation and wholly-owned subsidiary of ADSE GM. Immediately following consummation of the Transactions, Merger Sub was liquidated
and began the process for dissolution. ADSE's organizational chart is below:
4.D. Property, Plants and Equipment
ADSE's headquarters
are located in Nürtingen, Germany. Our properties consist of office space within general, commercial office buildings. The Company
also maintains five further facilities, two of which are located in Germany (Klipphausen and Köngen) and three are located in U.S.
(Auburn (AL), Plano (TX), Sarasota (FL)). These sites are used for production, as offices, as warehouses, as laboratories, and/or for
prototyping (Köngen).
Below is a list of our material
leased property as of the date of this Annual Report, including the type of property, our business area, location and approximate square
meterage.
Type of property
Location
Square Meterage
Owned/Leased
Office and Laboratory
Nürtingen, Germany
1,577
Long-term Leased
Production and Warehouse
Klipphausen, Germany
8,550
Long-term Leased
Warehouse, Laboratory and Prototyping
Köngen, Germany
1,402
Short-term Leased
Warehouse
Auburn (AL), USA
1,626
Long-term Leased
Office
Plano (TX), USA
163
Short-term Leased
Office
Sarasota (FL), USA
30
Short-term Leased
45
Except for the third and last
2 properties listed in the table above (which lease term is three to six months), lease agreements for our premises are generally long-term
leases with terms of between 1 and 10 years.
The production capacity is
up to 5,000 units per year depending on the applied shift model and the product type.
As of the date of this Annual
Report, the Company is not aware of any environmental issues that may affect the utilization of any of the premises described above and
has no intention to engage in the construction, expansion or improvement of any real estate or facilities.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not Applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
5.A. Operating Results
This operating and financial
review should be read together with the section captioned "Item 4. Information on the Company – 4.B. Business Overview"
and the audited consolidated financial statements of the Company and the related notes to those statements included elsewhere in this
Annual Report. Among other things, the audited consolidated financial statements include more detailed information regarding the basis
of preparation for the following information. The audited consolidated financial statements of the Company have been prepared in accordance
with IFRS. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such
as those set forth under "Item 3. Key Information – D. Risk Factors" and elsewhere in this Form 20-F, our actual results
may differ materially from those anticipated in these forward-looking statements. Please see "Cautionary Note Regarding Forward-Looking
Statements" in this Annual Report.
Overview
ADSE produces, develops, and
markets battery-buffered EV charging systems infrastructure, battery storage systems and cloud-based services which enable the customer
to control and manage the system, for example via Big-LinX
®
, based on real-time information. ADSE's ecosystem enables
24/7 access to its ecosystem platform consisting of hardware, software and services, over the air updates, prediction-based services,
and data analytics.
ADSE generates revenue primarily
through the sale of its products, services and Big-LinX
®
. Big-LinX
®
with its control and monitoring functions
enables also proactive monitoring, fast response time, parts, and performance warranty. ADSE targets two key markets: battery storage
systems for residential, commercial, and industrial customers, and battery buffered high-power charging infrastructure.
Since ADSE GM's inception
in 2008, it has been engaged in producing, developing, and marketing its battery-buffered energy systems, subscriptions, and other offerings,
establish a production and recruiting personnel. ADSE GM has incurred net operating losses and negative cash flows from operations in
every year since its inception.
As of December 31, 2022, ADSE
had an accumulated deficit of EUR 136,1 million. ADSE has funded its operations mainly with capital contributions, sustained shareholder
loans, borrowings under its loan facilities and customer payments.
Key Factors Affecting Operating Results
We believe our performance
and future success depend on several factors which have affected ADSE's performance in the periods for which financial information
is presented in this Annual Report and which will continue to affect our future performance. These factors present significant opportunities
for us but also pose risks and challenges, including those discussed below and in the section of this Annual Report titled "Item
3. Key Information – D. Risk Factors".
46
Battery Buffered EV Charging Systems
Growth in EV Adoption
ADSE's revenue growth
is directly tied to the continued acceptance of passenger and commercial EVs sold, which it believes drives the demand for charging infrastructure.
The market for EVs is still rapidly evolving and, although demand for EVs has grown in recent years, there is no guarantee of such future
demand. Factors impacting the adoption of EVs include, but are not limited to, perceptions about EV features, quality, safety, performance
and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; volatility in the cost of oil and
gasoline; availability of services for EVs; consumers' perception about the convenience and cost of charging EVs; and increases
in fuel efficiency. In addition, macroeconomic factors could impact demand for EVs, particularly since they can be more expensive than
traditional gasoline-powered vehicles when the automotive industry globally has been experiencing a recent decline in sales. If the market
for EVs does not develop as expected or if there is any slow-down or delay in overall EV adoption rates, this would impact ADSE's
ability to increase its revenue or grow its business.
Competition
ADSE is currently a market
leader within the EU in battery-buffered ultra-high-power chargers. ADSE intends to expand its market share over time in its product categories.
Existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. Furthermore, ADSE's
competition includes other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy gasoline powered
vehicles. If ADSE's market share decreases due to increased competition, its revenue and ability to generate profits in the future
may be impacted.
United States Expansion
ADSE operates in Europe and
recently established a subsidiary in the United States. The United States is expected to be a significant contributor to ADSE's
revenue in future years. ADSE believes it is also well positioned to grow its US business, both through new potential business relationships
and the expansion of existing multinational OEM and Oil & Gas ("
O&G
") business relationships. However, ADSE
primarily competes with larger providers of non-battery buffered EV charger producers, particularly in Europe. Many of these competitors
have no ultra-high-power charger, which could cause poor experiences and have a negative impact on overall EV adoption in the US and Europe.
ADSE's growth in Europe requires differentiating itself as compared to the potential newcomers and existing competitors with AC
and DC chargers. If ADSE is unable to penetrate the market in US, its future revenue growth and profits may be impacted.
Impact of New Product Releases
As ADSE introduces new products,
its gross margins may be temporarily impacted by launch costs, until its supply chain achieves targeted cost reductions, such as the market
introduction of its semi-mobile battery buffered ultra-high-power charger ChargePost in fiscal year 2022. In addition, ADSE may accelerate
its operating expenditures where it sees growth opportunities which may impact gross margin until upfront costs and inefficiencies are
absorbed and normalized operations are achieved. ADSE also continuously evaluates and may adjust its operating expenditures based on its
launch plans for its new products, as well as other factors including the pace and prioritization of current projects under development
and the addition of new projects. As ADSE attains higher revenue, it expects operating expenses as a percentage of total revenue to continue
to decrease in the future as it focuses on increasing operational efficiency and process automation.
Government Mandates, Incentives and Programs
The European Union, the German
federal government, the U.S. federal government, foreign governments and some state and local governments provide incentives to end users
and purchasers of EVs and EV charging stations in the form of rebates, tax credits and other financial incentives. These governmental
rebates, tax credits and other financial incentives significantly lower the effective price of EVs and EV charging stations to customers.
However, these incentives may expire on specified dates, end when the allocated funding is no longer available, or be reduced or terminated
as a matter of regulatory or legislative policy. Any reduction in rebates, tax credits or other financial incentives could reduce the
demand for EVs and for charging infrastructure, including infrastructure offered by ADSE.
47
Battery Storage Systems
Growth in All-Electric-World Adaption Adoption
ADSE's battery storage
systems revenue growth is linked to the transition to an all-electric world by using renewable energy in both the "Commercial &
Industrial" and "Residential" end-market segments. ADSE is convinced they are needed to achieve the global objective
of CO2 neutral energy systems. The market for battery storage systems is still evolving and although demand for systems has grown in recent
years significantly, there is no guarantee of such future demand. Factors impacting the demand for battery storage systems include but
are not limited to: perceptions about battery storage systems features and advantages, quality, safety, performance and cost; volatility
in the cost of oil, gas and energy from finite and renewable resources; availability of services; consumers' perception about the
convenience; and cost of installing and using a battery storage system. In addition, macroeconomic factors could impact demand for renewable
energy, particularly since they can be more expensive than energy from finite resources. If the market for battery storage systems does
not develop as expected or if there is any slow-down or delay in overall CO2 neutral adoption rates, this would impact ADSE´s ability
to increase its revenue or grow its business.
Competition
ADSE is currently offering
its battery storage systems mainly within the EU. ADSE intends to expand its market share over time in its product categories. Existing
competitors may expand their product offerings and sales strategies, and new competitors may enter the market. Furthermore, ADSE's
competition includes other types of alternative energy storage solutions such as hydrogen and compressed air storage solutions. If ADSE's
market share decreases due to increased competition, its revenue and ability to generate profits in the future may be impacted.
Impact of New Product Releases
As ADSE introduces new products,
its gross margins may be temporarily impacted by launch costs until its supply chain achieves targeted cost reductions, such as the market
introduction of its new PowerBooster generation in fiscal year 2023. In addition, ADSE may accelerate its operating expenditures where
it sees growth opportunities which may impact gross margin until upfront costs and inefficiencies are absorbed and normalized operations
are achieved. ADSE also continuously evaluates and may adjust its operating expenditures based on its launch plans for its new products,
as well as other factors including the pace and prioritization of current projects under development and the addition of new projects.
As ADSE attains higher revenue, it expects operating expenses as a percentage of total revenue to continue to decrease in the future as
it focuses on increasing operational efficiency and process automation.
Government Mandates, Incentives and Programs
The European Union, the German
federal government, the U.S. federal government, foreign governments and some state and local governments provide incentives to end users
and purchasers of renewable energy sources and battery storage systems in the form of rebates, tax credits and other financial incentives.
These governmental rebates, tax credits and other financial incentives significantly lower the effective price of renewable energy sources
and battery storage systems to customers. However, these incentives may expire on specified dates, end when the allocated funding is no
longer available, or be reduced or terminated as a matter of regulatory or legislative policy. Any reduction in rebates, tax credits or
other financial incentives could reduce the demand for renewable energy sources and for battery storage systems offered by ADSE.
Components of Results of Operations
Revenue
ADSE develops, produces, and
distributes battery storage solutions for different areas of applications ("multi-use-case"). The product portfolio ranges
from the field "residential" which includes small storage solutions, to the field "industrial" including power
ranges up to multiple MW/MWh, as well as to the field "charging" which provides charging solutions for the expansion of the
eMobility infrastructure at power-limited network points. Additionally, ADSE provides its customers with software solutions regarding
intelligent controlling and monitoring of battery storage solutions. Other revenues include, for example, separately acquirable service
contracts or maintenance services.
48
For the fiscal years 2020,
2021 and 2022 the revenue stream mainly includes the production and delivery of ChargeBox (CBX) and ChargePost (CPT). Revenue for the
CBX and CPT are recognized once the product is transferred to the customer. Included in the revenue for the CBX are also development cost
contributions made by the customer. These cost contributions are also recognized in accordance with the delivery of the CBX in fiscal
year 2020 and 2021. Additionally, the revenue stream "Charging" in fiscal year 2020 includes the delivery of ChargeTrailer
system in the form of a truck trailer. The revenue for the truck trailer is recognized over time. The percentage of completion is based
on the incurred costs.
For the fiscal year 2023,
ADSE expects revenue to increase year-over-year despite the challenges associated with the COVID-19 pandemic, the war between Ukraine
and Russia and related supply chain disruptions. While ADSE cannot predict the ultimate extent or duration of the impact of the COVID-19
pandemic and the war in Ukraine on its financial condition and operating results, in fiscal year 2023 and beyond, it expects revenue to
exceed levels pre-existing the COVID-19 pandemic as it increases its sales to new and existing customers, expands its operations in the
United States, and broadens its product offerings, particularly for charging and residential customers.
Cost of Revenue
Prior to July 1, 2021, ADSE
used ads-tec Dresden GmbH, a wholly-owned subsidiary of ADSH, as contract manufacturer to assemble the ChargeBox and to produce battery
storage systems. On July 1, 2021, the production was transferred to ADSE GM. ADSE's cost of revenue systems includes raw material
costs, raw material costs used by contract manufacturer, own production costs, and the contract manufacturer's cost of finished
goods. For ADSE's limited in-house production, cost of revenue includes raw material, parts, labor, manufacturing costs, and allocated
facilities, related salaries and personnel expenses and information technology expenses. It also consists of depreciation of manufacturing
related equipment and facilities, amortization of capitalized development costs, and allocated facilities and information technology expenses.
It also includes cost for
field maintenance, spare parts, license cost for BigLinX, allocated facilities and information technology expenses, salaries, and related
personnel expenses for providing 3
rd
level service and third-party support costs to perform installations, maintenance and
repair service.
Gross Profit and Gross Margin
Gross profit is revenue less
cost of revenue and gross margin is gross profit as a percentage of revenue. ADSE offers a range of products which vary widely in price
and associated margin. Accordingly, ADSE's gross profit and gross margin have varied and are expected to continue to vary from period
to period due to revenue levels; geographic, vertical and product mix; new product introductions, and its efforts to optimize its operations
and supply chain.
In the long term, ADSE expects
its gross profit to increase on an absolute basis and gross margin to increase over time as it expands its revenue and continues to optimize
its operations and supply chain. However, in the short term, as ADSE launches new charging systems and battery storage products, and grows
its presence in Europe and United States, it expects gross margin to experience variability from period to period.
Research and Development Expenses
Research and not capitalized
development expenses consist primarily of salaries and related personnel expenses for personnel related to the development of improvements,
quality assurance, testing, product management, and cost for samples, allocated facilities, and information technology expenses. Information
technology research and not capitalized development costs are expensed as incurred.
ADSE expects its research
and development expenses to increase on an absolute basis and they may increase as a percentage of total revenue for the foreseeable future
as it continues to invest in research and development activities to achieve its technology and product roadmap.
49
Selling, General, and Administrative Expenses
Selling, general and administrative
(SG&A) expenses primarily consist of personnel-related expenses, external storage, packaging, marketing cost, professional or legal
fees, transaction cost, and other expenses. ADSE incurred additional general and administrative expenses as a result of operating as a
public company, including expenses related to compliance with the rules and regulations of the SEC and Nasdaq listing standards, additional
insurance expenses (including directors' and officers' insurance), investor relations activities and other administrative
and professional services. ADSE also increased the size of its selling, general and administrative function to support the growth of its
business especially with the expansion to the United States. Overall, the company expects that the SG&A remains on the level of FY2022
in FY2023.
Depreciation and Amortization
Depreciation and amortization
primarily relate to the depreciation of ADSE manufacturing and technology equipment, other tools, right-of-use assets and to capitalized
development expenses. ADSE anticipates these expenses will continue to increase over time as it continues to develop new products and
may extend its warehouse facility in the United States into a production facility.
Other Operating Expenses
Other operating expenses primarily
relate to an accrual of expenses from special warranties and exchange rate losses.
Other Income
Other income consists mainly
income from reversal of provisions, cost refunds and insurance compensation.
Finance Income
Finance income consists mainly
foreign currency gains and remeasurement of warrant liabilities.
Finance Costs
Finance costs primarily relates
to interest expenses for leasing and guarantee commissions in fiscal year 2022, and bank loans and sustained shareholder loans in fiscal
year 2021.
Income Tax Benefits/(Expenses)
The tax benefits/(expenses)
include current and deferred taxes. Current taxes and deferred taxes are reported in profit or loss, except to the extent to which they
are reported directly in equity or in the other operating income.
The tax loss carry forwards
amounted to EUR 55.4 million at December 31, 2021 and EUR 82.8 million at December 31, 2022.
Results of Operations
Comparison of the Twelve Months Ended
December 31, 2022 and 2021
The results of operations
for the twelve months ended December, 2022 and 2021 presented below should be reviewed in conjunction with ADSE's audited condensed
financial statements and the notes thereto included elsewhere in this Annual Report.
50
The following table summarizes
ADSE's historical results of operations for the periods indicated:
Year Ended December 31,
in kEUR
2022
2021
Change
Change (%)
Continuing Operations
Revenue
26,430
33,035
(6,605
)
(20
)%
Cost of sales
(30,904
)
(35,310
)
4,406
(13
)%
Gross profit (loss)
(4,474
)
(2,275
)
(2,199
)
(97
)%
Research and development
(1,701
)
(2,012
)
311
(15
)%
Selling and general administrative
(31,319
)
(13,321
)
(17,998
)
135
%
Impairment losses on trade receivables,contract assets, and other investments
(228
)
(171
)
(57
)
33
%
Other expenses
(1,084
)
(5,402
)
4,318
(80
)%
Other income
2,383
4,538
(2,155
)
(48
)%
Operating Result
(36,423
)
(18,643
)
(17,780
)
95
%
Finance income
20,515
47
20,468
43549
%
Finance expenses
(427
)
(2,835
)
2,408
(85
)%
Share listing expenses
0
(65,796
)
65,796
*
Net finance result
20,089
(68,583
)
88,672
(129
)%
Result before tax
(16,335
)
(87,227
)
70,892
(-81
)%
Income tax benefits (expenses)
(2,572
)
(413
)
(2,159
)
523
%
Result from continuing operations
(18,906
)
(87,640
)
68,734
(78
)%
Result for the period
(18,906
)
(87,640
)
68,734
(78
)%
Other comprehensive income (loss) for the period, net of tax
46
(2
)
48
(2,400
)
Total comprehensive result for the period
(18,860
)
(87,642
)
68,782
(78
)%
Revenue
The following table summarizes
the changes in revenue from the twelve months ended December 31, 2021 to 2022.
Year Ended December 31
In kEUR
2022
2021
Change
Change (%)
Charging
19,506
23,721
(4,215
)
(18
)%
Commercial & Industry
4,463
6,334
(1,871
)
(30
)%
Residential
287
479
(192
)
(40
)%
Service
1,774
2,235
(461
)
(21
)%
Other
400
267
133
50
%
Total
26,430
33,035
(6,605
)
(20
)%
The following table summarizes
the changes in revenue from the twelve months ended December 31, 2021 to 2022 based on geography.
Year Ended December 31
In kEUR
2022
2021
Change
Change (%)
Europe
25,699
33,035
(7,336
)
(22
)%
North America
731
0
731
*
%
Total
26,430
33,035
(6,605
)
(20
)%
Total revenue decreased by
EUR 6.6 million or 20%, from the year ended December 31, 2021 to December 31, 2022, primarily due to supply chain disruptions leading
to lower unit sales.
The Company generated 27%
and 56% of total revenue from one customer for the fiscal year ended December 31, 2022 and 2021, respectively and 31% from another customer
for the fiscal year ended December 31, 2022.
51
Cost of Sales
Cost of sales decreased by
EUR 4.4 million or 13%, from the year ended December 31, 2021 to December 31, 2022, primarily due to decreased material expenses in connection
with the decreased revenue of EUR 6.6 million. Due to raw material price inflation and functional cost being fixed costs such as depreciation
and amortization, the cost of sales didn´t decrease at similar percentage as revenue.
Gross Profit
Gross profit decreased by
kEUR 2.2 million, from the year ended December 31, 2021 to December 31, 2022. The decrease was primarily due to decreased revenue and increased
personnel cost, depreciation and amortization.
Research and Development
Research and Development expenses
decreased by kEUR 311 or 16%, from the year ended December 31, 2021 to December 31, 2022 due to focusing on development of new products
and those expenses being capitalized.
Selling and General Administrative
Sales and general administrative
expenses increased by EUR 18.0 million or 135%, from the year ended December 31, 2021 to December 31, 2022 primarily due to increased
personnel cost in connection with the sales expansion in U.S. and general administration of the Company.
Impairment Losses on Trade Receivable, Contract
Assets, and Other Investments
Impairment losses on trade
receivable, contract assets, and other investments increased by kEUR 57, from the year ended December 31, 2021 to December 31, 2022 due
to a broader customer portfolio and other investments.
Other Expenses
Other expenses decreased by
EUR 4.3 million from the year ended December 31, 2021 to December 31, 2022 primarily due to forming a special warranty provision in 2021.
Other Income
Other income decreased by
EUR 2.2 million from the year ended December 31, 2021 to December 31, 2022 primarily due to lower amount released from provisions
and income from compensations compared to 2021.
Net Finance Result
Net finance result decreased by
EUR 88.6 million or 129%, from the year ended December 31, 2021 to December 31, 2022 primarily due to share listing expenses of EUR 65.8
million in 2021, finance income increased by EUR 20.5 million due to foreign currency gains and remeasurement of warrant liabilities and
finance expenses decreased by EUR 2.4 million primarily due to lower interest expenses from loans.
Income Tax Benefits/(Expenses)
Income tax expenses increased
by EUR 2.2 million from the year ended December 31, 2021 to December 31, 2022 primarily due to originating and reversal of temporary differences.
52
Comparison of the Twelve Months Ended
December 31, 2021 and 2020
The results of operations
for the twelve months ended December, 2021 and 2020 presented below should be reviewed in conjunction with ADSE's audited condensed
financial statements and the notes thereto included elsewhere in this Annual Report.
The following table summarizes
ADSE's historical results of operations for the periods indicated:
Year Ended December 31,
in kEUR
2021
2020
Change
Change (%)
Continuing Operations
Revenue
33,035
47,370
(14,335
)
(30
)%
Cost of sales
(35,310
)
(45,548
)
10,238
(22
)%
Gross profit (loss)
(2,275
)
1,822
(4,097
)
(225
)%
Research and development
(2,012
)
(749
)
(1,263
)
169
%
Selling and general administrative
(13,321
)
(7,570
)
(5,751
)
76
%
Impairment losses on trade receivables, contract assets, and other investments
(171
)
(9
)
(162
)
1800
%
Other expenses
(5,402
)
(2,224
)
(3,178
)
143
%
Other income
4,538
541
3,997
739
%
Operating Result
(18,643
)
(8,190
)
(10,453
)
128
%
Finance income
47
0
47
*
Finance expenses
(2,835
)
(2,135
)
(700
)
33
%
Share listing expenses
(65,796
)
0
(65,796
)
*
Net finance result
(68,583
)
(2,135
)
(66,448
)
3112
%
Result before tax
(87,227
)
(10,325
)
(76,902
)
745
%
Income tax benefits (expenses)
(413
)
45
(458
)
(1018
)%
Result from continuing operations
(87,640
)
(10,280
)
(77,360
)
753
%
Result for the period
(87,640
)
(10,280
)
(77,360
)
753
%
Other comprehensive income (loss) for the period, net of tax
(2
)
0
(2
)
*
Total comprehensive result for the period
(87,642
)
(10,280
)
(77,362
)
753
%
Revenue
The following table summarizes
the changes in revenue from the twelve months ended December 31, 2020 to 2021.
Year Ended December 31
In kEUR
2021
2020
Change
Change (%)
Charging
23,721
40,514
(16,793
)
(41
)%
Commercial & Industry
6,334
5,472
862
16
%
Residential
479
153
326
213
%
Service
2,235
1,231
1,004
82
%
Other
267
0
267
*
Total
33,053
47,370
(14,335
)
(30
)%
Total revenue decreased by
EUR 14.3 million or 30%, from the year ended December 31, 2020 to December 31, 2021, primarily due to one major customer order in the
past.
The Company generated 56%
and 87% of total revenue from one customer for the fiscal year ended December 31, 2021 and 2020, respectively.
53
Cost of Sales
Cost of sales decreased by
EUR 10.2 million or 22%, from the year ended December 31, 2020 to December 31, 2021, primarily due to decreased material cost in connection
with decreased revenue of EUR 14.3 million.
Gross Profit
Gross profit decreased by
EUR 4.1 million, from the year ended December 31, 2020 to December 31, 2021. The decrease was primarily due to decreased revenue, increased
depreciation and amortization of EUR 1.6 million and increased personnel expenses of EUR 0.3 million.
Share Listing Expenses
The Company's share
listing expenses are of a one-time non-recurring nature and only impacts the 2021 financial statements as the Company listed on Nasdaq
in 2021.
For the year
Ended
December 31,
Share Listing Expenses kEUR
2021
Fair value of 8,524,565 Ordinary Shares (including 3,593,750 founder shares) at €8.64 per share
73,697
Fair value of 4,375,000 private warrants at €1.17 per Warrant
5,110
Fair value of 7,187,500 public warrants at €1.05 per Warrant
7,568
Net Liability of EUSG at Business Combination
423
Total Value of Consideration
86,798
Proceeds received Post Business Combination EUSG Assets (Cash)
(43,107
)
Listing Expenses Total (Cash)*
22,105
Total Share Listing Expenses
65,796
*
Listing
Expenses Total (Cash) represents fees paid to legal advisors, consultants, and other necessary expenses incurred in relation to the ADSE's
listing on the US market.
As per IFRS 2, the Ordinary
Shares distributed at the time of Business Combination are valued at the fair value which was EUR 8.64 as on December 22, 2021 and the
fair value of the public warrants is calculated at EUR 1.05 and the private warrants at EUR 1.17 per warrant. The difference between the
fair value of the Ordinary Shares and warrants issued and the fair value of the net assets received amounting EUR 65.8 million have been
recognized as a listing expense. This is the primary reason for the substantial increase in indirect expenses and corresponding reduction
in net profits resulting in a net loss of EUR 87.6 million in 2021.
There was no listing expense
during 2020 as it was a one-time expense accounted due to Business Combination that occurred in 2021.
Research and Development
Research and Development expenses
increased by EUR 1.3 million or 169%, from the year ended December 31, 2020 to December 31, 2021 due to increased expenses for further
development of components for battery storage systems.
Selling and General Administrative
Sales and general administrative
expenses increased by EUR 5.8 million or 76%, from the year ended December 31, 2020 to December 31, 2021 primarily due to legal and consulting
fees mainly for the preparation of SEC listing.
54
Impairment Losses on Trade Receivable, Contract
Assets, and Other Investments
Impairment losses on trade
receivable, contract assets, and other investments increased by kEUR 162, from the year ended December 31, 2020 to December 31, 2021 due
to mainly one default payment.
Other Expenses
Other expenses increased by
EUR 3.2 million from the year ended December 31, 2020 to December 31, 2021 primarily due to forming a new warranty provision of EUR 6.3
million and the consumption of warranty provisions created in 2020.
The new special warranty provision
of EUR 6.3 million is related to semiconductor supplied by one of ADSE supplier with the potential risk of causing a malfunction of the
ChargeBox. We believe malfunction is the result of a defective semiconductor component, which has required us to work with our third-party
supplier of such component to inspect and repair these defects or replace such products under our warranty.
Other Income
Other income increased by
EUR 4.0 million from the year ended December 31, 2020 to December 31, 2021 primarily due to the release or reduction of warranty
provision created in 2020 and a compensation due to cancellation in good faith of a sales contract originally entered into in 2018.
Net Finance Result
Net finance result decreased by
EUR 66.4 million or 3,112%, from the year ended December 31, 2020 to December 31, 2021 primarily due to the share listing expenses of
EUR 65.8 million.
Income Tax Benefits/(Expenses)
Income tax expenses decreased
by kEUR 458 from the year ended December 31, 2020 to December 31, 2021, primarily due to origination and reversal of temporary differences.
5.B. Liquidity and Capital Resources
Sources of Liquidity
ADSE has incurred net losses
and negative cash flows from operations since its inception which it anticipates will continue for the foreseeable future. To date, ADSE
has funded its operations primarily with proceeds from its operations, capital contributions, sustained shareholder loans, borrowings
under its loan facilities and customer payments.
As of December 31, 2022, ADSE
had no loans or borrowings. As of December 31, 2021, ADSE had EUR 7.5 million of short term secured bank loans.
As of December 31, 2022 and
2021, we had cash and cash equivalents of EUR 34.4 million and EUR 101.8 million, respectively, of which as of December 31, 2022 EUR 12.0
million were restricted. Our cash is mainly held in Euros and U.S. Dollars at banks.
Management has considered conditions and events which provide substantial
doubt about ADSE's ability to continue as a going concern (i.e., historically recurring losses and negative cash flows from operations)
over the 12 months following the issuance of the financial statements. ADSE's cash on hand and the shareholder loans executed in
May 2023, together with cash generated from sales to customers, should satisfy ADSE's working capital and capital requirements for
at least the next twelve months from May 10th, 2023, the date on which ADSE's audited financial statements were issued. However,
no assurances can be provided that sufficient cash is generated from sales to customer, timely reduction of inventory and/or postponement
or cancellation of purchase obligation. If ADSE is unable to do so, it may need to ask for additional funding and/or significantly curtail
its operations, modify existing strategic plans and/or dispose of certain operations or assets. See also ADSE's audited financial
statements for the years ended December 31, 2022 and 2021, respectively, included elsewhere in this Annual Report for more information.
55
Liquidity Policy
As an early-stage company,
ADSE maintains a strong focus on liquidity and defines its liquidity risk tolerance based on sources and uses to maintain a sufficient
liquidity position to meet its obligations under both normal and stressed conditions. ADSE manages its liquidity to provide access to
sufficient funding to meet its business needs and financial obligations, as well as capital allocation and growth objectives.
Debt Profile
As of December 31,
In kEUR
2022
2021
Secured bank loan(1)
0
7,522
Total
0
7,522
(1)
Secured bank loan had an interest rate of 5.96% p.a. added
to the 3-months EURIBOR as of December 31, 2021.
As of December 31, 2022, the secured bank loan
described in this section was repaid in full.
Cash Flow Summary
Year Ended December 31,
In kEUR
2022
2021
2020
Cash Flow from operating activities
(57,806
)
(18,304
)
(12,584
)
Cash Flow from investing activities
(10,874
)
(5,585
)
(6,623
)
Cash Flow from financing activities
(8,655
)
125,950
9,900
Net increase (decrease) in cash and cash equivalents
(77,334
)
(102,062
)
(9,307
)
Net cash and cash equivalents at the end of the period
34,441
101,813
18
Operating Activities
The negative Cash Flow from
operating activities increased by EUR 39.5 million from the year ended December 31, 2021 to December 31, 2022 primarily due
an increase of inventory by EUR 40.2 million. The inventory increased primarily due to increase of finished goods by EUR 11.6 (mainly
in U.S.) due to customer´s non-performance of order requirements and increase of raw material by EUR 25.4 million due to supply
chain constraints leading to missing material for product completion.
The negative Cash Flow from
operating activities increased by EUR 5.8 million from the year ended December 31, 2020 to December 31, 2021 primarily
due to increased trade receivables.
Investing Activities
The negative Cash Flow from
investing activities increased by EUR 5.3 million from the year ended December 31, 2021 to December 31, 2022 primarily due to
investment for the development of new products.
The negative Cash Flow from
investing activities decreased by EUR 1.0 million from the year ended December 31, 2020 to December 31, 2021 primarily
due to lower capitalization of development cost.
Financing Activities
The Cash Flow from financing
activities decreased by EUR 134.6 million from the year ended December 31, 2021 to December 31, 2022 primarily due to the received
cash proceeds in FY2021 in the course of the merger and repayment of secured bank loans.
The Cash Flow from financing
activities increased by EUR 116.0 million from the year ended December 31, 2020 to December 31, 2021 primarily due to received
cash proceeds in the course of the merger.
56
Commitments and Contractual Obligations
As of December 31,
2022, commitments from master purchase agreements for materials exist of kEUR 48,784 of which kEUR 32,249 are short-term.
Additionally, other commitments for purchase for materials exist of kEUR 85,214 of which kEUR 73,888 are short term. For contracted
long-term cost allocation agreements and rents with affiliated companies, commitments exist of kEUR 3,452 per year. We had no
material cash commitments for capital expenditures.
Our other contractual obligations
consist mainly of lease obligations capitalized under IFRS 16. Lease obligations are our future minimum commitments under lease agreements
within the scope of IFRS 16 and reflected on the balance sheet in our audited consolidated financial statements included elsewhere in
this annual report. Lease agreements, which were not recognized in accordance with the exemptions in IFRS 16, are not material and therefore
not presented here. As of December 31, 2022, lease obligations for lease liabilities amounted to EUR 4.9 million, reflecting our future minimum
lease commitments. As of December 31, 2022, EUR 0.8 million of the committed lease payments associated with lease liabilities and other lease
obligations will occur in the next 12 months, EUR 3.7 million between January 1, 2024 and December 31, 2027. The remaining lease payments of
EUR 0.3 million will occur after December 31, 2027.
Off-Balance Sheet Arrangements
There are no off-balance sheet
arrangements as defined in Item 303 of Regulation S-K as of December 31, 2021 and December 31, 2022.
JOBS Act
ADSE Holdco qualifies as an
"emerging growth company" and, under the JOBS Act, is allowed to comply with new or revised accounting pronouncements based
on the effective date for private (not publicly traded) companies.
ADSE Holdco could remain an
emerging growth company until the last day of ADSE Holdco's fiscal year following January 26, 2026 (i.e., the fifth anniversary
of EUSG's initial public offering). However, if ADSE Holdco's annual gross revenue is $1.07 billion or more, if its non-convertible
debt issued within a three year period exceeds $1 billion or the market value of its ordinary shares that are held by non-affiliates exceeds
$700 million on the last day of the second fiscal quarter of any given fiscal year, ADSE Holdco would cease to be an emerging growth company
as of the following fiscal year.
5.C. Research and Development, Patents and
Licenses, etc.
ADSE's policy regarding
research and development expenses is consistent with the requirements of IFRS IAS 38. Research costs are expensed as incurred through
the income statement, while development costs are capitalized after technical and commercial feasibility of the asset for sale or use
have been established. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset
is ready for use.
For the periods ended December
31, 2020, 2021 and 2022, there were no research costs reflected in the statement of comprehensive income. ADSE generally does not conduct
research activities.
5.D. Trend Information
Other than as described in
"Item 3. Key Information – D. Risk Factors" and in "Item 4.B. – Business Overview", which are incorporated
by reference herein, we are not aware of any trends, uncertainties, demands, commitments or events since the beginning of our year ended
December 31, 2022 that are reasonably likely to have a material effect on our net revenues, income from operations, profitability, liquidity
or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results
or financial condition.
5.E. Critical Accounting Estimates
We prepare our consolidated
financial statements in accordance with IFRS and its interpretations as issued by the IASB. For a discussion of our significant accounting
policies and other estimates, please see "Significant accounting policies" in note 3.3 and "Accounting estimates and
management judgments" in note 2 of the notes to our consolidated financial statements included in this Annual Report.
57
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
6.A. Directors and Senior Management
The following table sets forth
the name, age and position of each of ADSE Holdco's directors and the executive officers of the corporate group comprised of ADSE
Holdco and all its direct and indirect subsidiaries (the "
ADSE
") as of the date of this Annual Report.
Name
Age
Position
Joseph Brancato
(1)(3)
65
Director
Bazmi Husain
(2)(3)
64
Director
K.R. Kent
(1)(2)
60
Director
Hakan Konyar
53
Chief Production Officer
Kurt Lauk, PhD
(1)(2)(3)
76
Director (Chairman)
Salina Love
(1) (3)
61
Director
Thomas Gerhart Speidel
55
Chief Executive Officer and Director
Robert Vogt
42
Chief Accounting Officer
Wolfgang Breme
62
Chief Financial Officer
Sebastian Schypulla
36
Chief Purchase and Logistic Officer
(1)
Member of the Audit Committee
(2)
Member of the Nominating Committee
(3)
Member of the Compensation Committee
Joseph Brancato
serves as a director
of ADSE Holdco. Mr. Brancato serves as Chairman of the Board of Directors for Gensler, a global design and architecture firm. In addition,
he is Managing Principal for Gensler's Northeast and Latin America regions. Mr. Brancato serves on the Executive Committee of the
Board and the Global Compliance Committee. He provides thought leadership and regularly speaks on topics such as the impact of driverless
cars and ride-sharing on urban planning and development, shaping the future of cities, the urbanization of suburbia, and design of post-pandemic
office buildings. Engaged in professional outreach, he is an active member of the American Institute of Architects, Urban Land Institute,
Urban Design Forum, and CoreNet Global and serves on the board of the New York Chapter of the National Association of Industrial and Office
Properties (NAIOP). Mr. Brancato is a registered architect in 23 U.S. states and three Canadian provinces. He holds Bachelor's degrees
in architecture and urban studies from the University of Maryland. We believe Mr. Brancato is well-qualified to serve as a director due
to his expertise in architecture, urban planning, and market leadership.
Bazmi Husain
serves
as a director of ADSE Holdco. Mr. Husain retired recently, after a 40 year career with ABB, a global engineering company focused on the
transformation of society and industry to achieve a more productive, sustainable future. From 2016-2020, Mr. Husain served as the Chief
Technology Officer for ABB, where he was responsible for the company's technology strategy and ownership and for ABB Technology
Ventures, ATV. During his tenure, ABB was recognized as a top corporate venture capital firm. Concurrently, Mr. Husain was also the Chairman
of ABB Technology, an ABB entity that develops and own all its technology. From 2011-2015, he served as the Managing Director of ABB India
Ltd, a subsidiary of ABB that is based in Bangalore, India, and listed on the National Stock Exchange of India. Under Mr. Husain's
direction, profit grew by 350% with a 25% growth in revenue. From 2006-2010, he served in various roles at ABB, including the Head of
ABB Smart Grid Initiative and Head of Research in Automation. Mr. Husain also served as Chairman of the Board for PROGRESS, a center for
software engineering at Malarden University in Sweden, from 2006-2009. From 2016-2020, Mr. Husain was the Director of the Jurgen Dormann
Foundation, a non-profit organization that focuses on engineering education. Mr. Husain has a B.E. in Electrical Engineering and a M.S.
in Physics from the Birla Institute of Technology and Science located in Pilani, India. We believe Mr. Husain is well-qualified to serve
as a director due to his extensive engineering background and his experience as an executive of a global company, including as chief executive
officer of its listed subsidiary.
Kenneth R. Kent
serves as a director of ADSE Holdco. Mr. Kent retired recently, after a 31-year career with Ford Motor Company, an American multinational
automobile manufacturer. From 2017-2019, Mr. Kent served as the Vice President and Treasurer for Ford Motor Company, where he was responsible
for all global treasury related activities, including all aspects of global risk management, insurance, trading, funding, cash management,
pension funding, and asset management. Mr. Kent oversaw roughly $23 billion in cash and marketable securities and about $80 billion in
assets. From 2011-2017, he served as the Controller for Ford's North and South America Operating Regions, and was responsible for
all finance related activities in those regions. In 2011, Mr. Kent also served as the Executive Director of Investor Relations of Ford
Motor Company, where he was responsible for all Investor Relations related items, including interfacing with sell-side and buy-side analysts.
Mr. Kent has a B.S. in Business Analysis from Indiana University, and a Master of Business Administration from The Ohio State University.
We believe Mr. Kent is well-qualified to serve as a director due to his extensive finance background and his experience as an executive
of a multinational company, including serving as Vice President.
58
Hakan Konyar
serves
as the chief production officer of ADSE. Mr. Konyar has served as the chief operating officer of ADSE GM since September 2019. He is responsible
for the entire supply chain, including project management, quality, and service. During his time as chief operating officer, Mr. Konyar
played a significant role in bringing ADSE's ChargeBox product to market. Prior to his current position, Mr. Konyar served as a
technical plant manager from March 2017 to August 2019 and as vice president for production planning and execution of starters and generators
from October 2015 to February 2017. He holds a Dipl. Ing (FH) in mechanical and automotive engineering from the University of Applied
Sciences Esslingen.
Kurt J. Lauk, PhD
is the co founder
and President of Globe CP GmbH, a private investment firm established in 2000. His varied experience includes service as a Member of European
Parliament (2004 2009), including as a Member of Economic and Monetary Affairs Committee and Deputy Member of the Foreign and Security
Affairs Committee. Dr. Lauk possesses extensive European automotive industry experience, primarily through his positions as Member of
the Board of Management and Head of World Wide Commercial Vehicles Division of Daimler Chrysler (1996 1999), as well as Deputy Chief Executive
Officer and Chief Financial Officer (with responsibility for finance, controlling and marketing) of Audi AG (1989 1992). He currently
serves as a Trustee of the International Institute for Strategic Studies in London and was an honorary professor with a chair for international
studies at the European Business School in Reichartshausen, Germany. Dr. Lauk possesses both a PhD in international politics (Kiel), as
well as an MBA (Stanford).
Salina Love
serves
as a director of ADSE Holdco. Since 2013, Ms. Love has served as the chief financial officer and chief operating officer for Ophir Holdings
LLC, a private investment company that invests in various industries including natural resources, agriculture, bio-IT, medical devices
and life sciences. During her tenure, she has served as a board member for some of Ophir's portfolio companies and often works closely
with their audit committees. In addition, Ms. Love has three decades of experience in investment banking and asset management, including
with hedge funds, private equities, venture capital funds and special purpose acquisition company sponsors. From 1997 to 2002, Ms. Love
was a senior managing director and chief operating officer of the equity and investment banking division of ABN AMRO in the Americas and
held various global management positions at Bear Stearns, Kidder Peabody and Salomon Brothers in New York, London, Tokyo and Hong Kong
from 1987 to 1997. She is a fellowship member of the Chartered Association of Certified Accountants (U.K.) and the Hong Kong Institute
of Certified Accountants. Ms. Love graduated from the Hong Kong Polytechnic University with a B.S. in Finance and Accounting. We believe
Ms. Love is well qualified to serve as a director due to her extensive asset management background and her experience in global management
positions.
Thomas Gerhart Speidel
serves
as the chief executive officer of ADSE and a director of ADSE Holdco. Mr. Speidel founded ADSE GM in 2017 and serves as its chief executive
officer. Prior to that, he served as chief executive officer and managing director of ads-tec, which was founded by his father, Hans-Herman
Speidel, and ads-tec Group. He is also a member of several boards and committees, including the Fraunhofer ISE Board of Trustees (since
2018) and the Expo Energy Storage Europe exhibition advisory committee (since 2019). Mr. Speidel has served as the president of the German
Energy Storage Systems Association since 2016. He holds a degree in electrical engineering from the University of Stuttgart. We believe
Mr. Speidel is well-qualified to serve as a director due to his broad and deep technical know-how and knowledge of ADSE's products.
Robert Vogt
has served as Chief Accounting Officer of ADSE since February 2022. He has served as Chief Financial Officer of ADSE GM since April 2020.
Mr. Vogt has served as a board member on Polar EV Charging and Storage AB since November 2011. From October 2016 to March 2020, Mr. Vogt
served as the Chief Executive Officer and Chief Financial Officer of Bosch Therotechnika s.r.o in the Czech Republic. He has more than
ten years of international experience worked in senior business, commercial and financial roles for the Bosch Group around the world.
Robert holds a diploma with distinction in business administration from Technical University of Ingolstadt.
Wolfgang Breme
served as Chief Financial Officer of ADSE since July 2022. He has extensive international experience in the financial management of technology-oriented
engineering, production and Hi-Tech companies, including more than twenty years as a Board Member and Chief Financial Officer. As a member
of the executive board AIXTRON SE (FSE: AIXA), he was responsible for finance and administration for almost a decade. He also held CFO
positions at technotrans SE, AVENTICS (formerly Bosch Rexroth Pneumatics) and the Skeleton Technologies Group. Mr. Breme has many years
of ECM and VC experience an international environment as well as M&A expertise and is familiar with the challenges of the volatile
project business in Hi-Tech environments.
59
Sebastian Schypulla
serves as our Chief Purchase and Logistic Officer. He spent more than ten years at Porsche AG and has held various positions in the procurement.
Prior to his current role at ADS-TEC Energy as Chief Purchase and Logistics Officer, Mr. Schypulla served as Manager General Procurement
in the Operating Material & Charging Infrastructure division. He holds a diploma in Business Administration from the Technical University
of Dresden, where he was Member & Executive Vice-President of the Erasmus Initiative for almost two years.
Board
Diversity Matrix (as of April 13, 2023)
Country of Principal Executive Offices:
Ireland
Foreign Private Issuer
Yes
Disclosure Prohibited under Home Country Law
No
Total Number of Directors
6
Female
Male
Non-Binary
Did Not Disclose Gender
Part I: Gender Identity
Directors
0
3
0
3
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
1
LGBTQ+
0
Did Not Disclose Demographic Background
3
Directors who are Aboriginal Peoples
0
Directors with Disabilities
0
Family Relationships
There are no family relationships
between any of ADSE's executive officers and ADSE Holdco's directors.
6.B. Compensation
Executive Officer and Director Compensation
Executive Compensation
Under Irish law, we are not
required to disclose compensation paid to our senior management on an individual basis and we have not otherwise publicly disclosed this
information elsewhere.
The aggregate amount of compensation,
awarded to, granted, earned by and paid, including aggregate cash compensation, benefits, restricted stock units and stock options, to
our directors and executive officers who were employed by, or otherwise performed services for, the Company for the fiscal year ended
December 31, 2022 was approximately EUR 4.8 million. No pension, retirement or similar benefits have been set aside or accrued for our
executive officers or directors.
Our executive officers and
management in general receive compensation consisting of the following:
●
annual
base salaries;
●
performance
bonus opportunities (and for executives directly involved with oversight of salespersons, a sales commission "override"),
potentially in cash and/or equity awards;
●
long
term incentive compensation in the form of stock options, restricted stock and stock appreciation awards, among others, as set forth
in ADSE Holdco's Incentive Plan;
60
●
a
one-time equity award relating to the consummation of the Transactions to establish meaningful retention and alignment of interests
between ADSE's leadership team and ADSE Holdco's shareholders in an amount equal to $250,000 for C-level ADSE employees
(other than ADSE Holdco's CEO), which award will be granted at the time of execution of an employment agreement and vest 25% on
each anniversary of the grant date such that the award is vested in full on the fourth anniversary of the grant date, subject to the
accelerated vesting in certain circumstances as described further below; and
●
with
regard to ADSE key executive officers, formal employment arrangements to include change of control provisions.
If an ADSE C-level employee's
employment is terminated without cause or for good reason during the first four years of such employee's employment, then 50% of
the unvested portion of such employee's one-time equity award will vest upon such termination.
Employment Agreements
Speidel Employment Agreement.
In November 2021, we entered into an employment agreement with Mr. Thomas Speidel, our Chief Executive Officer. In April 2022, ADSE
GM entered into an employment agreement with Mr. Speidel, retroactively effective as of December 31, 2021, which replaces in the original
employment agreement between ADSE Holdco and Mr. Speidel in its entirety. The agreement outlines the terms of the employee relationship,
and provides for, among other things, an aggregate remuneration for his roles as director and Chief Executive Officer comprising (i) an
annual base salary of €400,000, (ii) a discretionary bonus of up to €300,000 based on the achievement of individual and company
goals, all as determined and approved by ADSE Holdco's board of directors, (iii) equity awards under the ADSE Holdco Omnibus Incentive
Plan, solely at the discretion of the ADSE Holdco board of directors; and (iv) a one-time equity award relating to the consummation
of the Transactions to establish meaningful retention and alignment of interests between ADSE Holdco's leadership team and ADSE
Holdco's shareholders in an amount equal to $750,000, which award will be granted at the time of execution of the employment agreement
and vest 25% on  each anniversary of the grant date such that the award is vested in full on the fourth anniversary of the grant
date, subject to the accelerated vesting in certain circumstances as described above.
Neville Employment Agreement
.
In December 2021, ADSE US entered into an employment agreement with John Neville, retroactively effective as of October 1, 2021, for his
service as President and Chief Sales Officer of ADSE US and Chief Sales Officer of ADSE. The agreement outlines the terms of the employee
relationship, and provides for, among other things, (i) a base salary of $300,000, (ii) a target annual sales incentive in a gross amount
equal to $350,000.00 (the "Target Annual Sales Incentive") and a maximum annual sales incentive in a gross amount of $700,000.00,
(iii) stock awards under the 2021 Plan solely at the discretion of the compensation committee of the ADSE Holdco board of directors. The
employment agreement provides that Mr. Neville's employment with ADSE US will continue for a period of four years and automatically
renew on an annual basis for successive one-year terms, unless earlier terminated by either party in accordance with the terms of the
agreement. The agreement also contains a non-competition provision, which applies during the term of the employment and for one year following
termination, and a restrictive covenant with respect to non-disclosure of confidential information, which remains in effect during the
term of employment and at all times thereafter.
Breme Employment Agreement
.
In July 2022, ADSE GM entered into an employment agreement with Wolfgang Breme for his service Chief Financial Officer of ADSE. The agreement
outlines the terms of the employee relationship, and provides for, among other things, an aggregate remuneration for his role as Chief
Financial Officer comprising (i) an annual base salary of €250,000, (ii) a discretionary bonus of up to €150,000 based on the
achievement of individual and company goals, all as determined and approved by ADSE Holdco's board of directors, and (iii) equity
awards under the ADSE Holdco Omnibus Incentive Plan, solely at the discretion of the ADSE Holdco board of directors.
Konyar Employment Agreement
.
ADSE GM currently has an employment agreement in place with Mr. Hakan Konyar, effective September 18, 2019, for his service as Chief Operation
Officer of ADSE GM. The agreement with Mr. Konyar was amended on December 21, 2021 to reflect Mr. Konyar's new role as Chief Production
Officer of ADSE. Under Mr. Konyar's employment agreement, he is compensated with an annual base salary and is eligible for an annual
discretionary cash bonus of up to €110,000 based on achievement of individual and company goals, all as determined and approved by
ADSE Holdco's board of directors. Under the terms of the agreement as amended, Mr. Konyar earns a base salary of €200,000.
In addition, he is covered by ADSE's D&O insurance policy. All other material provisions from the 2019 employment contracts
remain in force.
61
Vogt Employment Agreement
.
ADSE GM currently has an employment agreement in place with Mr. Vogt, effective March 13, 2020, for his service as Chief Financial Officer
of ADSE GM. The agreement with Mr. Vogt was amended on February 5, 2022 to reflect Mr. Vogt's new role as Chief Accounting Officer
of ADSE and is in substantially the same form as Mr. Konyar's employment agreement. Under Mr. Vogt's employment agreement,
he is compensated with an annual base salary and is eligible for an annual discretionary cash bonus of up to €112,500 based on achievement
of individual and company goals, all as determined and approved by ADSE Holdco's board of directors, and stock awards under the
2021 Plan. Under the terms of the agreements as amended, Mr. Vogt earns a base salary of €250,000. In addition, he is covered by
ADSE's D&O insurance policy. All other material provisions from the 2019 employment contracts remain in force.
Non-Executive Director Compensation
Each of the non-executive directors
of ADSE Holdco has a contract with ADSE Holdco that provides for annual cash compensation of $50,000. In addition, each non-executive member
of the board of directors of ADSE Holdco is granted annual equity awards with a total value of $100,000.
The chairman of the audit
committee receives an additional $20,000 annual cash compensation for such service, the chairman of the nominating committee receives
an additional $10,000 annual cash compensation for such service, and the chairman of the compensation committee receives an additional
$15,000 annual cash compensation for such service. The cash compensation is payable quarterly in advance to ADSE Holdco's non-executive directors,
who are eligible for equity compensation through ADSE Holdco's equity incentive plan; provided that, while any member of the board
of directors is also an executive officer, such individual is not eligible for any such compensation.
The chairman of the board
of directors receives a total of $200,000 in annual compensation for service on the board of directors, comprised of (i) annual cash compensation
of $50,000 (identical to cash compensation granted to all non-executive board members as described above), (ii) annual equity awards
with a total value of $100,000 (identical to the equity awards granted to all non-executive board members as described above, except
such equity award grant is in the form of stock options) and (iii) an additional $50,000 in annual equity awards for service as chairman
of the board of directors, which is paid in the form of stock options.
All equity awards granted
to the directors of ADSE Holdco, including the chairman, have a one-year vesting term (i.e., they vest on the first anniversary of
the grant).
2021 Omnibus Incentive Plan
ADSE Holdco's 2021 Omnibus
Incentive Plan (the "
2021 Plan
" or "
Incentive Plan
") was adopted in connection with the Transactions
in order to facilitate the grant of equity awards to attract, retain and incentivize ADSE employees (including executive officers), independent
contractors and directors of ADSE Holdco and its affiliates, which is essential to ADSE Holdco's long-term success. The following
summarizes the material terms of the 2021 Plan. This summary is qualified in its entirety to the full text of the 2021 Plan.
Administration
. The
Incentive Plan is administered by our Compensation Committee, except with respect to matters that are not delegated to the Compensation
Committee by the Board. As used in this summary, the term "Administrator" refers to the Compensation Committee (or Board,
as applicable) and its authorized delegates, as applicable. The Administrator is authorized to determine the form, amount and other terms
and conditions of awards; clarify, construe or resolve any ambiguity in any provision of the Incentive Plan, any sub-plan or award
agreement; amend the terms of outstanding awards; and adopt such rules, forms, instruments and guidelines for administering the Incentive
Plan as it deems necessary or proper. The Administrator has authority to administer and interpret the Incentive Plan, to grant discretionary
awards under the Incentive Plan, to determine the persons to whom awards will be granted, to determine the types of awards to be granted,
to determine the terms and conditions of each award, to determine the number of Ordinary Shares to be covered by each award, to make all
other determinations in connection with the Incentive Plan and the awards thereunder as the Administrator deems necessary or desirable,
to adopt, alter, and repeal administrative rules, guidelines and practices governing the Incentive Plan, to delegate authority under the
Incentive Plan to ADSE's executive officers and to otherwise supervise administration of the Incentive Plan. The Administrator also
has the authority to establish, adopt, interpret or revise any rules and regulations including adopting sub-plans to the Incentive
Plan and award agreements for the purposes of complying with securities, exchange control or tax laws outside of the United States or
Ireland, and/or for the purposes of taking advantage of tax favorable treatment for awards granted to participants as it may deem necessary
or advisable to administer the Incentive Plan, including the adoption of separate share schemes under the umbrella of the Incentive Plan
in order to qualify for special tax or other treatment anywhere in the world; provided such rules, regulations or sub-plans, including
the interpretation thereof are consistent with the terms and conditions of the Incentive Plan. To the extent the combined company seeks
to obtain the benefit of exemptions available under Rule 16b-3 under the Exchange Act, it is expected that the entity acting
as the Administrator will comprise "non-employee directors."
62
Available Shares
. The
aggregate number of Ordinary Shares that may be issued or used for reference purposes under the Incentive Plan or with respect to which
awards may be granted shall not exceed 6,450,000 shares. In addition, the number of Ordinary Shares available for issuance under
the Incentive Plan will be annually increased on the first day of each fiscal year, for a period of not more than 10 years, beginning
on January 1, 2022, and ending on (and including) January 1, 2031, in an amount equal to (i) five percent (5)% of the outstanding
shares on the last day of the immediately preceding fiscal year or (ii) such lesser amount (including zero) that the compensation committee
determines for purposes of the annual increase for that fiscal year. The maximum number of Ordinary Shares with respect to which incentive
stock options may be granted under the Incentive Plan will be 6,450,000 shares, and will not be subject to the annual adjustment
provision described above. The number of shares available for issuance under the Incentive Plan may be subject to adjustment in the event
of a reorganization, stock split, merger or similar change in the corporate structure or the outstanding Ordinary Shares. In the event
of any of these occurrences, ADSE Holdco may make any adjustments it considers appropriate to, among other things, the number and kind
of shares, options or other property available for issuance under the Incentive Plan or covered by grants previously made under the Incentive
Plan. The shares available for issuance under the Incentive Plan may be, in whole or in part, either authorized and unissued Ordinary
Shares or Ordinary Shares held in or acquired for ADSE Holdco's treasury. If an award under the Incentive Plan is forfeited, expires
or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used
again for new grants under the Incentive Plan. In addition, the following shares may also be used again for grant under the Incentive
Plan: (1) shares tendered or withheld to satisfy grant or exercise price or tax withholding obligations associated with an award;
and (2) shares purchased on the open market with the cash proceeds from the exercise of options.
Annual Non-Employee Director
Compensation Limitation
. Under the Incentive Plan, the aggregate grant date fair value (computed as of the date of grant in accordance
with applicable financial accounting rules) of all compensation (inclusive of awards granted under the Incentive Plan) to any individual non-employee director
in any fiscal year will not exceed $750,000 or $1,000,000 in the first year of service.
Eligibility for Participation
. Members
of ADSE Holdco's board of directors, as well as employees of, and consultants to, ADSE Holdco or its subsidiaries and affiliates,
are eligible to receive awards under the Incentive Plan.
Award Agreement
. Awards
granted under the Incentive Plan are evidenced by award agreements, which need not be identical, that provide additional terms, conditions,
restrictions and/or limitations covering the grant of the award, including, without limitation, additional terms providing for the acceleration
of exercisability or vesting of awards in the event of a change of control or conditions regarding the participant's employment,
as determined by the Administrator.
Stock Options
. The
Administrator may grant nonqualified stock options to eligible individuals and incentive stock options only to eligible employees. The
Administrator will determine the number of Ordinary Shares subject to each option, the term of each option, which may not exceed 10 years,
or five years in the case of an incentive stock option granted to a 10 percent shareholder, the exercise price, the vesting schedule,
if any, and the other material terms of each option. No incentive stock option or nonqualified stock option may have an exercise price
less than the fair market value of an Ordinary Share at the time of grant or, in the case of an incentive stock option granted to a 10
percent shareholder, 110% of such share's fair market value. Options will be exercisable at such time or times and subject to such
terms and conditions as determined by the Administrator at grant, and the exercisability of such options may be accelerated by the Administrator.
Stock Appreciation Rights
. The
Administrator may grant stock appreciation rights ("
SARs
") either with a stock option, which may be exercised only
at such times and to the extent the related stock option is exercisable (a "
Tandem SAR
"), or independent of a stock
option (a "
Non-Tandem SAR
"). A SAR is a right to receive a payment in Ordinary Shares or cash, as determined by
the Administrator, equal in value to the excess of the fair market value of one Ordinary Share on the date of exercise over the exercise
price per share as of the date of grant of the SAR. The term of each SAR may not exceed 10 years. The exercise price per share covered
by a SAR will be the exercise price per share of the related stock option in the case of a Tandem SAR and will be the fair market value
of Ordinary Shares on the date of grant in the case of a Non-Tandem SAR. The Administrator may also grant limited SARs, either
as Tandem SARs or Non-Tandem SARs, which may become exercisable only upon the occurrence of a change in control, as defined
in the Incentive Plan, or such other event as the Administrator may designate at the time of grant or thereafter.
Restricted Stock
. The
Administrator may award shares of restricted stock. Except as otherwise provided by the Administrator upon the award of restricted stock,
the recipient generally has the rights of a shareholder with respect to the shares, including the right to receive dividends, the right
to vote the shares of restricted stock and, conditioned upon full vesting of shares of restricted stock, the right to tender such shares,
subject to the conditions and restrictions generally applicable to restricted stock or specifically set forth in the recipient's
restricted stock agreement. The Administrator may determine at the time of award that the payment of dividends, if any, will be deferred
until the expiration of the applicable restriction period.
63
Recipients of restricted stock
will be required to enter into an award agreement with ADSE Holdco that states the restrictions to which the shares are subject, which
may include satisfaction of pre-established performance goals, and the criteria or date or dates on which such restrictions
will lapse.
Other Stock-Based Awards
. The
Administrator may, subject to limitations under applicable law, make a grant of such other stock-based awards, including, without
limitation, dividend equivalent units, stock equivalent units, restricted stock units ("RSUs") and deferred stock units under
the Incentive Plan that are payable in cash or denominated or payable in or valued by Ordinary Shares or factors that influence the value
of such shares. The Administrator may determine the terms and conditions of any such other awards, which may include the achievement of
certain minimum performance goals and/or a minimum vesting period.
Other Cash-Based Awards
. The
Administrator may grant awards payable in cash. Cash-based awards will be in such form, and dependent on such conditions, as the
Administrator will determine, including, without limitation, being subject to the satisfaction of vesting conditions or awarded purely
as a bonus and not subject to restrictions or conditions. If a cash-based award is subject to vesting conditions, the Administrator
may accelerate the vesting of such award in its discretion.
Performance Awards
. The
Administrator may grant a performance award to a participant payable upon the attainment of specific performance goals. A performance
award generally is due upon the attainment of the relevant performance goals, and is payable either in cash or in shares of restricted
stock, based on the then current fair market value of such shares, as determined by the Administrator. Based on service, performance and/or
other factors or criteria, the Administrator may, at or after grant, accelerate the vesting of all or any part of any performance award.
Change in Control
. In
connection with a change in control, as defined in the Incentive Plan, the Administrator may accelerate vesting of outstanding awards
under the Incentive Plan, and certain award agreements may also provide for such accelerated vesting. In addition, such awards may be,
in the discretion of the Administrator: (1) assumed and continued or substituted in accordance with applicable law; (2) purchased
by ADSE Holdco for an amount equal to the excess of the price of an Ordinary Share paid in a change in control over the exercise price
of the awards; or (3) cancelled if the price of an Ordinary Share paid in a change in control is less than the exercise price of
the award. The Administrator may also provide for accelerated vesting or lapse of restrictions of an award at any time.
Certain Transactions
. In
connection with certain transactions and events affecting ADSE Holdco's ordinary shares, including, without limitation, any extraordinary
dividend, conversion, adjustment, split, recapitalization, reorganization, merger, consolidation, or similar corporate transaction or
event, the Administrator has broad discretion to take action under the Incentive Plan to provide for adjustments to prevent the dilution
or enlargement of intended benefits, facilitate such transaction or event.
Shareholder Rights
. Except
as otherwise provided in the applicable award agreement, and with respect to an award of restricted stock, a participant has no rights
as a shareholder with respect to ADSE Holdco's ordinary shares covered by any award until the participant becomes the record holder
of such shares, and thereafter may still have restrictions on their rights as a shareholder, including but not limited to, the right to
vote such shares.
Repricing
. ADSE
Holdco's board of directors may not, without the approval of the shareholders, reduce the exercise price of any stock option or
SAR, or cancel any stock option or SAR that has an exercise price in excess of fair market value in exchange for cash, other awards or
stock options or SARs with an exercise price per share that is less than the exercise price per share of the original stock options or
SARs.
Amendment and Termination.
Notwithstanding
any other provision of the Incentive Plan, ADSE Holdco's board of directors may at any time amend any or all of the provisions of
the Incentive Plan, or suspend or terminate it entirely, retroactively or otherwise, subject to shareholder approval in certain instances;
provided, however, that, unless otherwise required by law or specifically provided in the Incentive Plan, the rights of a participant
with respect to awards granted prior to such amendment, suspension or termination may not be adversely affected without the consent of
such participant. In no event may the Incentive Plan be amended without the approval of ADSE Holdco to increase the aggregate number of
Ordinary Shares that may be issued under the Incentive Plan, decrease the minimum exercise price of any award, or make any other amendment
that would require shareholder approval under applicable law, rules and regulations of any exchange on which ADSE Holdco's securities
are listed, except as provided under the Incentive Plan.
64
Transferability.
A
wards
granted under the Incentive Plan generally are nontransferable, other than by will or the laws of descent and distribution, except that
the Administrator may provide for the transferability of nonqualified stock options at the time of grant or thereafter to certain family
members.
Recoupment of Awards.
The
Incentive Plan provides that awards granted under the Incentive Plan are subject to any recoupment policy that ADSE Holdco may have in
place or any obligation that ADSE Holdco may have regarding the clawback of "incentive-based compensation" under the Exchange
Act or under any applicable rules and regulations promulgated by the SEC.
Effective Date; Term.
The
Incentive Plan was adopted by ADSE Holdco's board of directors and ADSE Holdco's shareholders on December 22, 2021 in connection
with the Closing of the Transactions. No award will be granted under the Incentive Plan on or after the 10-year anniversary of the
effective date of the Incentive Plan, which is the date the plan is approved by the shareholders. Any award outstanding under the Incentive
Plan at the time of termination will remain in effect until such award is exercised or has expired in accordance with its terms.
Material U.S. Federal
Income Tax Consequences
The material federal income
tax consequences of the Incentive Plan under current federal income tax law are summarized in the following discussion, which deals with
the general U.S. federal income tax principles applicable to the Incentive Plan. The following discussion is based upon laws, regulations,
rulings and decisions now in effect, all of which are subject to change. Non-U.S. state and local tax laws, and employment, estate and
gift tax considerations are not discussed due to the fact that they may vary depending on individual circumstances and from locality to
locality.
Stock Options and SARs
. An
Incentive Plan participant generally will not recognize taxable income and ADSE Holdco generally will not be entitled to a tax deduction
upon the grant of a stock option or SAR. The tax consequences of exercising a stock option and the subsequent disposition of the shares
received upon exercise will depend upon whether the option qualifies as an incentive stock option or a nonqualified stock option. Upon
exercising a nonqualified stock option when the fair market value of ADSE Holdco's ordinary shares is higher than the exercise price
of the option, an Incentive Plan participant generally will recognize taxable income at ordinary income tax rates equal to the excess
of the fair market value of the stock on the date of exercise over the purchase price, and ADSE Holdco (or its subsidiaries, if any) generally
will be entitled to a corresponding tax deduction for compensation expense, in the amount equal to the amount by which the fair market
value of the shares purchased exceeds the purchase price for the shares. Upon a subsequent sale or other disposition of the option shares,
the participant will recognize a short-term or long-term capital gain or loss in the amount of the difference between the sales
price of the shares and the participant's tax basis in the shares.
Upon exercising an incentive
stock option, an Incentive Plan participant generally will not recognize taxable income, and ADSE Holdco will not be entitled to a tax
deduction for compensation expense. However, upon exercise, the amount by which the fair market value of the shares purchased exceeds
the purchase price will be an item of adjustment for alternative minimum tax purposes. The participant will recognize taxable income upon
a sale or other taxable disposition of the option shares. For federal income tax purposes, dispositions are divided into two categories:
qualifying and disqualifying. A qualifying disposition generally occurs if the sale or other disposition is made more than two years after
the date the option was granted and more than one year after the date the shares are transferred upon exercise. If the sale or disposition
occurs before these two periods are satisfied, then a disqualifying disposition generally will result.
Upon a qualifying disposition
of incentive stock option shares, the participant will recognize long-term capital gain in an amount equal to the excess of the amount
realized upon the sale or other disposition of the shares over their purchase price. If there is a disqualifying disposition of the shares,
then the excess of the fair market value of the shares on the exercise date (or, if less, the price at which the shares are sold) over
their purchase price will be taxable as ordinary income to the participant. If there is a disqualifying disposition in the same year of
exercise, it eliminates the item of adjustment for alternative minimum tax purposes. Any additional gain or loss recognized upon the disposition
will be recognized as a capital gain or loss by the participant.
ADSE Holdco will not be entitled
to any tax deduction if the participant makes a qualifying disposition of incentive stock option shares. If the participant makes a disqualifying
disposition of the shares, ADSE Holdco should be entitled to a tax deduction for compensation expense in the amount of the ordinary income
recognized by the participant.
65
Upon exercising or settling
a SAR, an Incentive Plan participant will recognize taxable income at ordinary income tax rates, and ADSE Holdco should be entitled to
a corresponding tax deduction for compensation expense, in the amount paid or value of the shares issued upon exercise or settlement.
Payments in shares will be valued at the fair market value of the shares at the time of the payment, and upon the subsequent disposition
of the shares the participant will recognize a short-term or long-term capital gain or loss in the amount of the difference
between the sales price of the shares and the participant's tax basis in the shares.
Restricted Stock and RSUs
. An
Incentive Plan participant generally will not recognize taxable income at ordinary income tax rates and ADSE Holdco generally will not
be entitled to a tax deduction upon the grant of restricted stock or RSUs. Upon the termination of restrictions on restricted stock or
the payment of RSUs, the participant will recognize taxable income at ordinary income tax rates, and ADSE Holdco should be entitled to
a corresponding tax deduction for compensation expense, in the amount paid to the participant or the amount by which the then fair market
value of the shares received by the participant exceeds the amount, if any, paid for them. Upon the subsequent disposition of any shares,
the participant will recognize a short-term or long-term capital gain or loss in the amount of the difference between the sales
price of the shares and the participant's tax basis in the shares. However, an Incentive Plan participant granted restricted stock
that is subject to forfeiture or repurchase through a vesting schedule such that it is subject to a risk of forfeiture (as defined in
Section 83 of the Code) may make an election under Section 83(b) of the Code to recognize taxable income at ordinary income
tax rates, at the time of the grant, in an amount equal to the fair market value of the Ordinary Shares on the date of grant, less the
amount paid, if any, for the shares. ADSE Holdco will be entitled to a corresponding tax deduction for compensation, in the amount recognized
as taxable income by the participant. If a timely Section 83(b) election is made, the participant will not recognize any additional
ordinary income on the termination of restrictions on restricted stock, and ADSE Holdco will not be entitled to any additional tax deduction.
Other Stock-Based Awards,
Other Cash-Based Awards, or Performance Awards
. An Incentive Plan participant will not recognize taxable income and ADSE
Holdco will not be entitled to a tax deduction upon the grant of a performance award, other stock or cash-based awards until cash
or shares are paid or distributed to the participant. At that time, any cash payments or the fair market value of shares that the participant
receives will be taxable to the participant at ordinary income tax rates and ADSE Holdco should be entitled to a corresponding tax deduction
for compensation expense. Payments in shares will be valued at the fair market value of the shares at the time of the payment. Upon the
subsequent disposition of the shares, the participant will recognize a short-term or long-term capital gain or loss in the amount
of the difference between the sales price of the shares and the participant's tax basis in the shares.
Limitation on
the Employer's Compensation Deduction
Section 162(m) of the
Code limits the deduction certain employers may take for otherwise deductible compensation payable to certain executive officers of the
employer to the extent the compensation paid to such an officer for the year exceeds $1 million.
Excess Parachute
Payments
Section 280G of the Code limits
the deduction that the employer may take for otherwise deductible compensation payable to certain individuals if the compensation constitutes
an "excess parachute payment." Excess parachute payments arise from payments made to disqualified individuals that are in
the nature of compensation and are contingent on changes in ownership or control of the employer or certain affiliates. Accelerated vesting
or payment of awards under the Incentive Plan upon a change in ownership or control of the employer or its affiliates could result in
excess parachute payments. In addition to the deduction limitation applicable to the employer, a disqualified individual receiving an
excess parachute payment is subject to a 20% excise tax on the amount thereof.
Application
of Section 409A of the Code
Section 409A of the Code
imposes an additional 20% tax and interest on an individual receiving non-qualified deferred compensation under a plan that fails
to satisfy certain requirements. For purposes of Section 409A, "non-qualified deferred compensation" includes equity-based incentive
programs, including some stock options, stock appreciation rights and RSU programs. Generally speaking, Section 409A does not apply
to incentive stock options, non-discounted nonqualified stock options and stock appreciation rights if no deferral is provided beyond
exercise, or restricted stock.
The awards made pursuant to
the Incentive Plan are expected to be designed in a manner intended to comply with the requirements of Section 409A of the Code to
the extent the awards granted under the Incentive Plan are not exempt from coverage. However, if the Incentive Plan fails to comply with
Section 409A in operation, a participant could be subject to the additional taxes and interest.
66
State, local and foreign tax
consequences may in some cases differ from the United States federal income tax consequences described above. The foregoing summary
of the United States federal income tax consequences in respect of the Incentive Plan is for general information only. Interested
parties should consult their own advisors as to specific tax consequences of their awards.
The Incentive Plan is not
subject to the Employee Retirement Income Security Act of 1974, as amended, and is not intended to be qualified under Section 401(a)
of the Code.
New Plan Benefits
Grants under the Incentive
Plan will be made at the discretion of the Administrator and are not currently determinable. The value of the awards granted under the
Incentive Plan will depend on a number of factors, including the fair market value of ADSE Holdco's ordinary shares on future dates,
the exercise decisions made by the participants and the extent to which any applicable performance goals necessary for vesting or payment
are achieved.
Persons Residing
Outside of Ireland or the United States
Notwithstanding any provision
of the Incentive Plan to the contrary, in order to comply with the laws in other countries in which ADSE Holdco or any of its affiliates
operates or has employees, the Administrator, in its sole discretion, shall have the power and authority to determine which affiliates
shall be covered by the Incentive Plan; determine which persons employed, or providing services, outside the United States are eligible
to participate in the Incentive Plan; amend or vary the terms and provisions of the Incentive Plan and the terms and conditions of any
award granted to persons who reside or provide services outside Ireland or the United States; establish sub-plans and modify exercise
procedures and other terms and procedures to the extent such actions may be necessary or advisable for legal, tax or administrative reasons;
and take any action, before or after an award is made, that it deems advisable to obtain or comply with any necessary local government
regulatory or tax exemptions or approvals. Notwithstanding the above, the Administrator may not take any actions hereunder, and no awards
shall be granted, that would violate the Exchange Act, the Code, any securities law or governing statute.
6.C. Board Practices
Independence of Directors
The Nasdaq corporate governance
rules require that a majority of the board of directors be independent. An "independent director" is defined generally as
a person who has no material relationship with the listed company (either directly or as a partner, stockholder, or officer of an organization
that has a relationship with the listed company). The board of directors of ADSE Holdco has determined that Joseph Brancato, Bazmi Husain,
Kurt Lauk, PhD, (Chairman), Salina Love and K.R. Kent are considered independent directors.
Classes of Directors
The board of directors is
divided into three staggered classes of directors. At each annual meeting of its shareholders, a class of directors will be elected for
a three-year term to succeed the same class whose term is then expiring, as follows:
●
the
Class I director includes Joseph Brancato;
●
the Class
II directors include Salina Love, Bazmi Husain and K.R. Kent; and
●
the
Class III directors include Kurt Lauk and Thomas Speidel.
The term of the initial Class
I directors will terminate at the conclusion of the Company's 2025 annual general meeting; the term of the initial Class II directors
will terminate on the conclusion of the Company's 2023 annual general meeting; and the term of the initial Class III directors will
terminate on the conclusion of the Company's 2024 annual general meeting.
67
Risk Oversight
ADSE Holdco's board
of directors will oversee the risk management activities designed and implemented by ADSE's management. ADSE Holdco's board
of directors will execute its oversight responsibility both directly and through its committees. ADSE Holdco's board of directors
will also consider specific risk topics, including risks associated with ADSE Holdco's strategic initiatives, business plans and
capital structure. ADSE's management, including its executive officers, will be primarily responsible for managing the risks associated
with operation and business of ADSE Holdco and its subsidiaries and will provide appropriate updates to the board of directors and the
audit committee. ADSE Holdco's board of directors will delegate to the audit committee oversight of its risk management process,
and its other committees will also consider risk as they perform their respective committee responsibilities. All committees will report
to ADSE Holdco's board of directors as appropriate, including when a matter rises to the level of material or enterprise risk.
Meetings and Committees of the Board of Directors
ADSE Holdco has established
a separately standing audit committee, nominating committee and compensation committee.
Audit Committee Information
In connection with the consummation
of the Transactions, ADSE Holdco established an audit committee of the board of directors which consists of Ms. Love, Mr. Lauk, Mr. Kent
and, Mr. Brancato, each of whom is independent under the applicable Nasdaq listing standards. A written charter for the audit committee
was adopted on December 22, 2021, which has been posted to ADSE Holdco's website at https://adstec-energy.com/investor-relations-corporate-governance/.
The purpose of the audit committee is, among other things, to assist the Board in its oversight responsibilities relating to appointing,
retaining, setting compensation of, and supervising ADSE Holdco's independent accountants, reviewing the results and scope of the
audit and other accounting related services and reviewing ADSE Holdco's accounting practices and systems of internal accounting
and disclosure controls.
Financial Experts on Audit Committee
The audit committee will at
all times be composed exclusively of "independent directors," as defined for audit committee members under the exchange listing
standards and the rules and regulations of the SEC, who are "financially literate." "Financially literate" generally
means being able to read and understand fundamental financial statements, including a company's balance sheet, income statement
and cash flow statement. In addition, ADSE Holdco will be required to certify to Nasdaq that the audit committee has, and will continue
to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting,
or other comparable experience or background that results in the individual's financial sophistication.
Ms. Love and Mr. Kent serve
as the audit committee financial experts.
Nominating Committee Information
In connection with the consummation
of the Transactions, ADSE Holdco established a nominating committee of the board of directors comprised of Ms. Love and Messrs. Lauk,
Husain and Kent. Each member of the nominating committee is independent under the applicable listing standards. The nominating committee
adopted a written charter on December 22, 2021, which has been posted to ADSE Holdco's website at https://adstec-energy.com/investor-relations-corporate-governance/.
The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on ADSE Holdco's board
of directors.
Guidelines for Selecting Director Nominees
The nominating committee will
consider persons identified by its members, management, shareholders, investment bankers and others. The guidelines for selecting nominees,
which are specified in the nominating committee charter, generally provide that persons to be nominated:
●
should
have demonstrated notable or significant achievements in business, education or public service;
68
●
should
possess the requisite intelligence, education and experience to make a significant contribution to ADSE Holdco's board of directors
and bring a range of skills, diverse perspectives and backgrounds to its deliberations; and
●
should
have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.
The nominating committee will
consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in
evaluating a person's candidacy for membership on ADSE Holdco's board of directors. The nominating committee may require certain
skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will also
consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members. The nominating committee
will not distinguish among nominees recommended by shareholders and other persons.
Compensation Committee Information
In connection with the consummation
of the Transactions, ADSE Holdco established a compensation committee of the board of directors. The compensation committee consists of
Messrs. Husain, Lauk, and Brancato and Ms. Love, each of whom is independent under the applicable Nasdaq listing standards. The compensation
committee adopted a written charter on December 22, 2021, which has been posted to ADSE Holdco's website at https://adstec-energy.com/investor-relations-corporate-governance/.
The purpose of the compensation committee is to facilitate the Board's discharge of its responsibilities relating to reviewing and
approving compensation paid to ADSE's officers and directors and administering ADSE Holdco's incentive compensation plans,
including authority to make and modify awards under such plans.
Code of Business Ethics
On December 22, 2021, ADSE
Holdco adopted a Code of Business Ethics that applies to all of ADSE's employees, officers, and directors. This includes ADSE's
principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar
functions. The full text of ADSE Holdco's Code of Business Ethics has been posted on ADSE Holdco's website at https://adstec-energy.com/investor-relations-corporate-governance/.
ADSE Holdco intends to disclose on its website any future amendments of the Code of Business Ethics or waivers that exempt any principal
executive officer, principal financial officer, principal accounting officer or controller, persons performing similar functions, or ADSE
Holdco's directors from provisions in the Code of Business Ethics. Information disclosed on ADSE Holdco's website is not a
part of this Annual Report.
Compensation Committee Interlocks and Insider
Participation
None of the members of the
compensation committee is currently, or has been at any time, one of ADSE's officers or employees. None of ADSE's executive
officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of any
entity that has one or more executive officers serving as a member of ADSE Holdco's board of directors or compensation committee.
Shareholder and Interested Party Communications
Prior to the consummation
of the Transactions, ADSE Holdco's board of directors did not provide a process for shareholders or other interested parties to
send communications to the board of directors of ADSE Holdco because management believed that it was premature to develop such processes
given the limited liquidity of the Ordinary Shares at that time. However, management of ADSE Holdco following the consummation of the
Transactions may establish a process for shareholder and interested party communications in the future.
69
Indemnification Agreements
ADSE has entered into separate
indemnification agreements with its directors and executive officers. These agreements, among other things, require ADSE Holdco and ADSE
GM to jointly and severally indemnify ADSE Holdco's directors and ADSE's (including ADSE GM's) executive officers as
well as ADSE GM's directors for certain expenses, including attorneys' fees, judgments, fines and settlement amounts incurred
by any such director or executive officer in any action or proceeding arising out of their services as one of ADSE Holdco's or ADSE
GM's directors or executive officers or as a director or executive officer of any other company or enterprise to which the person
provides services at ADSE Holdco's or ADSE GM's request. ADSE believes that these indemnification agreements are necessary
to attract and retain qualified persons as directors and officers.
6.D. Employees
For information about employees,
see Item 4.B of this Annual Report, "—Employees and Human Capital Management," contained in this Annual Report and incorporated
herein by reference.
6.E. Share Ownership
For information regarding
the share ownership of directors and officers, see "Item 7.A. Major Shareholders and Related Party Transactions—Major Shareholders.
For information as to our equity incentive plans, see "Item 6.B. Director, Senior Management and Employees—Compensation—2021
Omnibus Incentive Plan
.
"
6.F. Disclosure of a Registrant's Action to Recover Erroneously
Awarded Compensation
Not applicable.
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
7.A. Major Shareholders
The following table sets forth
information regarding the beneficial ownership based on 48,883,662 Ordinary Shares, par value $0.0001 per share, and 33,609 treasury shares,
par value $0.0001 per share, outstanding as of April 13, 2023, based on information obtained from the persons named below, with respect
to the beneficial ownership of our shares by:
●
each person known by us to be the beneficial owner of more than 5% of the combined voting power of our outstanding Ordinary Shares;
●
each of our officers and directors; and
●
all our officers and directors as a group.
Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable
within 60 days. Unless otherwise indicated, we believe that all persons named in the table have sole voting and investment power with
respect to all ordinary shares beneficially owned by them.
70
Name and Address of Beneficial Owner
(1)
Ordinary Shares
%
of
Outstanding
Ordinary
Shares
Officers and Directors
Joseph Brancato
(2)
6,500
*
%
Bazmi Husain
(3)
31,500
*
%
K.R. Kent
(4)
6,500
*
%
Hakan Konyar
—
—
Kurt Lauk
(5)
47,500
*
%
Salina Love
(6)
6,600
*
%
John Neville
(7)
27,265
*
%
Thorsten Ochs
(8)
27,031
*
%
Thomas Speidel
(9)
17,745,569
36.2
%
Robert Vogt
(10)
27,031
*
%
Wolfgang Breme
(11)
13,125
*
%
Sebastian Schypulla
(12)
22,500
*
%
All (12 individuals)
17,961,121
36.6
%
Greater than 5% Shareholders
ADSH
(13)
17,620,882
36.0
%
Robert Bosch GmbH
(14)
10,462,451
21.4
%
Bosch
(15)
8,062,451
16.5
%
*
Less than 1 percent
(1)
Unless otherwise indicated, the business address of each of the individuals is c/o ADS-TEC ENERGY PLC, 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland.
(2)
Consists of 6,500 Ordinary Shares issued pursuant to ADSE
Holdco's equity incentive plan.
(3)
Consists of (i) 6,500 Ordinary Shares issued pursuant to
ADSE Holdco's equity incentive plan and (ii) 25,000 EUSG founder shares.
(4)
Consists of 6,500 Ordinary Shares issued pursuant to ADSE
Holdco's equity incentive plan.
(5)
Consists
of (i) 10,000 Ordinary Shares purchased in open market transactions held by Globe CP GmbH and (ii) 37,500 Non-Qualified Stock Options
issued pursuant to ADSE Holdco's equity incentive plan, which may be exercised within 60 days of April 13, 2023.
(6)
Consists of (i) 100 Ordinary Shares purchased in open market transactions and (ii) 6,500 Ordinary Shares issued pursuant to ADSE Holdco's equity incentive plan.
(7)
Consists of (i) 4,765 Ordinary Shares issued pursuant to ADSE Holdco's equity incentive plan and (ii) 22,500 Non-Qualified Stock
Options issued pursuant to ADSE Holdco's equity incentive plan, which may be exercised within 60 days of April 13, 2023.
(8)
Consists of (i) 4,531 Ordinary Shares issued pursuant to ADSE Holdco's equity incentive plan and (ii) 22,500 Non-Qualified Stock
Options issued pursuant to ADSE Holdco's equity incentive plan, which may be exercised within 60 days of April 13, 2023.
(9)
Consists of (i) 16,620,882 Ordinary Shares issued to ADSH in the Share-for-Share Exchange, (ii) 1,000,000 EUSG Class A Ordinary Shares issued to ADSH in the PIPE Financing and automatically cancelled in exchange for Ordinary Shares upon closing of the Transactions,  (iii) 35,937 Ordinary Shares held directly by Mr. Speidel issued pursuant to ADSE Holdco's equity incentive plan, and (iv) 88,750 Non-Qualified Stock Options issued pursuant to ADSE Holdco's equity incentive plan which may be exercised within 60 days of April 13, 2023. Mr. Thomas Speidel, the chief executive officer (or its equivalent role in a German company) of ADSE Holdco, has a majority of the voting power in the capital stock of ADSH, a private German corporation. As such, Mr. Speidel may be deemed to have beneficial ownership of the securities held directly by ADSH. Mr. Speidel disclaims beneficial ownership of any securities held by ADSH other than to the extent of his pecuniary interests therein, directly or indirectly.
71
(10)
Consists of (i) 4,531 Ordinary Shares issued pursuant to
ADSE Holdco's equity incentive plan and (ii) 22,500 Non-Qualified Stock Options issued pursuant to ADSE Holdco's equity incentive
plan which may be exercised within 60 days of April 13, 2023.
(11)
Consists
of 13,125 Non-Qualified Stock Options issued pursuant to ADSE Holdco's equity incentive plan which may be exercised within 60 days
of April 13, 2023.
(12)
Consists of 22,500 Non-Qualified Stock Options issued pursuant to ADSE Holdco's equity incentive plan which may be exercised within 60 days of April 13, 2023.
(13)
Consists of (i) 16,620,882 Ordinary Shares issued to ADSH in the Share-for-Share Exchange and (ii) 1,000,000 EUSG Class A Ordinary Shares issued to ADSH in the PIPE Financing and automatically cancelled in exchange for Ordinary Shares upon closing of the Transactions. The business address of ADSH is Heinrich-Hertz-Str. 1, 72622 Nürtingen, Germany. Mr. Thomas Speidel, the chief executive officer (or its equivalent role in a German company) of ADSE Holdco, has a majority of the voting power in the capital stock of ADSH, a private German corporation.
(14)
Consists of (i) 8,062,451 Ordinary Shares issued to Bosch in the Share-for-Share Exchange and (ii) 2,400,000 EUSG Class A Ordinary Shares issued to Robert Bosch GmbH in the PIPE Financing and automatically cancelled in exchange for Ordinary Shares upon closing of the Transactions. Bosch Thermotechnik GmbH is 100% owned by Robert Bosch GmbH. Robert Bosch Industrietreuhand KG (equivalent to an LP) has a 93% voting interest in Robert Bosch GmbH (CEO: Stefan Hartung). Robert Bosch Industrietreuhand KG has two general partners: Stefan Asenkerschbaumer and Eberhard Veit who share voting and investment power. The business address of Bosch is Junkersstraße 20-24, 73249 Wernau (Neckar), Germany.
(15)
Consists of 8,062,451 Ordinary Shares issued to Bosch in the Share-for-Share Exchange. Bosch Thermotechnik GmbH is 100% owned by Robert Bosch GmbH. Robert Bosch Industrietreuhand KG (equivalent to an LP) has a 93% voting interest in Robert Bosch GmbH (CEO: Stefan Hartung). Robert Bosch Industrietreuhand KG has two general partners: Stefan Asenkerschbaumer and Eberhard Veit who share voting and investment power. The business address of Bosch is Junkersstraße 20-24, 73249 Wernau (Neckar), Germany.
Registered Holders
Based on a review of the information
provided to us by our transfer agent, as of April 13, 2023, we had approximately 20 shareholders of record of our Ordinary Shares.
We estimate that as of April 13, 2023, approximately 42.3% of our outstanding ordinary shares are held by 11 U.S. record holders.
The actual number of shareholders is greater than this number of record holders and includes shareholders who are beneficial owners but
whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include shareholders
whose shares may be held in trust or by other entities.
7.B. Related Party Transactions
The following is a description
of certain related party transactions we have entered into since January 1, 2021 with any of our executive officers, directors or their
affiliates and holders of more than 10% of any class of our voting securities in the aggregate, which we refer to as related parties,
other than compensation arrangements which are described under "Item 6. Directors, Senior Management and Employees."
Business Combination Agreement
On August 10, 2021, ADSE Holdco,
EUSG, Merger Sub, Bosch and ADSH, entered into a Business Combination Agreement. Pursuant to the Business Combination Agreement, on December
22, 2021 (i) EUSG merged with and into Merger Sub, with Merger Sub being the surviving company in such merger (the "
SPAC Merger
"),
(ii) following the SPAC Merger, Bosch transferred to ADSE Holdco, and ADSE Holdco will acquired from Bosch certain shares of ADSE GM in
exchange for the Cash Consideration (the "
Bosch Acquisition
"), and (iii) concurrently with the Bosch Acquisition, Bosch
and ADSH transferred as contribution to ADSE Holdco, and ADSE Holdco assumed from Bosch and ADSH, certain shares of ADSE GM in exchange
for the Share Consideration (the "
Share-for-Share Exchange
" and, together with the SPAC Merger, the Bosch Acquisition
and the other transactions contemplated by the Business Combination Agreement and the Transaction Documents, the "
Transactions
").
72
PIPE Subscription Agreements
Concurrently with the execution
of the Business Combination Agreement on August 10, 2021, EUSG and ADSE Holdco entered into subscription agreements with the PIPE Investors,
pursuant to which the PIPE Investors agreed to subscribe for and purchase, and EUSG agreed to issue and sell to such PIPE Investors, an
aggregate of 15.6 million EUSG ordinary shares at $10.00 per share for gross proceeds of $156 million on the business day immediately
prior to the Closing. The PIPE Investors include affiliates of EUSG Sponsor, ADSH, Bosch, EBC and certain officers and directors of EUSG
(Messrs. Thunell, Trehan and Rothfeldt). Affiliates of EUSG Sponsor (of which Messrs. Taselaar and Hovers are directors), ADSH, Bosch,
EBC, Dr. Thunell, Mr. Trehan and Mr. Rothfeldt invested $7.5 million, $10 million, $24 million, $2.8 million, $1 million, $4 million and
$2 million, respectively, in the PIPE Financing, which closed on December 21, 2021. Pursuant to the Subscription Agreement, ADSE Holdco
was required to file with the SEC, no later than thirty (30) days after the consummation of the Transactions, a registration statement
registering the resale from time to time by each PIPE Investor of all of the PIPE Shares and have such registration statement declared
effective no later than 60 calendar days following the consummation of the Transactions (or 90 calendar days, to the extent the SEC notified
ADSE Holdco of its intention to review such registration statement). ADSE Holdco has agreed with certain selling securityholders pursuant
to the Subscription Agreements to use commercially reasonable efforts to keep the registration statement effective until the earliest
of the following: (i) the selling securityholder ceases to hold any securities covered by the prospectus, (ii) the date all securities
covered by the prospectus held by selling securityholder may be sold without restriction under Rule 144, including without limitation,
any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Company
to be in compliance with the current public information required under Rule 144(c)(1) or Rule 144(i)(2), as applicable, and (iii) two
years from the effective date of the prospectus.
Registration Rights Agreement
On December 22, 2021, concurrently
with consummation of the Transactions and as contemplated by the Business Combination Agreement, ADSE Holdco entered into a registration
rights agreement (the "
Registration Rights Agreement
") with certain initial shareholders of EUSG, the ADSE GM Shareholders,
the Underwriters and Jonathan Copplestone (collectively, the "
Holders
"), pursuant to which ADSE Holdco is obligated,
subject to the terms thereof and in the manner contemplated thereby, to register for resale under the Securities Act of 1933, as amended
("
Securities Act
"), the securities of ADSE Holdco held by the Holders (the "
Registrable Securities
").
Pursuant to the Registration Rights Agreement, subject to certain requirements and customary conditions, including with regard to the
number of demand rights that may be exercised, the Holders may demand, at any time or from time to time, that ADSE Holdco file a registration
statement with the SEC to register the securities of ADSE Holdco held by such holders. The Registration Rights Agreement also (i) provides
the Holders with "piggyback" registration rights, subject to certain requirements and customary conditions and (ii) requires
ADSE Holdco to prepare and file with the SEC, no later than thirty (30) days following Closing, a registration statement registering the
resale from time to time by each Holder of all of the Registrable Securities held by such Holder (the "
Resale Shelf Registration
Statement
"). ADSE Holdco was obligated to use commercially reasonable efforts to cause the Resale Shelf Registration Statement
to be declared effective as soon as practicable after filing, but in no event later than 180 days following Closing. Once effective, ADSE
Holdco was obligated to use commercially reasonable efforts to keep the Resale Shelf Registration Statement continuously effective and
to be supplemented and amended to the extent necessary to ensure that such Resale Shelf Registration Statement is available or, if not
available, to ensure that another registration statement is available, under the Securities Act at all times until all Registrable Securities
covered by such Resale Shelf Registration Statement (i) have been disposed of in accordance with the intended method(s) of distribution
set forth in such Resale Shelf Registration Statement, (ii) have been otherwise transferred such that subsequent public distribution of
such securities will not require registration under the Securities Act or (iii) have ceased to be outstanding.
Amended and Restated Warrant Agreement
On December 22, 2021, concurrently
with consummation of the Transactions and as contemplated by the Business Combination Agreement, ADSE Holdco, EUSG, and Continental Stock
Transfer and Trust Company, as warrant agent ("
Continental
"), entered into an amended and restated warrant agreement
(the "
Amended and Restated Warrant Agreement
"), pursuant to which (i) ADSE Holdco assumed all of the liabilities, duties,
and obligations of EUSG under and in respect of the existing warrant agreement; (ii) all references to EUSG warrants were revised to become
references to ADSE Holdco Warrants; and (iii) the outstanding warrants were adjusted pursuant to the terms of the existing warrant agreement,
such that the warrants became exercisable for Ordinary Shares, in lieu of Class A ordinary shares of EUSG previously issuable and receivable
upon the exercise of rights under the existing warrant agreement.
73
Lock-Up Agreement
On December 22, 2021, concurrently
with the Closing, ADSE Holdco entered into a lock-up agreement (the "
Lock-Up Agreement
") with the EUSG initial
shareholders, the ADSE GM Shareholders and the Underwriters (each, a "
Lock-Up Party
"), pursuant to which each
Lock-Up Party agreed, from the Closing Date until, (i) in the case of Lock-Up Securities (including Ordinary Shares issuable upon
exercise thereof) issued to EUSG Sponsor or its affiliates and the ADSE GM Shareholders, six months after the Closing Date and (ii) in
the case of Private Warrants (including Ordinary Shares issuable upon exercise thereof) issued to the Underwriters, thirty days after
the Closing Date, not to (A) sell, offer to sell, contract or agree to sell, hypothecate pledge, grant any option to purchase or otherwise
dispose of or agree to dispose of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Exchange Act, with respect to any Ordinary Shares and Warrants, other than any Ordinary Shares
acquired in the public market after the Closing Date and any Ordinary Shares acquired by the ADSE GM Shareholders or their affiliates
as a result of their participation in the PIPE Financing (such securities, the "Lock-up Securities"), (B) enter into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of
the Lock-up Securities whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii)
publicly announce any intention to effect any transaction specified in clause (i) or (ii).
Services Agreements
Employee Sharing and Cost Sharing Agreement
In December 2021, we entered
into an employee sharing and cost sharing agreement with ADSE US (the "
Employee Sharing and Cost Sharing Agreement
"),
pursuant to which we and ADSE US agree to share certain costs and expenses associated with certain employees, certain facilities and property,
and certain third-party arrangements. Under the agreement, each party agrees to reimburse the other party for its arm's length share
of any such costs and expenses. The agreement has an initial term expiring on December 23, 2024 and renews automatically for additional
one-year periods. Either party may terminate the agreement by written notice at least 30 days prior to December 23, 2024 or the expiration
of the then-renewal term.
Agreement on Cost Allocation for the Provision of Shared Services
In December 2021, we entered
into the Agreement on Cost Allocation for the Provision of Shared Services with ADSE GM and ADSE US (the "
Agreement on Cost Allocation
for the Provision of Shared Services
"). Under the allocation agreement, we, ADSE GM and ADSE US agree to allocate costs for
certain services provided by our related parties ADSH and ads-tec Administration GmbH, including finance and accounting, legal and tax
consulting, compliance and risk, investor relations, human resources, and information technology. All allocable cost will be subject to
a 5% profit mark-up to ensure that the services are provided at arms' length. The agreement has an initial term expiring on December
31, 2024 and automatically extends for additional one-year periods. Any party may terminate the agreement by written notice at least three
months prior to December 31, 2024 or the expiration of the then-renewal term.
ADSE GM's services arrangements
with its affiliates are provided under services contracts and ADSE GM is invoiced on a regular basis for the cost of the services provided.
ADSE GM pays administrative
services fees to ads-tec Administration GmbH, an affiliate of ADSH, for finance, human resources, marketing, purchasing indirect material
and general administration services and in the fiscal years ended December 31, 2021 and December 31, 2022 incurred kEUR 2,963 and kEUR
3,412, respectively, in such fees.
74
In fiscal year ended December
31, 2021, ADSE GM paid management fees to ads-tec Holding GmbH, a shareholder of ADSE GM, a portion of which is for the services of Thomas
Speidel as the Chief Executive Officer of ADSE GM. In the fiscal year ended December 31, 2021 and December 31, 2022, ADSE GM paid kEUR
440 and kEUR 0, respectively, in such fees. These fees are invoiced to ADSE GM based on the services provided.
ADSE GM also paid kEUR 1,479
in the fiscal year ended December 31, 2021 and kEUR 1,095 in the fiscal year ended December 31, 2022 in development fees to ads-tec Engineering
GmbH. ADSE GM also paid rent of kEUR 271 in fiscal year ended December 31, 2021 and kEUR 271 in fiscal year ended December 31, 2022 to
ads-tec Immobilien GmbH & Co. KG.
Transactions with Other Shareholders
Bosch Thermotechnik GmbH and
ADSE GM have a framework contract under which Bosch Thermotechnik GmbH, Robert Bosch GmbH and their affiliates can procure commercial
energy storage solutions from ADSE GM. Furthermore, based on a separate arrangement between ADSE GM and Robert Bosch GmbH, Robert Bosch
GmbH has ordered an industrial energy storage solution from ADSE GM with a contract value of approximately EUR 1.7 million, in which EUR
1.6 million has been recognized in revenue in 2021 and EUR 0.1 million in 2022. Also, Bosch Thermotechnik GmbH, Robert Bosch GmbH and
their affiliates and ADSE GM have supply and service arrangements with respect to which Bosch Thermotechnik GmbH, Robert Bosch GmbH and
their affiliates provide products and services to ADSE GM, mainly relating to engineering, power electronics, software and systems development,
project management, supplier management and quality management services. The contracts currently consist of paid one-time fees of approximately
kEUR 935 in 2022, kEUR 455 in 2021, and EUR 2.4 million in 2020 and a variable annual fee of up to approximately EUR 0.2 million.
Indebtedness
On May 5, 2023, ADSE entered
into unsecured shareholder loans with multiple shareholders amounting to a total of kUSD 12,875, thereof kUSD 7,100 due on June 30, 2024
and kUSD 5,775 due on December 22, 2023.  The shareholder loans can be drawn by ADSE as required. The shareholder loans have an interest
rate of 10% per annum on the unpaid and actually drawn principal. In addition, the lenders receive redeemable warrant representing the
right to purchase 1,716,667 ordinary shares, par value USD 0.0001 per ordinary share, at an exercise price of USD 3.00 per ordinary share.
Indemnification Agreements
Our Memorandum and Articles
of Association provide for certain indemnification rights for our directors and executive officers, and we have entered into separate
indemnification agreements with our directors and executive officers. These agreements, among other things, require ADSE Holdco and ADSE
GM to jointly and severally indemnify ADSE Holdco's directors and executive officers as well as ADSE GM's directors and executive
officers for certain expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by any such director
or executive officer in any action or proceeding arising out of their services as one of ADSE Holdco's or ADSE GM's directors
or executive officers or as a director or executive officer of any other company or enterprise to which the person provides services at
ADSE Holdco's or ADSE GM's request. ADSE GM believes that these charter provisions and indemnification agreements are necessary
to attract and retain qualified persons as directors and officers.
7.C. Interests of Experts and Counsel
Not Applicable.
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ITEM 8. FINANCIAL INFORMATION
8.A. Consolidated Statements and Other Financial Information
Financial Statements
See "Item 18. Financial
Statements".
Legal Proceedings
From time to time, we may
be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. The results of litigation
and claims cannot be predicted with certainty. As of the date of this Annual Report, neither we nor any of our subsidiaries are party
to any governmental, legal or arbitration proceedings (nor are we aware of any such proceedings that are pending or threatened) that have
had or may have a significant effect on our financial position or profitability.
Dividend Policy
We have not paid any cash
dividends on our ordinary shares to date. Our board of directors will consider whether or not to institute a dividend policy. It is presently
intended that we will retain our earnings for use in business operations and, accordingly, it is not anticipated that our board of directors
will declare dividends in the foreseeable future.
8.B. Significant Changes
None.
ITEM 9. THE OFFER AND LISTING
9.A. Offer and Listing Details
Our Ordinary Shares and warrants,
each warrant to purchase one Ordinary Share at an exercise price of $11.50 per share, subject to adjustment ("
Warrants
"),
are listed on the Nasdaq Capital Market under the symbols ADSE and ADSEW, respectively. The Ordinary Shares and Warrants are described
in Item 10.B of this Annual Report under "—Memorandum and Articles of Association."
9.B. Plan of Distribution
Not Applicable.
9.C. Markets
Our Ordinary Shares and Warrants
are listed on the Nasdaq Capital Market under the symbols "ADSE" and "ADSEW," respectively.
9.D. Selling Shareholders
Not Applicable.
9.E. Dilution
Not Applicable.
9.F. Expenses of the Issue
Not Applicable.
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ITEM 10. ADDITIONAL INFORMATION
10.A. Share Capital
Not Applicable.
10.B. Memorandum and Articles of Association
The following description
of the material terms of the share capital of ADSE Holdco includes a summary of specified provisions of ADSE Holdco's M&A. This
description is qualified by reference to ADSE Holdco's M&A filed as an exhibit to this Annual Report.
General
ADSE Holdco is a public limited
company organized and existing under the laws of Ireland. ADSE Holdco was formed on 26 July 2021 as a public limited company under the
name ADS-TEC ENERGY PLC. ADSE Holdco's affairs are governed by ADSE Holdco's M&A, the Irish Companies Act and the
corporate law of Ireland. The authorized share capital of ADSE Holdco is (a) US$60,000 divided into (i) 500,000,000 Ordinary Shares, with
a nominal value of $0.0001 per share, of which 439,529,616 Ordinary Shares remain authorized and unissued and are not reserved for Warrants
and (ii) 100,000,000 preferred shares, with a nominal value of $0.0001 per share, all of which remain authorized and unissued and (b)
€25,000 divided into 25,000 deferred ordinary shares with a nominal value of €1.00 per share, which are held by ADSE Holdco
as treasury shares.
Ordinary Shares
General
.  As of,
April 13, 2023, there were 48,883,662 Ordinary Shares issued and outstanding. In addition, ADSE Holdco holds €25,000 worth of deferred
ordinary shares in ADSE Holdco as treasury shares.
Dividends.
The
holders of Ordinary Shares are entitled to such dividends as may be declared by ADSE Holdco's board of directors. Dividends may
be declared and paid out of the funds legally available therefor. Dividends may also be declared and paid out of share premium account
or any other fund or account which can be authorized for this purpose in accordance with the Irish Companies Act.
Voting Rights.
Each
Ordinary Share shall be entitled to one vote on all matters subject to the vote at general meetings of ADSE Holdco. Voting at any meeting
of shareholders is by way of a poll, which shall be taken in such manner as the chairperson of the meeting directs.
An ordinary resolution to
be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares
cast at a meeting, while a special resolution requires the affirmative vote of no less than 75% of the votes cast attaching to the outstanding
ordinary shares at a meeting. Where the shareholders wish to act by way of written resolution in lieu of holding a meeting, unanimous
consent of the holders of the Ordinary Shares shall be required. A special resolution will be required for important matters such as a
change of name, reducing the share capital or making changes to ADSE Holdco's M&A.
Transfer of Ordinary
Shares.
Subject to the restrictions contained in the Business Combination Agreement with respect to ADSE Holdco securities
issued to the ADSE GM Shareholders in the Share-for-Share Exchange, the provisions of the Lock-Up Agreement, and subject to any further
restrictions contained in ADSE Holdco's M&A, any ADSE Holdco shareholder may transfer all or any of his or her Ordinary Shares
by an instrument of transfer in the usual or common form or any other form approved by ADSE Holdco's board of directors from time
to time.
Liquidation.
On
a return of capital on winding-up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available
for distribution among the holders of Ordinary Shares shall be distributed among the holders thereof on a pro rata basis. If ADSE Holdco's
assets available for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that, as
nearly as may be, the losses are borne by ADSE Holdco's shareholders proportionately.
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General Meetings of
Shareholders.
ADSE Holdco shall in each year hold a general meeting as its annual general meeting in addition to any other
meeting in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between
the date of one annual general meeting of the Company and that of the next. Shareholders' meetings may be convened by the board
of directors, by the board of directors on the requisition of the shareholders or, if the board of directors fails to so convene a meeting,
such extraordinary general meeting may be convened by the requisitioning shareholders where the requisitioning shareholders hold not less
than 10% of the paid up share capital of ADSE Holdco. Any action required or permitted to be taken at any annual or extraordinary general
meetings may be taken only upon the vote of the shareholders at an annual or extraordinary general meeting duly noticed and convened in
accordance with ADSE Holdco's M&A and the Irish Companies Act. Unanimous consent of the holders of the Ordinary Shares shall
be required before the shareholders may act by way of written resolution without a meeting.
Warrants
General.
As of
April 13 2023, there were an aggregate of 11,662,486 Warrants issued and outstanding. Certain "private warrants", being warrants
initially issued by EUSG to EUSG Sponsor and the Underwriters rather than those issued to the public, (i) will not be redeemable by ADSE
Holdco, (ii) may be exercised for cash or on a cashless basis at the holder's option as long as such warrants are held by the initial
holders or their affiliates or permitted transferees, and (iii) were subject to a lockup for a period of 30 days from the closing of the
Transactions.
Exercisability.
Each
Warrant entitles the registered holder to purchase one Ordinary Share.
Exercise Price.
$11.50
per share, subject to adjustment.
The exercise price and number
of Ordinary Shares issuable on exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend,
extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuances
of Ordinary Shares at a price below the Warrant exercise price.
Exercise Period.
The
Warrants are exercisable at any time and from time to time until 5:00 p.m., New York City time on December 22, 2026, or earlier upon their
redemption.
No Warrants will be exercisable
for cash unless ADSE Holdco has an effective and current registration statement covering the offer and sale of the Ordinary Shares issuable
upon exercise of the Warrants and a current prospectus relating to such Ordinary Shares. Notwithstanding the foregoing, if a registration
statement covering the offer and sale of Ordinary Shares issuable upon exercise of the Warrants is not effective within a specified period
following the consummation of the Transactions, warrant holders may, until such time as there is an effective registration statement and
during any period when ADSE Holdco shall have failed to maintain an effective registration statement, exercise Warrants on a cashless
basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If
that exemption, or another exemption, is not available, holders will not be able to exercise their Warrants on a cashless basis. In such
event, each holder would pay the exercise price by surrendering the Warrants for that number of Ordinary Shares equal to the quotient
obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the
exercise price of the Warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair market
value" for this purpose will mean the average reported last sale price of the Ordinary Shares for the five trading days ending on
the trading day prior to the date of exercise.
ADSE Holdco has agreed to
use its best efforts to file and have an effective registration statement covering the offer and sale of the Ordinary Shares issuable
upon exercise of the Warrants, to maintain a current prospectus relating to those Ordinary Shares until the earlier of the date the Warrants
expire or are redeemed and the date on which all of the Warrants have been exercised, and to qualify the resale of such shares under U.S.
state blue sky laws, to the extent an exemption is not available. However, there is no assurance that ADSE Holdco will be able to do so
and, if ADSE Holdco does not maintain a current prospectus relating to the offer and sale of the Ordinary Shares issuable upon exercise
of the Warrants, holders will be unable to exercise their Warrants for cash and ADSE Holdco will not be required to net cash settle or
cash settle the Warrant exercise.
78
Redemption of Warrants.
ADSE
Holdco may call the Warrants for redemption (excluding certain Warrants initially issued to EUSG's initial shareholders, so long
as such Warrants are held by the EUSG initial shareholders or their respective affiliates and certain permitted transferees), in whole
and not in part, at a price of $0.01 per Warrant:
●
at any time after the Warrants become exercisable,
●
upon not less than 30 days' prior written notice of redemption to each Warrant holder,
●
if, and only if, the reported last sale price of the Ordinary Shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing after the ADSE Holdco Warrants become exercisable and ending three business days prior to the date the notice of redemption was sent to ADSE Holdco Warrant holders; and
●
if, and only if, there is a current registration statement in effect with respect to offer and sale of the Ordinary Shares underlying such Warrants.
The right to exercise will
be forfeited unless the Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date,
a record holder of a Warrant will have no further rights except to receive the redemption price for such holder's Warrant upon surrender
of such Warrant.
The redemption criteria for
the Warrants have been established at a price which is intended to provide Warrant holders a reasonable premium to the initial exercise
price and provide a sufficient differential between the then-prevailing share price and the Warrant exercise price so that if the
share price declines as a result of the redemption call, the redemption will not cause the share price to drop below the exercise price
of the Warrants.
If ADSE Holdco calls the Warrants
for redemption as described above, ADSE Holdco's management will have the option to require all holders that wish to exercise warrants
to do so on a "cashless basis." In such event, each holder would pay the exercise price by surrendering the Warrants for that
number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants,
multiplied by the difference between the exercise price of the Warrants and the "fair market value" (defined below) by (y)
the fair market value. The "fair market value" shall mean the average reported last sale price of the Ordinary Shares for
the five trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants.
Registered Form.
The
Warrants will held in registered form pursuant to the Amended and Restated Warrant Agreement among ADSE Holdco, EUSG, and Continental
Stock Transfer & Trust Company, as warrant agent. The Amended and Restated Warrant Agreement provides that the terms of the Warrants
may be amended without the consent of any holder to cure any ambiguity or correct or supplement any defective provision, but requires
the approval, by written consent or vote, of the holders of at least a majority of the then outstanding Warrants in order to make any
change that adversely affects the interests of the registered holders.
Manner of Exercise.
The
Warrants may be exercised upon surrender of the holder's Warrant certificate on or prior to the expiration date at the offices or
agency of the warrant agent, with the exercise form on the reverse side of the Warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price, by certified or official bank check payable to ADSE Holdco or by wire transfer, for
the number of Warrants being exercised.
Warrant holders may elect
to be subject to a restriction on the exercise of their Warrants such that an electing Warrant holders would not be able to exercise their
Warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the Ordinary
Shares outstanding.
No Rights as a Shareholder.
The
Warrant holders have neither the rights nor the privileges of holders of Ordinary Shares, nor do they have any voting rights until they
exercise their Warrants and receive Ordinary Shares. After the issuance of Ordinary Shares upon exercise of the Warrants, each holder
will be entitled to one vote for each Ordinary Share held of record on all matters to be voted on by holders of Ordinary Shares.
79
No Fractional Shares.
No
fractional shares will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive
a fractional interest in a share, ADSE Holdco will, upon exercise, round up to the nearest whole number the number of Ordinary Shares
to be issued to the warrant holder.
Transfer Agent and Registrar
ADSE Holdco's transfer
agent and warrant agent is Continental Stock Transfer & Trust Company. ADSE Holdco's registrar is Link Group.
Listing
The Ordinary Shares and Warrants
are listed on the Nasdaq Capital Market under the symbols "ADSE" and "ADSEW", respectively.
10.C. Material Contracts
Except as otherwise disclosed
in this Annual Report (including the exhibits thereto), we are not currently, and have not been in the last two years, party to any material
contract, other than contracts entered into in the ordinary course of business.
10.D. Exchange Controls
Under the laws of Ireland,
there are currently no Irish restrictions on the export or import of capital, including foreign exchange controls or restrictions that
affect the remittance of dividends (other than dividend withholding tax where an exemption does not apply) to nonresident holders of our
ordinary shares.
10.E. Taxation
Material U.S. Federal Income Tax Considerations
The following discussion is
a general summary of certain material U.S. federal income tax considerations to U.S. Holders (as defined below) of the acquisition, ownership
and disposition of Ordinary Shares and Warrants. The information set forth in this section is based on the Internal Revenue Code of 1986,
as amended (the "
Code
"), its legislative history, final, temporary and proposed U.S. Treasury regulations promulgated
thereunder ("
Treasury Regulations
"), published rulings and administrative pronouncements of the U.S. Internal Revenue
Service (the "
IRS
") and court decisions, all as in effect as of the date hereof. These authorities are subject to change
or differing interpretations, possibly on a retroactive basis, in a manner that could adversely affect the tax considerations discussed
below.
For purposes of this summary,
a "U.S. Holder" means a beneficial owner of Ordinary Shares or Warrants that is for U.S. federal income tax purposes:
●
an individual citizen or resident of the United States;
●
a corporation (or other entity treated as a corporation) that is created or organized in or under the laws of the United States, any state thereof or the District of Columbia;
●
an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.
80
This discussion does not address
all aspects of U.S. federal income taxation that may be relevant to any particular U.S. Holder based on such U.S. Holder's individual
circumstances. In particular, this discussion considers only U.S. Holders that hold Ordinary Shares or Warrants as "capital assets"
within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address the alternative
minimum tax, the Medicare tax on net investment income or the U.S. federal income tax consequences to holders that are subject to special
rules, including, without limitation:
●
banks or certain other financial institutions or financial services entities;
●
brokers, dealers or traders in securities;
●
persons that are subject to the mark-to-market accounting rules under Section 475 of the Code;
●
tax-exempt entities;
●
governments or agencies or instrumentalities thereof;
●
tax-qualified retirement plans;
●
insurance companies;
●
regulated investment companies;
●
real estate investment trusts;
●
certain expatriates or former long-term residents of the United States;
●
persons that acquired Ordinary Shares or Warrants pursuant to an exercise of employee options, in connection with employee incentive plans or otherwise as compensation;
●
persons that hold Ordinary Shares or Warrants, or who will hold Ordinary Shares or Warrants, as part of a straddle, constructive sale, hedging, redemption or other risk reduction strategy or as part of a conversion transaction or other integrated transaction;
●
persons whose functional currency is not the U.S. dollar;
●
corporations that accumulate earnings to avoid U.S. federal income tax (and their shareholders);
●
S corporations, partnerships or entities or arrangements treated as partnerships or other pass-through entities for U.S. federal income tax purposes, or shareholders, partners or members of such S corporations, partnerships or other pass-through entities;
●
persons required to accelerate the recognition of any item of gross income with respect to Ordinary Shares or Warrants as a result of such income being recognized on an applicable financial statement;
●
persons who actually or constructively own 5% (measured by vote or value) or more of Ordinary Shares; and
●
holders that are not U.S. Holders.
This discussion does not address
any tax laws other than the U.S. federal income tax law, such as U.S. federal gift or estate tax laws, state, local or non-U.S. tax laws.
If a partnership (or other
entity or arrangement classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of Ordinary Shares or
Warrants, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and
the activities of the partnership. A holder that is a partnership and the partners in such partnership should consult their tax advisors
with regard to the U.S. federal income tax consequences of the acquisition, ownership and disposition of Ordinary Shares and Warrants.
81
No ruling has been requested
or will be obtained from the IRS regarding the U.S. federal income tax consequences of acquiring, owning or disposing Ordinary Shares
or Warrants or any other related matter or other matter discussed herein. There can be no assurance that the IRS will not challenge the
U.S. federal income tax treatment described below or that, if challenged, such treatment will be sustained by a court.
EACH HOLDER OF ORDINARY SHARES OR WARRANTS
SHOULD CONSULT ITS TAX ADVISORS WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDERS OF THE ACQUISITION, OWNERSHIP AND DISPOSITION
OF ORDINARY SHARES AND WARRANTS, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.
Distributions on Ordinary Shares
Subject to the PFIC rules
discussed in the section below titled "—
Passive Foreign Investment Company Status
," if ADSE Holdco makes a distribution
of cash or other property to a U.S. Holder of Ordinary Shares, such distribution generally will be treated as a dividend for U.S. federal
income tax purposes to the extent the distribution is paid out of ADSE Holdco's current or accumulated earnings and profits (as
determined under U.S. federal income tax principles). Distributions in excess of such earnings and profits generally will be applied against
and reduce (but not below zero) a U.S. Holder's basis in its Ordinary Shares, and any remaining excess will be treated as gain from
the sale or exchange of such Ordinary Shares (see "—
Sale, Exchange, Redemption or Other Taxable Disposition of Ordinary
Shares or Warrants
" below).
With respect to corporate
U.S. Holders, dividends with respect to Ordinary Shares generally will not be eligible for the dividends-received deduction generally
allowed to U.S. corporations in respect of dividends received from other U.S. corporations. With respect to non-corporate U.S. Holders,
ADSE Holdco dividends generally will be taxed as "qualified dividend income" at preferential long-term capital gains rates
if (i) Ordinary Shares are readily tradable on an established securities market in the United States or ADSE Holdco is eligible for the
benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (ii) certain
holding period and at-risk requirements are met, (iii) ADSE Holdco is not treated as a PFIC in the taxable year in which the dividend
is paid or the preceding taxable year, and (iv) certain other requirements are met. U.S. Holders should consult their tax advisors regarding
the availability of the preferential rate for any dividends paid with respect to Ordinary Shares.
Subject to certain conditions
and limitations, withholding taxes, if any, on dividends paid by ADSE Holdco may be treated as foreign taxes eligible for credit against
a U.S. Holder's U.S. federal income tax liability under the U.S. foreign tax credit rules. For purposes of calculating
the U.S. foreign tax credit, dividends paid on Ordinary Shares will generally be treated as non-U.S. source income and will generally
constitute passive category income. The rules governing the U.S. foreign tax credit are complex. U.S. Holders should consult
their tax advisors regarding the availability of the U.S. foreign tax credit under particular circumstances.
Sale, Exchange, Redemption or Other Taxable
Disposition of Ordinary Shares or Warrants
Subject to the PFIC rules
discussed in the section below titled "—
Passive Foreign Investment Company Status
," upon a sale, exchange, redemption
or other taxable disposition of Ordinary Shares or Warrants, a U.S. Holder will generally recognize capital gain or loss. The amount of
gain or loss recognized generally will be equal to the difference between (i) the sum of the amount of cash and the fair market value
of any property received in such sale, exchange, redemption or other taxable disposition, and (ii) such U.S. Holder's adjusted tax
basis in the Ordinary Shares or Warrants sold.
Capital gain or loss will
generally constitute long-term capital gain or loss if a U.S. Holder's holding period for the Ordinary Shares or Warrants exceeds
one year. Long-term capital gains recognized by non-corporate U.S. Holders may be taxable at preferential rates. The deductibility of
capital losses is subject to limitations. For purposes of calculating the U.S. foreign tax credit, gain or loss recognized by a U.S. Holder
upon the sale, exchange, redemption or other taxable disposition of Ordinary Shares or Warrants will generally be treated as U.S. source
gain or loss. The rules governing the U.S. foreign tax credit are complex. U.S. Holders should consult their tax advisors regarding the
availability of the U.S. foreign tax credit under particular circumstances.
82
Exercise or Lapse of a Warrant
Subject to the PFIC rules
discussed in the section below titled "—
Passive Foreign Investment Company Status
" and except as discussed below
with respect to the cashless exercise of a warrant, a U.S. Holder generally will not recognize gain or loss upon the acquisition of an
Ordinary Warrant on the exercise of a Warrant for cash. It is unclear whether a U.S. Holder's holding period for the Ordinary Shares
will commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant; in either case, the holding
period will not include the period during which the U.S. Holder held the Warrant. If a Warrant is allowed to lapse unexercised, a U.S.
Holder generally will recognize a capital loss equal to such holder's tax basis in the Warrant.
The tax consequences of a
cashless exercise of a warrant are not clear under current law. Subject to the PFIC rules discussed in the section titled below "—
Passive Foreign Investment Company Status
," a cashless exercise may not be taxable, either because the exercise is not a
realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation,
a U.S. Holder's tax basis in the Ordinary Shares received generally would equal the U.S. Holder's tax basis in the Warrants.
If the cashless exercise is not treated as a realization event, it is unclear whether a U.S. Holder's holding period for the Ordinary
Shares will commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant. If the cashless
exercise is treated as a recapitalization, the holding period of the Ordinary Shares would include the holding period of the Warrants.
It is also possible that a
cashless exercise may be treated as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder may be
deemed to have surrendered Warrants with an aggregate fair market value equal to the exercise price for the total number of Warrants to
be exercised. Subject to the PFIC rules discussed in the section titled below "—
Passive Foreign Investment Company Status
,"
the U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the Warrants
deemed surrendered and the U.S. Holder's tax basis in such Warrants. In this case, a U.S. Holder's tax basis in the Ordinary
Shares received would equal to the sum of the U.S. holder's tax basis in the Warrants exercised plus (or minus) the gain (or loss)
recognized with respect to the surrendered Warrants. It is unclear whether a U.S. Holder's holding period for the Ordinary Shares
received would commence on the date of exercise of the Warrant or the day following the date of exercise of the Warrant.
Due to the absence of authority
on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative tax consequences
and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax
advisors regarding the tax consequences of a cashless exercise.
Possible Constructive Distributions
The terms of each Warrant
provide for an adjustment to the number of Ordinary Shares for which the Warrant may be exercised or to the exercise price of the warrant
in certain events. An adjustment which has the effect of preventing dilution generally is not taxable. A U.S. Holder of a Warrant would,
however, be treated as receiving a constructive distribution from ADSE Holdco if, for example, the adjustment increases the U.S. Holder's
proportionate interest in ADSE Holdco's assets or earnings and profits (e.g., through an increase in the number of Ordinary Shares
that would be obtained upon exercise) as a result of a distribution of cash to the holders of the Ordinary Shares which is taxable to
U.S. Holders of such Ordinary Shares as described under "—
Distributions on Ordinary Shares
" above. Such constructive
distribution would be subject to tax as described under that section in the same manner as if the U.S. Holder of the Warrant had received
a cash distribution from ADSE Holdco equal to the fair market value of the increase in the interest.
Passive Foreign Investment Company Status
A non-U.S. corporation, such
as ADSE Holdco, will be classified as a PFIC if either: (a) at least 75% of its gross income is "passive income" for purposes
of the PFIC rules, or (b) at least 50% of the value of its gross assets (determined on the basis of a quarterly average) is attributable
to assets that produce or are held for the production of passive income. Passive income for this purpose generally includes dividends,
interest, royalties, rents, gains from commodities and securities transactions, and net gains from the disposition of assets which produce
passive income. A corporation will be treated as owning a proportionate share of the assets and earning a proportionate share of the income
of another corporation if the first-mentioned corporation owns, directly or indirectly, 25% or more (by value) of the stock of the other
corporation.
83
ADSE Holdco does not expect
to be treated as a PFIC in the current taxable year or in future taxable years. However, this conclusion is a factual determination that
must be made annually at the close of each taxable year and depends, among other things, upon the composition of ADSE Holdco's gross
income and assets. Additionally, the value of ADSE Holdco's assets for purposes of the PFIC determination will generally be determined
by reference to its market capitalization, which is likely to fluctuate. Accordingly, there can be no assurance that ADSE Holdco will
not be a PFIC for the current taxable year or in future taxable years.
If ADSE Holdco is determined
to be a PFIC for any taxable year (or any portion thereof) that is included in the holding period of a U.S. Holder and, in the case of
Ordinary Shares, such U.S. Holder did not make a timely and effective qualified electing fund ("
QEF
") election or a
mark-to-market election (each described below) for ADSE Holdco's first taxable year as a PFIC in which such U.S. Holder held (or
was deemed to hold) Ordinary Shares, then such U.S. Holder will generally be subject to special and adverse rules with respect to (i)
any gain recognized by such U.S. Holder on the sale or other disposition of its Ordinary Shares or Warrants and (ii) any "excess
distribution" made to a U.S. Holder (generally, any distributions to a U.S. Holder during a taxable year of such U.S. Holder that
are greater than 125% of the average annual distributions received by such U.S. Holder in respect of Ordinary Shares during the three
preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for such Ordinary Shares). Under these
default PFIC rules:
●
a U.S. Holder's gain or excess distribution will be allocated ratably over such U.S. Holder's holding period for its Ordinary Shares or Warrants;
●
the amount of gain allocated to such U.S. Holder's taxable year in which such U.S. Holder recognized the gain or received the excess distribution, or to the period in such U.S. Holder's holding period before the first day of ADSE Holdco's taxable year in which it was a PFIC, will be taxed as ordinary income; and
●
the amount of gain allocated to other taxable years (or portions thereof) of such U.S. Holder and included in such U.S. Holder's holding period will be taxed at the highest marginal tax rate in effect for that year and applicable to such U.S. Holder, and an additional amount equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year (or portion thereof) of such U.S. Holder's holding period.
In general, a U.S. Holder
may avoid the adverse PFIC tax consequences described above in respect of the Ordinary Shares (but not the Warrants) by making and maintaining
a timely and valid QEF election (if eligible to do so) to include in income its pro rata share of ADSE Holdco's net capital gains
(as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed,
in the taxable year of the U.S. Holder in which or with which ADSE Holdco's taxable year ends. In order to comply with the requirements
of a QEF election, a U.S. Holder must receive certain information from ADSE Holdco. ADSE Holdco has not determined whether it will provide
U.S. Holders with this information if it determines that it is a PFIC.
Alternatively, if ADSE Holdco
is a PFIC and the Ordinary Shares are treated as "marketable stock," a U.S. Holder may also be to avoid the adverse PFIC tax
consequences described above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed to hold) the
Ordinary Shares, makes an election to mark such shares to their market value for such taxable year (a "mark-to-market election").
Such U.S. Holder generally will include as ordinary income for each year that ADSE Holdco is treated as a PFIC the excess, if any, of
the fair market value of its Ordinary Shares at the end of its taxable year over such U.S. Holder's adjusted basis in its Ordinary
Shares. Such U.S. Holder also will be allowed to take an ordinary loss in respect of the excess, if any, of its adjusted basis of its
Ordinary Shares over the fair market value of its Ordinary Shares at the end of its taxable year (but only to the extent of the net amount
of previously included income as a result of the mark-to-market election). Such U.S. Holder's basis in its Ordinary Shares will
be adjusted to reflect any such income or loss recognized. Gain recognized on a sale or other taxable disposition of the Ordinary Shares
in a taxable year in which ADSE Holdco is a PFIC will be treated as ordinary income, and any loss will be ordinary to the extent of the
net amount of previously included income as a result of the mark-to-market election (and thereafter will be capital loss, the deductibility
of which is subject to limitations). Currently, a mark-to-market election may not be made with respect to the Warrants.
84
The mark-to-market election
is available for "marketable stock," which generally is stock that is regularly traded on a national securities exchange that
is registered with the Securities and Exchange Commission, including NASDAQ, or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. U.S. Holders should consult
their tax advisors regarding the availability and tax consequences of a mark-to-market election in their particular circumstances.
If ADSE Holdco is a PFIC and,
at any time, any subsidiary is classified as a PFIC, U.S. Holders would generally be deemed to own a portion of the shares of such lower-tier
PFIC, and generally could incur liability under the default PFIC rules described above if ADSE Holdco receives a distribution from, or
disposes of all or part of ADSE Holdco's interest in, the lower-tier PFIC or if such U.S. Holders otherwise are deemed to have disposed
of an interest in the lower-tier PFIC. A mark-to-market election generally would not be available with respect to such lower-tier PFIC.
U.S. Holders are urged to consult their tax advisors regarding the tax issues raised by lower-tier PFICs.
A U.S. Holder that owns (or
is deemed to own) shares in a PFIC during any taxable year of such U.S. Holder may be required to file IRS Form 8621 with such U.S. Holder's
U.S. federal income tax return and provide such other information as may be required by the Treasury Regulations or other IRS guidance.
The rules dealing with PFICs
are very complex and affected by various factors in addition to those described above. Accordingly, U.S. Holders should consult their
tax advisors concerning the application of the PFIC rules to Ordinary Shares or Warrants under their particular circumstances.
Information Reporting and Backup Withholding
Certain U.S. Holders are required
to report information to the IRS relating to an interest in "specified foreign financial assets," including shares issued
by a non-U.S. corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds an applicable threshold
based on whether the U.S. Holder is an entity or an individual (and in the case of an individual, the threshold depends upon such individual's
filing status and whether the individual resides in the United States), subject to certain exceptions (including an exception for shares
held in custodial accounts maintained with a U.S. financial institution). Generally, ADSE Holdco securities would constitute "specified
foreign financial assets." Penalties may apply if a U.S. Holder is required to submit such information to the IRS and fails to do
so.
Distributions with respect
to Ordinary Shares and proceeds from the sale, exchange, redemption or other taxable disposition of Ordinary Shares may be subject to
information reporting to the IRS and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however,
to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or
who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide
such certification on IRS Form W-9.
U.S. backup withholding is
not an additional tax. Amounts withheld as U.S. backup withholding may be credited against a U.S. Holder's U.S. federal income tax
liability, and a U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules, if the required information
is timely furnished to the IRS. Transactions effected through certain brokers or other intermediaries may be subject to U.S. backup withholding,
and such brokers or intermediaries may be required by law to do U.S. backup withholding.
U.S. Holders are urged to
consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.
Anticipated Material Irish Tax Consequences to Non-Irish Holders
of ADSE Holdco Securities
Scope
The following is a summary
of the anticipated material Irish tax consequences of the acquisition, ownership and disposal of Ordinary Shares and Warrants. The summary
is based upon Irish tax laws and the practice of the Irish Revenue Commissioners in effect on the date of this Annual Report and stamp
duty and withholding tax clearances which have been granted by the Irish Revenue Commissioners. Changes in law and/or administrative practice
may result in a change in the tax consequences described below, possibly with retrospective effect.
85
A "Non-Irish Holder"
is an individual who beneficially owns their Ordinary Shares and/or Warrants, that is neither a resident nor ordinarily resident in Ireland
for Irish tax purposes and does not hold their Ordinary Shares and/or Warrants, in connection with a trade carried on by such person through
an Irish branch or agency.
This summary does not constitute
tax advice and is intended only as a general guide. The summary is not exhaustive and securityholders should consult their tax advisors
about the Irish tax consequences (and tax consequences under the laws of other relevant jurisdictions) of the acquisition, ownership and
disposal of Ordinary Shares and Warrants. The summary applies only to Non-Irish Holders who hold their Ordinary Shares and/or Warrants,
as capital assets and does not apply to other categories of Non-Irish Holders, such as dealers in securities, trustees, insurance companies,
collective investment schemes and Non-Irish Holders who acquired, or are deemed to have acquired, their Ordinary Shares and/or Warrants
by virtue of an Irish office or employment (performed or carried on to any extent in Ireland).
The summary does not, except
where expressly stated, consider the position of Non-Irish Holders who hold their Ordinary Shares and/or Warrants directly (and not beneficially
through a broker or custodian (through DTC)). The Irish tax consequences of transactions in Ordinary Shares and/or Warrants held directly
are generally negative when compared with Ordinary Shares and/or Warrants held through DTC. Any Non-Irish Holder contemplating holding
their Ordinary Shares and/or Warrants directly should consult their personal tax advisors as to the Irish tax consequences of acquiring,
owning and disposing of such Ordinary Shares and/or Warrants.
Irish Tax on Chargeable Gains (Irish CGT)
The current rate of tax on
chargeable gains (where applicable) in Ireland is 33%. Non-Irish Holders will not be within the territorial scope of a charge to Irish
CGT on a disposal of their Ordinary Shares and/or Warrants, provided that such Ordinary Shares and/or Warrants neither (a) were used in
or for the purposes of a trade carried on by such Non-Irish Holder through an Irish branch or agency, nor (b) were used, held or acquired
for use by or for the purposes of an Irish branch or agency.
Stamp Duty
The rate of stamp duty (where
applicable) on transfers of shares or warrants of Irish incorporated companies is 1% of the greater of the price paid or market value
of the shares or warrants acquired. Where Irish stamp duty arises it is generally a liability of the transferee. However, in the case
of a gift or transfer at less than fair market value, all parties to the transfer are jointly and severally liable.
Irish stamp duty may be payable
in respect of transfers of Ordinary Shares and Warrants, depending on the manner in which the Ordinary Shares and Warrants are held. ADSE
Holdco has entered into arrangements with DTC to allow the Ordinary Shares and Warrants to be settled through the facilities of DTC. As
such, the discussion below discusses separately the securityholders who hold their shares through DTC and those who do not.
Ordinary Shares or Warrants Held Through
DTC
The Irish Revenue Commissioners
have confirmed to ADSE Holdco that transfers of Ordinary Shares and Warrants effected by means of the transfer of book entry interests
in DTC will not be subject to Irish stamp duty.
Ordinary Shares or Warrants Held Outside
of DTC or Transferred Into or Out of DTC
A transfer of Ordinary Shares
or Warrants where any party to the transfer holds such Ordinary Shares or Warrants outside of DTC may be subject to Irish stamp duty.
86
Holders of Ordinary Shares
or Warrants wishing to transfer their Ordinary Shares or Warrants into (or out of) DTC may do so without giving rise to Irish stamp duty
provided that:
●
there is no change in the beneficial ownership of such shares as a result of the transfer; and
●
the transfer into (or out of) DTC is not effected in contemplation of a sale of such shares or warrants by a beneficial owner to a third party.
Due to the potential Irish
stamp charge on transfers of Ordinary Shares and Warrants held outside of DTC, it is strongly recommended that those securityholders who
do not hold their ADSE Holdco securities through DTC (or through a broker who in turn holds such shares through DTC) should arrange for
the transfer of their ADSE Holdco securities as into DTC as soon as possible.
Withholding Tax on Dividends (DWT)
Distributions made by ADSE
Holdco will, in the absence of one of many exemptions, be subject to DWT, currently at a rate of 25%.
For DWT and Irish income tax
purposes, a distribution includes any distribution that may be made by ADSE Holdco to holders of Ordinary Shares, including cash dividends,
non-cash dividends and additional stock taken in lieu of a cash dividend. Where an exemption from DWT does not apply in respect of a distribution
made to a holder of Ordinary Shares, ADSE Holdco is responsible for withholding DWT prior to making such distribution.
General Exemptions
Irish domestic law provides
that a non-Irish resident holder of Ordinary Shares is not subject to DWT on distributions received from ADSE Holdco if such holder of
Ordinary Shares is beneficially entitled to the distribution and is either:
●
a person (not being a company) resident for tax purposes in a Relevant Territory (including the United States) and is neither resident nor ordinarily resident in Ireland (for a list of Relevant Territories for DWT purposes, please see Ex. 99.1  to this Annual Report);
●
a company resident for tax purposes in a Relevant Territory, provided such company is not under the control, whether directly or indirectly, of a person or persons who is or are resident in Ireland;
●
a company that is controlled, directly or indirectly, by persons resident in a Relevant Territory and who is or are (as the case may be) not controlled by, directly or indirectly, persons who are not resident in a Relevant Territory;
●
a company whose principal class of shares (or those of its 75% direct or indirect parent) is substantially and regularly traded on a stock exchange in Ireland, on a recognized stock exchange either in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance; or
●
a company that is wholly owned, directly or indirectly, by two or more companies where the principal class of shares of each of such companies is substantially and regularly traded on a stock exchange in Ireland, a recognized stock exchange in a Relevant Territory or on such other stock exchange approved by the Irish Minister for Finance
87
and provided, in all cases noted above (but subject
to "
Ordinary—Shares Held by U.S. Resident Shareholders
" below), ADSE Holdco or, in respect of Ordinary Shares
held through DTC, any qualifying intermediary appointed by ADSE Holdco, has received from the holder of such Ordinary Shares, where required,
the relevant DWT Forms prior to the payment of the distribution. In practice, in order to ensure sufficient time to process the receipt
of relevant DWT Forms, the holders of Ordinary Shares, where required, should furnish the relevant DWT Form to:
●
its broker (and the relevant information is further transmitted to any qualifying intermediary appointed by ADSE Holdco) before the record date for the distribution (or such later date before the distribution payment date as may be notified to the holder of Ordinary Shares by the broker) if its Ordinary Shares are held through DTC; or
●
ADSE Holdco's transfer agent before the record date for the distribution if its Ordinary Shares are held outside of DTC.
Links to the various DWT Forms
are available at:
http://www.revenue.ie/en/tax/dwt/forms/index.html
. The information on such website does not constitute a part
of, and is not incorporated by reference into, this Annual Report.
For non-Irish resident holders
of Ordinary Shares that cannot avail themselves of one of Ireland's domestic law exemptions from DWT, it may be possible for such
holder of Ordinary Shares to rely on the provisions of a double tax treaty to which Ireland is party to reduce the rate of DWT.
Ordinary Shares Held by U.S. Resident Shareholders
Distributions paid in respect
of Ordinary Shares that are owned by a U.S. resident and held through DTC will not be subject to DWT provided the address of the beneficial
owner of such Ordinary Shares in the records of the broker holding such Ordinary Shares is in the United States (and such broker has further
transmitted the relevant information to a qualifying intermediary appointed by ADSE Holdco). It is strongly recommended that such holders
of Ordinary Shares ensure that their information is properly recorded by their brokers (so that such brokers can further transmit the
relevant information to a qualifying intermediary appointed by ADSE Holdco).
Distributions paid in respect
of Ordinary Shares that are held outside of DTC and are owned by a resident of the United States will not be subject to DWT if such holder
of Ordinary Shares provides a completed IRS Form 6166 or a valid DWT Form to ADSE Holdco's transfer agent to confirm its U.S. residence
and claim an exemption. It is strongly recommended that holders of Ordinary Shares (which are to be held outside of DTC) who are U.S.
residents provide the appropriate completed IRS Form 6166 or DWT Form to ADSE Holdco's transfer agent as soon as possible after
receiving their Ordinary Shares.
Ordinary Shares Held by Residents of Relevant
Territories Other Than the United States
Holders of Ordinary Shares
who are residents of Relevant Territories, other than the United States, must satisfy the conditions of one of the exemptions referred
to above under the heading "
—General Exemptions
", including the requirement to furnish valid DWT Forms, in order
to receive distributions without suffering DWT. If such holders of Ordinary Shares hold their Ordinary Shares through DTC, they must provide
the appropriate DWT Forms to their brokers (so that such brokers can further transmit the relevant information to a qualifying intermediary
appointed by ADSE Holdco) before the record date for the distribution (or such later date before the distribution payment date as may
be notified to holder of Ordinary Shares by the broker). If such holders of Ordinary Shares hold their Ordinary Shares outside of DTC,
they must provide the appropriate DWT Forms to ADSE Holdco's transfer agent before the record date for the distribution. It is strongly
recommended that such holders of Ordinary Shares complete the appropriate DWT Forms and provide them to their brokers or ADSE Holdco's
transfer agent, as the case may be, as soon as possible after receiving their Ordinary Shares.
If any holder of Ordinary
Shares who is resident in a Relevant Territory receives a distribution from which DWT has been withheld, the holder of Ordinary Shares
may be entitled to a refund of DWT from the Irish Revenue Commissioners provided the holder of Ordinary Shares is beneficially entitled
to the distribution.
88
Shares Held by Other Persons
Holders of Ordinary Shares
that do not fall within any of the categories specifically referred to above may nonetheless fall within other exemptions from DWT. If
any holders of Ordinary Shares are exempt from DWT, but receive distributions subject to DWT, such holders of Ordinary Shares may apply
for refunds of such DWT from the Irish Revenue Commissioners.
Distributions paid in respect
of Ordinary Shares held through DTC that are owned by a partnership formed under the laws of a Relevant Territory and where all the underlying
partners are resident in a Relevant Territory will be entitled to exemption from DWT if all of the partners complete the appropriate DWT
Forms and provide them to their brokers (so that such brokers can further transmit the relevant information to a qualifying intermediary
appointed by ADSE Holdco) before the record date for the distribution (or such later date before the distribution payment date as may
be notified to the holder of Ordinary Shares by the broker). If any partner is not a resident of a Relevant Territory, no part of the
partnership's position is entitled to exemption from DWT.
Qualifying Intermediary
Prior to paying any distribution,
ADSE Holdco will put in place an agreement with an entity that is recognized by the Irish Revenue Commissioners as a "qualifying
intermediary," which will provide for certain arrangements relating to distributions in respect of Ordinary Shares that are held
through DTC, which are referred to as the "Deposited Securities." The agreement will provide that the qualifying intermediary
shall distribute or otherwise make available to Cede & Co., as nominee for DTC, any cash dividend or other cash distribution with
respect to the Deposited Securities after ADSE Holdco delivers or causes to be delivered to the qualifying intermediary the cash to be
distributed.
ADSE Holdco will rely on information
received directly or indirectly from its qualifying intermediary, brokers and its transfer agent in determining where holders of Ordinary
Shares reside, whether they have provided the required U.S. tax information and whether they have provided the required DWT Forms. Holders
of Ordinary Shares that are required to file DWT Forms in order to receive distributions free of DWT should note that such forms are generally
valid, subject to a change in circumstances, until December 31 of the fifth year after the year in which such forms were completed.
Income Tax on Dividends Paid on Ordinary Shares
Irish income tax may arise
for certain persons in respect of distributions received from Irish resident companies.
A Non-Irish Holder that is
entitled to an exemption from DWT will generally have no Irish income tax or universal social charge liability on a distribution from
ADSE Holdco. A Non-Irish Holder that is not entitled to an exemption from DWT, and therefore is subject to DWT, generally will have no
additional Irish income tax liability or liability to universal social charge. The DWT deducted by ADSE Holdco discharges the Irish income
tax liability and liability to universal social charge.
Capital Acquisitions Tax (CAT)
CAT comprises principally
gift tax and inheritance tax on property situated in Ireland for CAT purposes or otherwise within the territorial scope of CAT. CAT could
apply to a gift or inheritance of Ordinary Shares and Warrants because Ordinary Shares and Warrants are regarded as property situated
in Ireland for CAT purposes. The person who receives the gift or inheritance has primary liability for CAT.
CAT is currently levied at
a rate of 33% on the value of any taxable gift or inheritance above certain tax-free thresholds. The appropriate tax-free threshold depends
upon (1) the relationship between the donor and the donee and (2) the aggregation of the values of previous taxable gifts and inheritances
received by the donee from persons within the same group threshold. Gifts and inheritances passing between spouses are exempt from CAT,
as are gifts to certain charities. Children have a lifetime tax-free threshold of €335,000 in respect of taxable gifts or inheritances
received from their parents. There is also a "small gift exemption" from CAT whereby the first €3,000 of the taxable
value of all taxable gifts taken by a donee from any one donor, in each calendar year, is exempt from CAT and is also excluded from any
future aggregation. This exemption does not apply to an inheritance.
89
THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE
ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE ANY DEFINITIVE TAX REPRESENTATIONS TO HOLDERS. EACH SECURITYHOLDER SHOULD
CONSULT HIS OR HER TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH SECURITYHOLDER.
10.F. Dividends and Paying Agents
ADSE Holdco has no current
plans to pay dividends and does not currently have a paying agent.
10.G. Statement by Experts
Not Applicable.
10.H. Documents on Display
We are subject to certain
of the informational filing requirements of the Exchange Act. Since we are a "foreign private issuer," we are exempt from
the rules and regulations under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors
and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions contained in Section
16 of the Exchange Act, with respect to their purchase and sale of our shares. In addition, we are not required to file reports and financial
statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However,
we are required to file with the SEC an Annual Report on Form 20-F containing financial statements audited by an independent accounting
firm. We also furnish to the SEC, on Form 6-K, unaudited financial information with respect to our first six-month period of our fiscal
year. The SEC maintains a website at http://www.sec.gov that contains reports and other information that we file with or furnish electronically
with the SEC.
10.I. Subsidiary Information
Not Applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk
Market risk is the risk that
changes in market prices — e.g. foreign exchange rates, interest rates and equity prices — will affect ADSE's income
or the value of its holdings of financial instruments. The financial instruments affected by market risk essentially comprise of financial
liabilities and assets.
Interest Rate Risk
At December 31, 2022, we did
not have any significant exposure to interest rate risk as we have no loans or borrowings and insignificant interest income from cash
and cash equivalents and other investments.
Currency Risk
At
December 31, 2022, ADSE is exposed to currency risks arising from bank balances in foreign currencies, transactions in foreign currencies
including revenue generated or purchases for materials and services, and operating business activities in the US for ADSE US. The main
exposure of currency risks arise with respect to bank balances amounting to kEUR 10,087 (December 31, 2021: kEUR 101.729) which are denominated
in USD. Lesser currency risks arise from normal operations due to 87% of revenues in 2022 (2021: 94%, 2020: 99%) are generated in EUR.
Equity risk
Equity risk is that changes
in stock markets – e.g. a falling price of ordinary shares and/or public warrants of ADSE ("ADSE's trading price"),
receiving no dividends, receiving lower dividends than expected, or fluctuations in the equity markets – will affect the value of
ADSE's common shares and outstanding warrants. The volatility of ADSE's trading price could potentially have significant impact
on the valuation of warrant liabilities in the future and valuation of future share-based payments. As of December 31, 2022, equity risks
arise with respect to warrant liabilities amounting to EUR 2,439.
90
Other Market Risks
ADSE is not significantly
exposed to other market risks.
See also ADSE´s audited
financial statement for years ended December 31, 2022 and 2021, respectively, included elsewhere in this annual report for more information.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
12.A. Debt Securities
Not Applicable.
12.B. Warrants and Rights
See "Item 10.B. Memorandum
and Articles of Associations — Warrants" of this Annual Report, which is incorporated herein by reference.
12.C. Other Securities
Not Applicable.
12.D. American Depositary Shares
Not Applicable.
91
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
None.
ITEM 15. CONTROLS AND PROCEDURES
A. Disclosure Controls and Procedures
Management, with the participation
of ADSE's Chief Executive Officer and Chief Financial Officer (our "Certifying Officers"), evaluated the effectiveness
of our disclosure controls and procedures as of December 31, 2022. The term "disclosure controls and procedures," as defined
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), means controls
and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to
the company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions
regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving their objectives.
Based on the evaluation performed
as of December 31, 2022, as a result of the material weaknesses in internal control over financial reporting that are described below
in Management's Report on Internal Control Over Financial Reporting, our Chief Executive Officer and Chief Financial Officer determined
that our disclosure controls and procedures were not effective as of such date.
B. Management's Annual Report on Internal
Control over Financial Reporting
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under
the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. However, these inherent limitations are
known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not
eliminate, this risk.
A company's internal
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's
assets that could have a material effect on the financial statements. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual financial
statements will not be prevented or detected on a timely basis.
Under the supervision and
with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness
of the Company's internal control over financial reporting as of December 31, 2022, based on criteria for effective internal control
over financial reporting established in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission ("
COSO
"). Based on this evaluation, management concluded that our internal control over
financial reporting was not effective as of December 31, 2022, due to the material weaknesses described below.
92
Management has determined
that the company had the following material weaknesses in its internal control over financial reporting:
Control Environment, Risk
Assessment, and Monitoring
We did not maintain appropriately
designed entity-level controls impacting the control environment, risk assessment procedures, and effective monitoring controls to prevent
or detect material misstatements to the consolidated financial statements. There is a general deficiency in that there is no documentation
of risk assessment, process narratives and descriptions of key controls the Company relies on to establish and maintain an effective internal
control over financial reporting. ADSE partially relies on third party service providers and/or shared service centers to perform accounting
standard conversion, book-keeping and internal and external reporting services. For book-keeping, the external services provided
by third parties have been reduced significantly by the transfer and integration of employees to ADSE in 2022.
The material weaknesses relate
to (i) lack of consistent and proper application of accounting processes and procedures, defined control processes and segregation of
duties, (ii) insufficient design, implementation and operating effectiveness of information technology general controls for information
systems that are significant to the preparation of our financial statements, (iii) lack of review and supervision (iv) insufficient resources
with an appropriate level of technical accounting and SEC reporting expertise and (v) lack of sufficient and appropriate resources within
ADSE to properly monitor and review the work performed by third parties and/or shared service centers, including the outsourced IT systems.
These deficiencies were attributed
to (i) lack of structure and responsibility, insufficient number of qualified resources and inadequate oversight and accountability over
the performance of controls, (ii) ineffective identification and assessment of risks impacting internal control over financial reporting,
and (iii) ineffective evaluation and determination as to whether the components of internal control were present and functioning.
Control Activities, and
Information and Communication
These material weaknesses
contributed to the following additional material weaknesses within certain business processes and the information technology environment
(i) management do not conduct reviews of access on periodic basis to ensure that user access rights remain appropriate, (ii) there is
a lack of formal process for review procedures in place, and moreover a lack of evidence maintained and saved for management review controls
being performed, (iii) we did not fully design, implement and monitor general information technology controls in the areas of program
change management, user access, and segregation of duties for systems supporting substantially all of the Company's internal control
processes. Accordingly, the Company did not have effective - no comprehensive and fully integrated - automated process-level controls,
and manual controls that are dependent upon the information derived from the IT systems, (iv) we did not design and implement, or appropriately
retain and update documentation of formal accounting policies, procedures and controls across substantially all of the Company's
business processes to achieve timely, complete, accurate financial accounting, reporting, and disclosures. Additionally, we did not design
and implement adequate comprehensive controls maintained at the corporate level which are at a sufficient level of precision to provide
for the appropriate level of oversight of business process activities, corresponding risks and related controls, (v) we did not appropriately
design and implement management review controls at a sufficient level of precision around complex accounting areas and disclosure (including
stock-based compensation, lease accounting, revenue recognition over extended warranties), (vi) control owners don't perform test
work to confirm completeness and accuracy of the key reports, spreadsheets and queries they used in their control activities, (vii) we
did not appropriately design and implement controls over the existence and completeness of inventory stored at third party warehouses
or suppliers, and (viii) financial statement assertions are not appropriately addressed in the controls design and definition.
Accordingly, management has
concluded that these control deficiencies constitute material weaknesses. These material weaknesses resulted in material misstatements
that have been corrected for in the financial statements.
93
Remediation Activities
We are in the process of designing
and implementing measures to improve our internal control over financial reporting to remediate the material weaknesses, including improving
and implementing new information technology and systems for the preparation of the financial statements, implementing additional review
procedures within our accounting and finance department, hiring additional staff and engaging external accounting experts to support improving
our accounting processes and procedures and supplement our internal resources in our computation processes.
Our internal control remediation
efforts include the following (i) we are in the process of reassessing and formalizing the design of certain accounting and information
technology policies relating to security and change management controls, (ii) we hired additional qualified resources to segregate key
functions within our financial and information technology processes supporting our internal controls over financial reporting (e.g. order-to-cash
and accounts receivables), (iii) we are in process selecting and engaging of an outside firm to assist management with (a) reviewing our
current processes, procedures, and systems and assessing the design of controls to identify opportunities to enhance the design of controls
that would address relevant risks identified by management, and (b) enhancing and implementing protocols to retain sufficient documentary
evidence of operating effectiveness of such controls.
In addition to implementing
and refining the above activities, we expect to engage in additional remediation activities, including (i) continuing to enhance and formalize
our corporate governance, accounting, business operations, and information technology policies, procedures, and controls to achieve complete,
accurate, and timely financial accounting, reporting and disclosures, (ii) revision and redesign of the company level controls in accordance
with ICFR requirements and to achieve effectiveness, (iii) enhance and establish compliance awareness and trainings of all employees,
(iv) establish effective general controls over systems to ensure that our automated process level controls and information produced and
maintained in our IT systems is relevant and reliable, (v) designing and implementing controls that address the completeness and accuracy
of underlying data used in the performance of controls over accounting transactions and disclosures, (vi) enhancing policies and procedures
to retain adequate documentary evidence for certain management review controls over certain business processes including precision of
review and evidence of review procedures performed to demonstrate effective operation of such controls, (vii) developing monitoring controls
and protocols that will allow us to timely assess the design and the operating effectiveness of controls over financial reporting and
make necessary changes to the design of controls, if any.
While these actions and planned actions are subject
to ongoing management evaluation and will require validation and testing of the design and operating effectiveness of internal controls
over a sustained period of financial reporting cycles, we are committed to the continuous improvement of our internal control over financial
reporting and will continue to diligently review our internal control over financial reporting. These remediation measures, which continue
as of December 31, 2022 have been time consuming and costly and there is no assurance that these initiatives will remediate all issues.
While we are designing and
implementing measures to remediate the material weaknesses, we cannot predict the success of such measures or the outcome of our assessment
of these measures at this time, and we cannot assure you that we will be able to fully remediate our material weakness in the future.
See "Item 3. Key Information—D. Risk factors—Financial, Tax and Accounting-Related Risks—
As a public company,
we have identified material weaknesses in our internal control over financial reporting and may identify additional material weaknesses
in the future. Failure to remediate such material weaknesses in the future or to maintain an effective system of internal control could
impair our ability to comply with the financial reporting and internal controls requirements for publicly traded companies."
We do not expect that our internal controls over financial reporting
will prevent all errors and all instances of fraud. Internal controls over financial reporting, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the
design of internal controls over financial reporting must reflect the fact that there are resource constraints, and the benefits must
be considered relative to their costs. Because of the inherent limitations in all internal controls over financial reporting, no evaluation
of internal controls over financial reporting can provide absolute assurance that we have detected all our control deficiencies and instances
of fraud, if any. The design of internal controls over financial reporting also is based partly on certain assumptions about the likelihood
of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future
conditions.
94
C. Attestation Report of the Registered
Public Accounting Firm
This Annual Report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
as such report is not required for emerging growth companies., Our independent registered public accounting firm will not be required
to opine on the effectiveness of our internal control over financial reporting until we are no longer an emerging growth company.
D. Changes in Internal Control over Financial Reporting
There were no changes in our
internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the
fiscal year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting. In light of the material weaknesses in our internal control over financial reporting identified in this Annual
Report, we plan to adopt a number of measures to remedy the underlying causes of the material weaknesses, as discussed under the heading
"Controls and Procedures - Management's Annual Report on Internal Controls Over Financial Reporting" above. We cannot
guarantee that the measures we plan to take or may take in the future will be sufficient to remediate our material weaknesses in internal
control over financial reporting or that they will prevent or avoid potential future material weaknesses.
16. [RESERVED]
16.A. Audit Committee and Financial Expert
The board of directors of
ADSE Holdco has determined that Salina Love and K.R. Kent each qualify as an "audit committee financial expert" as defined
under rules and regulations of the SEC and satisfies the "independence" requirements set forth in Rule 10A-3 under the Exchange
Act.
16.B. Code of Ethics
See "Item 6.C. Board
Practices — Code of Business Ethics" of this Annual Report, which is incorporated herein by reference.
16.C. Principal Accountant Fees and Services
Our audit committee of the
board of directors is required to pre-approve the audit and non-audit services to be performed by our independent registered public accounting
firm and associated fees prior to the engagement with respect to such services. Pursuant to this policy, which is designed to assure that
such engagements do not impair the independence of our auditors, the audit committee pre-approves annually a catalogue of specific audit
and non-audit services that may be performed by our independent registered public accounting firm.
12 Months Ended
12 Months Ended
December 31,
2022
December 31,
2021
BDO AG Wirtschaftsprüfungsgesellschaft
Audit Fees
€
733,000
€
595,000
Audited-Related Fees
€
⸺
€
319,000
Tax Fees
€
31,000
€
⸺
All Other Fees
€
⸺
€
⸺
Total
€
764,000
€
914,000
Audit fees relate to the
audits of the consolidated financial statements of ADSE, reviews of half year interim financial statements of ADSE, and statutory
audits of the financial statements of ADSE GM and ADSE HoldCo.
Audit-related fees include the review of documents filed with the
SEC.
Tax fees relate to preparation of Passive Foreign Investment Company ("PFIC") annual information statements of ADSE
HoldCo.
95
16.D. Exemptions from the Listing Standards for Audit Committees
Not Applicable.
16.E. Purchases of Equity Securities by the Issuer and Affiliated
Purchasers
None.
16.F. Changes in Registrant's Certifying Accountant
Not Applicable.
16.G. Corporate Governance
We are a "foreign private
issuer" (as such term is defined in Rule 3b-4 under the Exchange Act) and our ordinary shares and warrants are listed on Nasdaq.
The Nasdaq Listing Rules allow foreign private issuers, such as us, to follow home country corporate governance practices (in our case
Irish) in lieu of the otherwise applicable Nasdaq corporate governance requirements. In order to rely on this exception, we are required
to disclose each Nasdaq Listing Rule that we do not follow and describe the home country practice we do follow in lieu thereof. We do
not currently follow any Irish corporate governance practices in lieu of Nasdaq corporate governance rules.
16.H. Mine Safety Disclosure
Not Applicable.
16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not Applicable.
16J. Insider Trading Policies
We have adopted insider trading policies and procedures
governing the purchase, sale or other disposition of the Company's securities by the Company's directors, officers and employees
that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations. A copy of our our insider
trading policy is filed as an exhibit to this Annual Report.
96
PART III
ITEM 17. FINANCIAL STATEMENTS
See "Item 18. Financial
Statements."
ITEM 18. FINANCIAL STATEMENTS
Our audited consolidated financial
statements are included at the end of this Annual Report.
ITEM 19. EXHIBITS
We have filed or incorporated
by reference herein the following documents as exhibits to this Form 20-F:
EXHIBIT INDEX
Exhibit No.
Description
1.1
Memorandum and Articles of Association of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 1.1 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
2.1
Business Combination Agreement, incorporated by reference to Exhibit 2.1 to the Registration Statement on Form F-4 (File No. 333-260312).
2.2
Specimen Ordinary Share Certificate of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-4 (File No. 333-260312).
2.3
Specimen Warrant Certificate of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.2 to the Registration Statement on Form F-4 (File No. 333-260312).
2.4
Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, incorporated by reference to Exhibit 2.4 to the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022.
4.1
Amended and Restated Warrant Agreement, dated December 22, 2021, by and among European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC, and Continental Stock Transfer & Trust Company, incorporated by reference to Exhibit 4.1 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.2
Cash Consideration Transfer Agreement, dated December 22, 2021, by and between Bosch Thermotechnik GmbH and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.2 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.3
Share Consideration and Loan Transfer Agreement, Share Consideration and Loan Transfer Agreement, dated December 22, 2021, by and among Bosch Thermotechnik GmbH, Robert Bosch Gesellschaft mit beschränkter Haftung, ads-tec Holding GmbH and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.3 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.4
Sponsor Support Agreement, dated August 10, 2021, by and among European Sustainable Growth Acquisition Corp., ads-tec Energy GmbH, LRT Capital1 LLC and LHT Invest AB, incorporated by reference to Exhibit 10.3 to the Registration Statement on Form F-4 (File No. 333-260312).
4.5
Form of Indemnification Agreement with ADS-TEC ENERGY PLC's directors and executive officers, incorporated by reference to Exhibit 10.4 to the Registration Statement on Form F-4 (File No. 333-260312).
4.6
Registration Rights Agreement, dated December 22, 2021, by and among European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC, the EUSG initial shareholders, EarlyBirdCapital, Inc., ABN AMRO Securities (USA) LLC, and the ADSE GM Shareholders, incorporated by reference to Exhibit 4.6 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.7
Lock-Up Agreement, dated December 22, 2021, among ADS-TEC ENERGY PLC, LRT Capital1 LLC, EarlyBirdCapital, Inc., ABN AMRO Securities (USA) LLC, LHT Invest AB, Ads-Tec Holding GmbH, Bosch Thermotechnik GmbH, and Jonathan Copplestone, incorporated by reference to Exhibit 4.7 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.8
Form of Subscription Agreement by and between European Sustainable Growth Acquisition Corp., ADS-TEC ENERGY PLC and the subscribers named therein (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form F-4 (File No. 333-260312).
4.9
Agreement on Cost Allocation for the Provision of Shared Services, dated December 13, 2021, by and among ads-tec Energy GmbH, ads-tec Energy Inc., and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.9 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.10
Employee Sharing and Cost Sharing Agreement, dated December 23, 2021, by and between ads-tec Energy, Inc. and ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 4.10 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.11
ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.11 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.12
Form of Non-Qualified Stock
    Option Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.11 to the
    Registration Statement on Form F-4 (File No. 333-260312).
97
4.13
Form of Incentive Stock
    Option Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.12 to the
    Registration Statement on Form F-4 (File No. 333-260312).
4.14
Form of Restricted Stock
    Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.13 to the Registration
    Statement on Form F-4 (File No. 333-260312).
4.15
Form of Restricted Stock
    Unit Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.14 to the
    Registration Statement on Form F-4 (File No. 333-260312).
4.16
Form of Stock Appreciation
    Rights Agreement pursuant to the ADS-TEC ENERGY PLC 2021 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.15 to the
    Registration Statement on Form F-4 (File No. 333-260312).
4.17
Form of Non-Executive Director Appointment Letter of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 10.16 to the Registration Statement on Form F-4 (File No. 333-260312).
4.18
Special Eligibility Agreement for Securities, dated December 22, 2021, by and among ADS-TEC ENERGY PLC, The Depository Trust Company, Cede & Co., National Securities Clearing Corporation, and Continental Stock Transfer & Trust Company, incorporated by reference to Exhibit 4.18 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.19
Operating Equipment Framework
    Credit Contract, dated May 2, 2021, by and between Landesbank Baden-Württemberg and ads-tec Energy GmbH, and Guarantee Credit
    Framework Contract, dated September 7, 2020, by and between Landesbank Baden-Württemberg and ads-tec Energy GmbH, incorporated
    by reference to Exhibit 10.18 to the Registration Statement on Form F-4 (File No. 333-260312).
4.20
Employment Agreement, dated April 19, 2022, by and between ads-tec Energy GmbH and Thomas Speidel, incorporated by reference to Exhibit 4.20 to the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022.
4.21
Employment Agreement, effective October 1, 2021, by and between ads-tec Energy, Inc. and John Neville, incorporated by reference to Exhibit 4.21 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.22
Amendment Agreement to the Employment Contract of 18 September 2019, dated December 12, 2021, by and between ads-tec Energy GmbH and Hakan Konyar, incorporated by reference to Exhibit 4.22 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.23
Amendment Agreement to the Employment Contract of 18 September 2021, dated December 21, 2021, by and between ads-tec Energy GmbH and Dr. Thorsten Ochs, incorporated by reference to Exhibit 4.22 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
4.24
Amendment Agreement to Employment Contract of 13 March 2020, dated February 5, 2022, by and between ads-tec Energy GmbH and Robert Vogt, incorporated by reference to Exhibit 4.24 to the Registrant's Annual Report on Form 20-F filed with the SEC on April 28, 2022.
4.25*
Insider Trading Policy of ADS-TEC Group.
8.1
List of subsidiaries of ADS-TEC ENERGY PLC, incorporated by reference to Exhibit 8.1 to the Registrant's Shell Company Report on Form 20-F filed with the SEC on December 29, 2021.
12.1*
Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
12.2*
Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
13.1**
Certification by the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2**
Certification by the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
15.1*
Consent of BDO AG Wirtschaftsprüfungsgesellschaft.
99.1
List of Relevant Territories
    for the Purposes of Irish Dividend Withholding Tax, incorporated by reference to Exhibit 99.1 to the Registrant's Annual Report
    on Form 20-F filed with the SEC on April 28, 2022.
101.INS*
Inline XBRL Instance Document.
101.SCH*
Inline XBRL Taxonomy Extension
    Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension
    Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Extension
    Definition Linkbase Document.
101.LAB*
Inline XBRL Taxonomy Extension
    Label Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension
    Presentation Linkbase Document.
104*
Cover Page Interactive
    Data File - (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed herewith.
**
Furnished herewith.
98
SIGNATURES
The registrant hereby certifies that it meets
all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report
on its behalf.
ADS-TEC ENERGY PLC
By:
/s/ Thomas Speidel
Name:
Thomas Speidel
Title:
Chief Executive Officer
Date: May 11, 2023
99
Consolidated Financial Statements
ADS-TEC Energy PLC
as at and for the year ended
December 31, 2022 and 2021
Prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm (BDO AG Wirtschaftsprüfungsgesellschaft; Frankfurt am Main, Germany; PCAOB ID:
1010
)
F-2
Consolidated statements of profit or loss and comprehensive income (loss)
F-
3
Consolidated statements of financial position
F-4
Consolidated statements of cash flows
F-6
Consolidated statements of changes in equity
F-7
Notes to the consolidated financial statements
F-9
1.
Reporting entity and group information
F-9
1.1
Reporting entity
F-9
1.2
Group information
F-9
1.3
The business combination
F-10
1.4
Material uncertainty regarding the ability to continue as a going concern
F-11
2.
Accounting estimates and management judgements
F-12
3.
Accounting policies
F-14
3.1
Basis of preparation
F-14
3.2
New accounting standards and interpretations
F-15
3.3
Significant accounting policies
F-16
4.
Disclosure on individual items of the consolidated financial statements
F-27
4.1
Statements of comprehensive income
F-27
4.2
Statements of financial position
F-
37
4.3
Share-based payments
F-47
4.4
Statements of cash flows
F-50
4.5
Capital and financial risk management
F-50
5.
Segment reporting
F-55
6.
Related party transactions
F-58
7.
Other financial disclosures
F-61
8.
Events after the reporting period
F-61
9.
Approval of the financial statements
F-61
F-
1
Report of Independent Registered Public Accounting
Firm
Shareholders and Board of Directors
Ads-Tec Energy PLC
Dublin, Ireland
Opinion on the Consolidated
Financial Statements
We have audited the accompanying
consolidated statements of financial position of Ads-Tec Energy PLC (the "Company") as of December 31, 2022 and 2021, the
related consolidated statements of profit or loss and comprehensive income (loss), changes in equity, and cash flows for each of the
three years in the period ended December 31, 2022, and the related notes (collectively referred to as the "consolidated financial
statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position
of the Company at December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the
period ended December 31, 2022
,
in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.
Going Concern Uncertainty
The accompanying consolidated
financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1.4 to the consolidated
financial statements, the Company has suffered recurring losses and negative cash flows from operations since its inception that raise
substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described
in Note 1.4. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/
BDO AG Wirtschaftsprüfungsgesellschaft
We have served as the Company's auditor since
2021.
Frankfurt am Main, Germany
May 11, 2023
F-
2
Consolidated
statements of profit or loss and comprehensive income (loss)
kEUR
Note
2022
2021
2020
Continuing operations
Revenue
4.1.1
26,430
33,035
47,370
Cost of sales
4.1.2
-
30,904
-
35,310
-
45,548
Gross profit (loss)
-
4,474
-
2,275
1,822
Research and development expenses
4.1.2
-
1,701
-
2,012
-
749
Selling and general administrative expenses
4.1.2
-
31,319
-
13,321
-
7,570
Impairment losses on trade receivables, contract assets, and other investments
4.2.6
-
228
-
171
-
9
Other income
4.1.3
2,383
4,538
541
Other expenses
4.1.4
-
1,084
-
5,402
-
2,224
Operating result
-
36,423
-
18,643
-
8,190
Finance income
4.1.5
20,515
47
-
Finance expenses
4.1.5
-
427
-
2,835
-
2,135
Share listing expenses
4.1.6
-
-
65,796
-
Net finance result
20,089
-
68,583
-
2,135
Result before tax
-
16,335
-
87,227
-
10,325
Income tax benefits (expenses)
4.1.7
-
2,572
-
413
45
Result for the period
-
18,906
-
87,640
-
10,280
Other comprehensive income
Items that are or may be reclassified
    subsequently to profit or loss
Foreign operations – foreign currency translation differences
46
-
2
-
Other comprehensive income (loss) for the period, net of tax
46
-
2
-
Total comprehensive income (loss) for the period
-
18,860
-
87,642
-
10,280
Profit (loss) attributable to:
Shareholders of the parent
-
18,906
-
87,640
-
10,280
Non-controlling interests
-
-
-
Total
    comprehensive income (loss) attributable to:
Shareholders of the parent
-
18,860
-
87,642
-
10,280
Non-controlling interests
-
-
-
Earnings (loss) per share (in EUR)
4.1.8
Diluted
-
0.39
-
3.46
-
320.86
Basic
-
0.39
-
3.46
-
320.86
Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.
F-
3
Consolidated
statements of financial position
ASSETS
kEUR
Note
Dec. 31,
2022
Dec. 31,
2021
Intangible assets
4.2.1
22,059
17,038
Right-of-use assets
4.2.2
3,366
1,988
Property, plant, and equipment
4.2.3
5,389
2,958
Other investments and other assets
4.2.4
3,373
2,084
Trade and other receivables (non-current)
4.2.6
4
4
Deferred tax assets
-
-
Non-current assets
34,192
24,072
Inventories
4.2.5
53,137
13,063
Contract assets
4.2.6
6
973
Trade and other receivables (current)
4.2.6
17,666
11,304
Cash and cash equivalents
4.2.7
34,441
101,813
Current assets
105,250
127,152
Total assets
139,442
151,224
Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.
F-
4
EQUITY AND LIABILITIES
kEUR
Note
Dec. 31,
2022
Dec. 31,
2021
Share capital
4.2.8
4
4
Capital reserves
4.2.8
216,815
214,100
Other equity
4.2.8
45
-
2
Retained earnings
4.2.8
-
117,211
-
29,570
Profit (loss)
4.2.8
-
18,906
-
87,640
Equity attributable to owners of the Company
80,747
96,892
Non-controlling interests
-
-
Total equity
80,747
96,892
Lease liabilities (non-current)
4.2.2
2,635
1,537
Warrant liabilities (non-current)
4.2.9
2,439
12,767
Trade and other payables (non-current)
4.2.10
150
158
Contract liabilities (non-current)
4.1.1
138
132
Other provisions (non-current)
4.2.11
6,719
7,438
Deferred tax liabilities
4.1.7
4,241
1,859
Non-current liabilities
16,322
23,892
Lease liabilities (current)
4.2.2
842
528
Loans and borrowings (current)
4.2.12
-
7,522
Trade and other payables (current)
4.2.10
15,702
14,000
Contract liabilities (current)
4.1.1
23,583
6,208
Income tax liabilities (current)
4.1.7
189
-
Other provisions (current)
4.2.11
2,056
2,182
Current liabilities
42,373
30,440
Total liabilities
58,695
54,332
Total equity and liabilities
139,442
151,224
Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.
F-
5
Consolidated
statements of cash flows
kEUR
Note
2022
2021
2020
Result for the period
-
18,906
-
87,640
-
10,280
Depreciation and amortization
4.1.2
4,336
3,485
1,641
Finance income excluding foreign currency gains
4.1.5
-
10,587
-
47
-
Finance expense
4.1.5
427
2,835
2,135
Share listing expense
4.1.6
-
58,523
-
Non-cash effective foreign currency gains
4.1.5
-
9,928
-
-
Stock compensation
4.3
2,767
-
-
Gain (loss) on disposal of property, plant, and equipment
4.2.3
21
55
70
Change in trade receivables not attributable to investing or financing activities
4.2.6
-
6,716
-
10,540
1,380
Change in inventories
4.2.5
-
40,195
8,572
13,887
Change in trade payables
4.2.10
3,689
785
5,936
Change in contract assets
4.1.1
967
654
-
565
Change in contract liabilities
4.1.1
17,387
-
1,802
-
29,686
Change in other investments and other assets
4.2.4
-
872
-
2,577
-
140
Change in other provisions
4.2.11
-
845
6,112
3,082
Change in other liabilities
4.2.10
651
3,283
-
45
Cash flow from operating activities
-
57,805
-
18,304
-
12,584
Purchase of property, plant, and equipment
4.2.3
-
3,484
-
1,576
-
1,059
Investments in intangible assets, including internally generated intangible asset
4.2.1
-
7,586
-
4,009
-
5,564
Interest received
196
-
-
Cash flow from investing activities
-
10,874
-
5,585
-
6,623
Proceeds from borrowings, shareholder contribution and loans
4.2.8
-
26,409
10,354
Repayment of loans and borrowings
4.2.12
-
7,522
-
354
-
Proceeds from issuance of shares to equity holders of the parent
4.2.8
-
265,372
-
Cash election by shareholders in lieu of shares
4.2.8
-
-
84,112
-
Transaction cost deducted from equity
4.2.8
-
-
14,991
-
Repayment of shareholder loans
4.2.8
-
-
43,257
-
Redemption of equity
4.2.8
-
-
19,976
-
Repayment of lease liabilities
4.2.2
-
706
-
569
-
454
Interest paid
4.1.5
-
427
-
2,571
-
Cash flow from financing activities
-
8,655
125,950
9,900
Net increase in cash and cash equivalents
-
77,334
102,062
-
9,307
Net cash and cash equivalents at the beginning of the period
101,813
18
9,325
FX effects
9,962
-
267
-
Net cash and cash equivalents at the end of the period
34,441
101,813
18
Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.
F-
6
Consolidated
statements of changes in equity
Other reserves
kEUR
Subscribed capital
Capital
reserves
Retained
earnings
Currency
translation
reserve
Total
other
reserves
Equity
attributable to
shareholders
Total
equity
Balance as of Jan. 01, 2022
4
214,100
-
117,211
-
2
-
117,212
96,892
96,892
Result for the period
-
-
-
18,906
-
-
18,906
-
18,906
-
18,906
Other comprehensive income (loss)
-
-
-
46
46
46
46
Total comprehensive income (loss)
4
214,100
-
136,117
45
-
136,073
78,031
78,031
Other changes in equity
-
25
-
-
-
25
25
Stock compensation
-
2,690
-
-
-
2,690
2,690
Total contributions and distributions
-
2,715
-
-
-
2,715
2,715
Balance as of Dec. 31, 2022
4
216,815
-
136,117
45
-
136,073
80,747
80,747
F-
7
Other reserves
kEUR
Subscribed capital
Capital
reserves
Retained
earnings
Currency translation reserve
Total other reserves
Equity attributable to shareholders
Total equity
Balance as of Jan. 01, 2021
32
20,950
-
29,571
-
-
29,571
-
8,589
-
8,589
Result for the period
-
-
-
87,640
-
-
-
-
Other comprehensive income (loss)
-
-
-
-
2
-
-
2
-
2
Total comprehensive income (loss)
-
-
-
87,640
-
2
-
87,642
-
87,642
-
87,642
Capital reorganization
-
32
32
-
-
-
-
-
PLC merger, net of transaction costs
3
137,838
-
-
-
137,841
137,841
Share issuance in connection with a merger
1
138,040
-
-
-
138,041
138,041
Capital contribution
-
1,342
-
-
-
1,342
1,342
Stock compensation
-
10
-
-
-
10
10
Cash election in lieu of shares
-
1
-
84,112
-
-
-
-
84,113
-
84,113
Total contributions and distributions
-
28
193,149
-
-
-
193,121
193,121
Balance as of Dec. 31, 2021
4
214,100
-
117,211
-
2
-
117,212
96,892
96,892
Other reserves
kEUR
Subscribed
capital
Capital
reserves
Retained
earnings
Currency
translation
reserve
Total
other
reserves
Equity
attributable to
shareholders
Total
equity
Balance as of Jan. 01, 2020
32
20,950
-
19,291
-
-
19,291
1,691
1,691
Result for the period
-
-
-
10,280
-
-
10,280
-
10,280
-
10,280
Other comprehensive income (loss)
-
-
-
-
-
-
-
Total comprehensive income (loss)
-
-
-
10,280
-
-
10,280
-
10,280
-
10,280
Capital increase/decrease
-
-
-
-
-
-
-
Total contributions and distributions
-
-
-
-
-
-
-
Balance as of Dec. 31, 2020
32
20,950
-
29,571
-
-
29,571
-
8,589
-
8,589
Due to rounding, the sum of the numbers presented
in the table above might not precisely equal the totals we provide.
F-
8
Notes to the
consolidated financial statements
1.
Reporting entity and group information
1.1
Reporting entity
ADS-TEC Energy PLC and its subsidiaries ("ADSE")
provide intelligent and decentralized energy storage systems to municipalities, automotive OEMs, charging operators, dealerships, fleets,
residential areas, offices and industrial sites in North America and Europe. Its scalable systems are designed for use in private homes,
public buildings, commercial enterprises, industrial and infrastructure solutions, and self-sufficient energy supply systems, with capacities
up to the multi-megawatt range.
ADS-TEC Energy PLC ("ADSE Holdco"
or "the Company") is domiciled in 10 Earlsfort Terrace, Dublin 2 D02 T380, Ireland. The Company is a public limited company
incorporated in Ireland. Prior to December 22, 2021, ADSE Holdco was a shell company with no active business or subsidiaries. As part
of the SPAC merger and the business combination ads-tec Energy GmbH (ADSE GM) became part of ADSE (see note 1.3).
The board of directors of ADSE Holdco authorized
the consolidated financial statements on May 10, 2023.
1.2
Group information
The consolidated financial statements of ADSE
include:
Dec. 31, 2022
Shareholding
Group companies
City
Country
Direct or indirect
ADS-TEC Energy PLC
Dublin
Ireland
Parent company
ads-tec Energy GmbH
Nürtingen
Germany
100
%
ads-tec Energy, Inc.
Sarasota
USA
100
%
ads-tec Energy, Inc. (ADSE US) was founded on
October 01, 2021, and is a wholly owned subsidiary of ADSE GM. ADSE US focuses on the sale and distribution of products in North America.
As of the reporting date shareholders of ADSE Holdco are as follows:
Shareholders
Ordinary shares
Percentage
Treasury shares
27,609
0.06
%
ads-tec Holding GmbH
17,620,882
36.03
%
Bosch Thermotechnik GmbH
8,062,451
16.49
%
Robert Bosch GmbH
2,400,000
4.91
%
Others
20,793,829
42.52
%
Total
48,904,771
100
%
Entities with significant influence over ADSE
As of December 31, 2022, ads-tec Holding GmbH
(ADSH) owns
36.03
% (December 31, 2021:
36.10
%) of the ordinary shares in ADSE Holdco and thus has significant influence over ADSE.
F-
9
1.3
The business combination
ADSE was formed on December 22, 2021, by closing
the business combination agreement dated August 10, 2021, between
ads-tec
Energy PLC (ADSE
Holdco or Company), European Sustainable Growth Acquisition Corp (EUSG), EUSG II Corporation (EUSG II) and ads-tec Energy GmbH (ADSE GM).
The involv
ed
parties and the transactions are summarized below:
●
ADS-TEC
                                            Energy PLC is an Irish public limited company wholly owned by EUSG which was incorporated
                                            on July 26, 2021. The Company owns no material assets and does not operate any business.
                                            The Company was incorporated solely for the purpose of effectuating the business combination
                                            and is the new listing company on the consummation of the business combination.
●
European Sustainable Growth Acquisition Corp (EUSG) is a blank check company incorporated as a Cayman Islands exempted company on November 10, 2020. On January 26, 2021, EUSG consummated its initial public offering (the "IPO") of
12,500,000
units (the "units") within the NASDAQ. On January 27, 2021, EUSG issued an additional
1,875,000
Units pursuant to the exercise of the underwriters' over-allotment option in full. Each unit consists of one class A ordinary share of EUSG, par value $
0.0001
per share ("class A ordinary shares"), and one-half of one redeemable warrant of EUSG ("public warrant"), with each whole warrant entitling the holder thereof to purchase one Class A ordinary share for USD
11.50
per share. The units were sold at a price of USD
10.00
per unit, generating gross proceeds to EUSG of USD
143,750,000
. Simultaneously with the consummation of the IPO, EUSG completed the private sale ("private placement") of an aggregate of
4,375,000
warrants ("private placement warrants") to LRT Capital LLC (the "sponsor") and the underwriters at a purchase price of $
1.00
per private placement warrant, generating gross proceeds to EUSG of kUSD
4,375
. EUSG has not conducted any other business combination except the business combination with ADSE GM.
●
EUSG
                                            II Corporation ("EUSG II") is a Cayman Islands exempted company wholly owned
                                            by ADSE Holdco and was incorporated solely for the purpose of effectuating the business combination.
                                            EUSG II was incorporated under the laws of the Cayman Islands on July 30, 2021. EUSG II owns
                                            no material assets and does not operate any business.
●
ads-tec
                                            Energy GmbH (ADSE GM) is a German limited liability company active in development, production
                                            and distribution of products and services in the fields of energy management, e-mobility,
                                            and renewable energies. Prior to the merger, the equity holders of ADSE GM were ads-tec Holding
                                            GmbH (ADSH) and Bosch Thermotechnik GmbH (Bosch).
●
Following
                                            the merger, ADSE Holdco became the parent and ADSE GM became its direct subsidiary. Other
                                            aforementioned entities were merged with ADSE Holdco.
The
merger was effectuated as follows:
●
Step
                                            1: On July 26, 2021, EUSG (blank check company) formed ADSE Holdco, an Irish public limited
                                            company, which on July 30, 2021, formed the EUSG II, a Cayman Islands exempted company.
●
Step 2: On December 21, 2021, private investors - including affiliates of EUSG sponsor, ADSH, Bosch, EarlyBirdCapital, Inc. and certain officers and directors of EUSG ("PIPE investors") contributed USD
152
million cash (EUR
134.5
million) to EUSG for
15.2
million shares of EUSG. Furthermore, an additional investor subscribed for additional
400,000
shares of EUSG for an amount of USD
4
million (EUR
3,5
million) which were paid in after the completion of the business combination.
●
Step 3: On December 22, 2021,
EUSG merged with EUSG II, with the EUSG II being the surviving entity. Pursuant to the EUSG's charter, EUSG's public shareholders, holding 14,435,000 EUSG class A ordinary shares, were offered the opportunity to redeem, upon the consummation of the business combination, EUSG class A ordinary shares held by them for cash equal to their pro rata share of the aggregate amount on deposit in the trust account. In total 9,504,185 EUSG class A ordinary shares were redeemed for USD 95.1 million (EUR 84.1 million). Subsequently each remaining outstanding ordinary share of EUSG, in total 4,870,815 class A ordinary shares contributing a total of USD 48.7 million (EUR 43.1 million) to EUSG equity, was automatically cancelled in exchange for an ordinary share of ADSE Holdco (the parent of EUSG II). Correspondingly, each EUSG public and private placement warrant was converted into one ADSE Holdco public and private placement warrant respectively. EUSG II was merged into ADSE Holdco with the ADSE Holdco remaining as the surviving entity.
●
Step 4: Immediately following the EUSG merger, on December 22, 2021, the equity holders of ADSE GM - ADSH and Bosch, exchanged their equity interest in ADSE GM for an aggregate cash consideration of EUR
20.0
million to Bosch and
24,683,333
ADSE Holdco ordinary shares to ADSH and Bosch with their respective portions (share for share exchange).
F-
10
Accounting
implications
●
The
                                            contribution of the PIPE investors, described in step 2 above, resulted in the issuance of
                                            the Company's ordinary shares, leading to increases in subscribed capital and capital
                                            reserves.
●
The
                                            merger of the Company and ADSE GM is not within the scope of IFRS 3 - Business combinations
                                            since the Company does not meet the definition of a business in accordance with IFRS 3. Instead,
                                            the transaction is accounted for within the scope of IFRS 2 - Share-based payments. Any excess
                                            of the fair value of the Company's ordinary shares issued to EUSG shareholders over
                                            the fair value of EUSG identifiable net assets acquired represents compensation for services
                                            (share listing expense) and is expensed as incurred. Refer to note 4.1.6 for the calculation
                                            of the share listing expense.
●
The
                                            Bosch and ADSH equity share exchange in ADSE GM to the Company's ordinary shares is
                                            a capital reorganization under IFRS. This capital reorganization is accounted for as a recapitalization,
                                            with ADSE GM being the accounting predecessor.
1.4
Material
                                            uncertainty regarding the ability to continue as a going concern
Management assessed the Company's ability to continue
as a going concern and evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial
doubt about the Company's ability to continue as a going concern using all information available about the future, focusing on the twelve-month
period after the issuance date of the financial statements. Historically, the Company has funded its operations primarily through capital
raises and with loans from shareholders. Since the inception the Company has incurred recurring losses and negative cash flows from operations
including net losses of kEUR
18,906
for the year 2022 and kEUR
87,640
for the year 2021. The company has increased its inventory stock
from kEUR
13,063
as of December 31, 2021, to kEUR
53,137
as of December 31, 2022. As of December 31, 2022, the Company has further purchase
obligations of EUR
106.1
million for 2023 (see note 7).
The Company expects to improve its cash flow generation
and operating result significantly in 2023. To support this turnaround, the Company executed a restructuring plan for the segment "North
America" in March 2023. Further, the company plans to continue to invest in the development of current and new products. The order
backlog as of March 31, 2023, of EUR
89
million underpins Company's growth plan for 2023 and the required reduction of working capital
needs.
The timely reduction of inventory in the U.S. and
Europe by generating sufficient revenue and/or postponement or cancellation of purchase obligation for inventory is a crucial condition
for the Company's ability to perform its business and to continue as a going concern. To minimize the dependency on it, the Company entered
into multiple shareholder bridge loans in the total amount of kUSD
12,875
from May 05, 2023 (see note 8). In case that the planned reduction
of working capital does not take place and the granted shareholder bridge loans would be not sufficient, the Company would need to seek
additional funding through new investors or shareholders or other means. There can be no assurance that the Company will be successful
in achieving its strategic plans, that any additional financing will be available in a timely manner or on acceptable terms.
Even though the company´s management deems
a successful reduction of inventory and an improvement of cash flow generation and operating result in 2023 to be very likely, based on
its recurring losses from operations since inception, the Company has concluded that there is substantial doubt about its ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly,
the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates
the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.
F-
11
2.
Accounting estimates and management judgements
ADSE makes certain estimates and assumptions regarding
the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates
and assumptions. Revisions of estimates are reported prospectively. The estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Information about estimates and assumptions that
may have a material effect on recognition and measurement of assets, liabilities, income, and expenses are provided below:
Revenue from contracts with customers (note
4.1.1)
Contracts where ADSE provides services to customers,
and which are realized over time usually require an estimate regarding future costs to be incurred until completion of the contract. The
resulting margin is thus estimated by management based on historical data and current forecasting and reviewed at least annually.
Useful lives of depreciable assets (note
4.2.1, 4.2.2 and 4.2.3)
The expected useful lives for intangible assets,
right-of-use assets, and items of property, plant, and equipment and the associated amortization or depreciation expenses are determined
based on the expectations and assessments of management. If the actual useful life is less than the expected useful life, the amount of
depreciation or amortization is adjusted accordingly. As part of the determination of impairment losses on fixed assets, estimates relating
to the reason, timing and amount of the impairments are also made. Useful lives are reassessed on a regular basis. Uncertainties in these
estimates relate to technological obsolescence that may change the utility of certain software and IT equipment.
Impairment of non-financial assets (note
4.2.1, 4.2.2 and 4.2.3)
ADSE assesses whether there are any indicators
of impairment for all non-financial assets at each reporting date. Other non-financial assets are tested for impairment when there are
indications that the carrying amounts may not be recoverable.
Inventories (note 4.2.5)
Management estimates the net realizable values
of inventories, considering the most reliable evidence available at the reporting date.
Allowances for expected credit losses (ECL)
of trade receivables and contract assets (note 4.1.1 and 4.2.6)
Management determines the expected credit losses
(ECL) as a probability-weighted estimate of credit losses over the expected life of the trade receivables and contract assets (simplified
approach). The most common-used calculation formula for ECL according to IFRS 9 which is applied in accordance with our accounting policy
is:
ECL = EAD * PD * LGD
[Expected Credit Losses = Exposure at Default
(gross value) * Probability of Default * Loss Given Default]
Exposure at Default is the amount outstanding.
Probability of default (PD) rates are determined by an external service provider, which is a credit insurance group.
Management estimates loss given default (LGD)
rates. ADSE uses a LGD rate of
40
% as a management evaluation.
F-
12
Provisions (note 4.2.12)
Provisions are recognized for various circumstances
as part of ordinary operating activities. The amount of the anticipated cash outflows is determined based on assumptions and estimates
for each specific circumstance and reflects the most probable settlement amount of the present obligation at the reporting date. These
assumptions may be subject to changes, which lead to a deviation in future periods.
Recoverability of deferred tax assets (note
4.1.7)
Deferred tax assets are recognized only to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, tax loss carryforwards
and tax credits can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can
be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning opportunities.
ADSE assesses the recoverability of deferred tax
assets at each balance sheet date based on planned taxable income in future fiscal years; if it is assumed that future tax benefits cannot
be utilized, a valuation allowance is made on the deferred tax assets.
Uncertain tax positions (note 4.1.7)
In cases for which it is probable that amounts
declared as expenses in the tax returns might not be recognized (uncertain tax positions), a liability for income taxes is recognized.
The amount is based on the best estimate of the expected tax payment (expected value or most likely amount). Tax refund claims from uncertain
tax positions are recognized when it is probable that they can be realized. In the case of tax loss, no liability for taxes or tax claim
is recognized for these uncertain tax positions. Instead, the deferred tax assets for the unused tax loss carryforwards or tax credits
are to be adjusted.
Share-based payments (note 4.3)
Estimating fair value for share-based payment
transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This
estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option
or appreciation right, volatility and dividend yield and making assumptions about them. Management has grouped the beneficiaries into
homogeneous groups based on their level of hierarchy to derive exit rates based on past and expected future fluctuations resulting in
expected exit rates of
0
-
5
% for all periods presented. The assumptions and models used for estimating the fair value of equity settled
share-based payments are disclosed in note 4.3.
F-
13
3.
Accounting policies
3.1
Basis of preparation
Applied IFRS
The consolidated financial statements of ADSE
have been prepared in accordance and in conformity with the International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB). The term IFRS also includes all valid International Accounting Standards (IAS) as well as the interpretations
of the International Financial Reporting Interpretation Committee (IFRIC). These consolidated financial statements cover the financial
year from January 01, 2022 to December 31, 2022 (comparison period: financial year January 01, 2021, to December 31, 2021, and financial
year January 01, 2020 to December 31, 2020). Comparable information in the financial statements for the comparison period from January
01, 2021, to December 31, 2021, is represented by the consolidated financial statements of ADSE Holdco. Comparable information in the
financial statements for the comparison period from January 01, 2020, to December 31, 2020, is represented by the annual financial statements
of ADSE GM. The accounting policies applied in these consolidated financial statements are the same as those applied in the comparison
period as at and for the year ended December 31, 2021. Other accounting standards issued by the IASB that are not yet applied or that
become effective in the future are not expected to have any material impact on the consolidated financial statements.
Principles of presentation
The reporting period corresponds to the calendar
year. The consolidated financial statements are presented in Euro, which is ADSE's functional currency. All amounts have been rounded
to the nearest thousand, unless otherwise indicated. In some cases, rounding could mean that values in this report do not add up to the
exact sum given or percentages do not equal the values presented.
Presentation in the consolidated financial statements
differentiate between current and non-current assets and liabilities. Assets and liabilities are generally classified as current if they
are expected to be realized or settled within one year. Deferred tax assets and liabilities are generally presented as non-current items.
The consolidated statement of comprehensive income is presented using the cost-of-sales method.
ADSE has prepared the consolidated financial statements
on a going concern basis, which assumes that ADSE will be able to discharge its liabilities. Management has a reasonable expectation that
ADSE has and will have adequate resources to continue in operational existence for the foreseeable future. For further information also
refer to note 1.4.
ADSE operates its business based on its two operating
segments (Europe and North America) which also form the basis for segment reporting (see note 5).
The consolidated financial statements were authorized
by management on May 10, 2023.
Principles of measurement
The consolidated financial statements have been
prepared on the historical-cost basis unless otherwise indicated. A corresponding explanation is provided in the context of the respective
accounting policies.
Principles of consolidation
The consolidated financial statements comprise
the statement of ADSE Holdco, its subsidiaries and associates as at December 31, 2022. Subsidiaries are entities controlled by ADSE Holdco.
An entity is controlled if ADSE Holdco is exposed to variable returns from its involvement within the entity and has entitlements to these.
Control also exists if the parent company has the ability to affect the returns through its power over the entity. In assessing control,
potential voting rights that currently are exercisable are considered. The annual financial statements of subsidiaries and associates
are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting
policies of subsidiaries and associates have been changed when necessary to align them with the policies adopted by ADSE. Internal Group
profits and losses, expenses, and revenues as well as receivables and liabilities are eliminated
.
F-
14
3.2
New accounting standards and interpretations
ADSE applied all the effective standards and interpretations
issued by the IASB and the IFRIC for preparation of the consolidated financial statements if their application was required for annual
periods beginning on or after January 01, 2022. However, none of the new accounting standards are expected to impact ADSE as they are
either not relevant to ADSE's activities or require accounting which is inconsistent with ADSE's current accounting policies.
New accounting standards and amendments to standards
or interpretations effective as of January 01, 2022:
Standard
Name
Effective date
IAS 16
Property, plant and equipment: Proceeds before in-tended use - Amendments to IAS 16
Jan. 01, 2022
IAS 37
Amendments to IAS 37: Onerous contracts - cost of fulfilling a contract
Jan. 01, 2022
IAS 41, IFRS 1, IFRS 9, IFRS 16
Annual improvements
2018 - 2020
Annual improvements to IAS 41 - Agriculture, IFRS 1 - First-time adoption of IFRS, IFRS 9 - Financial instruments, IFRS 16 - Leases
Jan. 01, 2022
IFRS 3
Amendments to IFRS 3: Reference to the conceptual framework
Jan. 01, 2022
The standards and amendments to standards and
interpretations below have been published by the IASB but are not mandatorily effective for annual periods beginning on or after January
01, 2022 and therefore have not been early adopted in these consolidated financial statements by ADSE.
Standard
Name
Effective date
IFRS 17
Insurance contracts
Jan. 01, 2023
IAS 8
Amendments to IAS 8 – Accounting policies, changes in accounting estimates and errors: Definition of accounting estimates
Jan. 01, 2023
IAS 12
Amendments to IAS 12: Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction
Jan. 01, 2023
IFRS 16
Amendments to IFRS 16 – Leases: Liability in a sale and leaseback
Jan. 01, 2024
IAS 1
Amendments to IAS 1: Presentation of financial statements: Classification of liabilities as current or non-current
Jan. 01, 2024
IAS 1
Amendments to IAS 1: Presentation of financial statements: Non-current liabilities with covenants
Jan. 01, 2024
F-
15
3.3
Significant accounting policies
3.3.1
Revenue from contracts with customers
ADSE develops, produces, and distributes battery
storage and charging solutions for different areas of applications. ADSE is already generating revenues from its products in the field
of highly efficient battery storage solutions and ultra-high power rapid charging systems. The product portfolio ranges from the field
"residential" which includes small storage solutions, to the field "industrial" including power ranges up to multiple
MW/MWh, as well as to the field "charging" which provides charging solutions for the expansion of the eMobility infrastructure
at power-limited network points. Additionally, ADSE provides its customers with software solutions regarding intelligent controlling and
monitoring of battery storage solutions. Other revenues include for example separately acquirable service contracts or maintenance services.
Revenue is measured based on the consideration
to which ADSE expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. If a contract
with a customer contains more than one performance obligation the transaction price is allocated to each performance obligation on a relative-stand-alone
selling price basis. ADSE has generally concluded that it acts as the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer.
In the contracts with customers, ADSE usually
promises to fulfill one performance obligation, the delivery of a promised good. In some cases, there can also be contracts with either
a series of separate performance obligations (serial delivery of products) or two promises in a contract (development services and delivery
of products) that are combined into one performance obligation.
According to IFRS 15, ADSE recognizes revenue
when it transfers the control of a good or service to a customer. The decision if control is transferred at a point in time or over a
period of time requires discretionary decisions. Revenue from the delivery of products is recognized at a point in time. Revenue from
development activities in combination with the delivery of products is recognized over time over the term of the contract.
Most of revenue from contracts with customers
recognized by ADSE is made within the revenue stream "Charging" (see Note 4.1.1 for more information). This revenue stream
mainly includes the production and delivery of ChargeBox (CBX) and ChargePost (CPT). Revenue for the CBX and CPT is recognized once the
product is transferred to the customer. For the years ended December 31, 2021, and December 31, 2020, revenue for the CBX also includes
development cost contributions made by the customer. These cost contributions are also recognized in accordance with the delivery of the
CBX. Additionally, for the year ended December 31, 2020, the revenue stream "Charging" includes the delivery of a Chargetrailer
system in the form of a truck trailer. The revenue for the truck trailer is recognized over time. The stage of completion for each contract
is determined by the ratio of costs incurred to expected total costs (cost-to-cost method).
Further information on the nature and timing of
the settlement of performance obligations arising from contracts with customers, including significant terms and conditions of payment,
and the related revenue recognition principles are described in note 4.1.1.
A significant number of contracts are negotiated
on a bill and hold basis. In such arrangements revenue is recognized even though ADSE still has physical possession only if:
●
the arrangement is substantive (i.e. requested by the customer),
●
the finished goods have been identified separately as belonging to the customer,
●
the product is ready for physical transfer to the customer, and
●
ADSE does not have the ability to use the product to direct it to another customer.
F-
16
3.3.2
Financial expenses
Finance cost of ADSE includes interest expense
from loans and borrowings. Interest expense is recognized in the financial statement of the period in which it is incurred.
3.3.3
Intangible assets
Separately acquired intangible Assets
Intangible assets with finite useful lives that
are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized
on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end
of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with
indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
An intangible asset shall be derecognized on disposal
or when no further economic benefits are expected from its use or disposal. The gain or loss arising from derecognition of an intangible
asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in the income
statement when the asset is derecognized. This is recognized under other income or other expenses.
Subsequent expenditure is capitalized only when
it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure
on internally generated goodwill and brands, is recognized in profit or loss as incurred.
Internally generated intangible assets
In developing highly efficient battery storage
solutions and high-power-charging systems for electric vehicles, ADSE is incurring significant research and development costs.
Expenditure on research activities is recognized
in profit or loss as incurred.
An internally generated intangible asset arising
from development (this is essentially the case for software applications) is recognized if, and only if, all of the following conditions
have been demonstrated:
●
the technical feasibility of completing the intangible asset
so that it will be available for use or sale;
●
the intention to complete the intangible asset and use or
sell it;
●
the ability to use or sell the intangible asset;
●
how the intangible asset will generate probable future economic
benefits;
●
the availability of adequate technical, financial and other resources to complete the development and
to use or sell the intangible asset; and
●
the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognized for internally
generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition
criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit
or loss in the period in which it is incurred.
Subsequent to initial recognition, internally
generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as
intangible assets that are acquired separately.
An intangible asset is derecognized on disposal,
or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss
when the asset is derecognized. This is recognized under other income or other expenses.
F-
17
ADSE has already carried out successful research
and development projects from which a work result in the form of a tangible or intangible asset has arisen. The management of ADSE recognizes
an interest for the supply of ultra-high charging stations in limited-power distribution grids. The self-developed technology for ultra-high
charging has already reached market maturity and is actively marketed. Consequently, ADSE has capitalized development costs regarding
the technology in its CBX. The product resulting from the development performance is considerably more space-saving compared to conventional
products of this type and is future-proof in the field of electromobility due to its compatibility with high-voltage areas.
ADSE developed the product ChargeTrailer, a powerful
mobile ultra-high-power charging system in the form of a truck trailer. The product resulting from the development performance has a much
higher charging power compared to conventional products of this type and is also future-proof due to the variable current and voltage
ranges. ADSE has not capitalized development costs as the product was specifically designed for one customer.
In addition, ADSE has capitalized development
costs regarding the self-developed technology for ultra-high charging in its CPT. The product is a battery-buffered ultra-fast charging
station and is able to offer ultra-high charging capacity even if the power grid does not provide the desired power. CPT enables off-grid
charging and takes ultra-fast charging to a higher level.
ADSE continues to pursue the consistent development
of products in the field of highly efficient battery storage solutions and ultra-high power rapid charging systems. ADSE aims to be a
pioneer in its business field through the research and development activities. The costs for the development of specific products will
be capitalized when the criteria for the recognition as an intangible asset are fulfilled.
The estimated useful lives for current and comparative
periods are as follows:
Useful life
in years
Software
3
ChargeBox (CBX)
7
ChargePost (CPT)
7
3.3.4
Leases
ADSE as a lessee
At inception of a contract, ADSE assesses whether
a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.
ADSE recognizes a right-of-use asset and a lease
liability at the lease commencement date. None of the leasing contracts started before the date of transition. The right-of-use asset
is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before
the commencement date, plus, if applicable, any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated
using the straight-line method from the commencement date to the end of the lease term unless the lease transfers ownership of the underlying
asset to ADSE by the end of the lease term or the cost of the right-of-use asset reflects that ADSE will exercise a purchase option. In
that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis
as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted
for certain remeasurements of the lease liability.
The lease liability is initially measured at the
present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, ADSE's incremental borrowing rate.
F-
18
ADSE determines its incremental borrowing rate
by obtaining interest rates from external financing sources and makes certain adjustments to reflect the terms of the lease and type of
the asset leased.
Lease payments included in the measurement of
the lease liability comprise the following:
●
fixed payments, including in-substance fixed payments;
●
variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date;
●
amounts expected to be payable under a residual value guarantee; and
●
the exercise price under a purchase option that ADSE is reasonably certain to exercise, lease payments
in an optional renewal period if ADSE Energy is reasonably certain to exercise an extension option, and penalties for early termination
of a lease unless ADSE is reasonably certain not to terminate early.
The lease liability is measured at amortized cost
using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index
or rate, if there is a change in ADSE's estimate of the amount expected to be payable under a residual value guarantee, if ADSE
changes its assessment of whether it will exercise a purchase, extension, or termination option or if there is a revised in-substance
fixed lease payment.
When the lease liability is remeasured in this
way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
ADSE has elected not to recognize right-of-use
assets and lease liabilities for leases of low-value assets and short-term leases. ADSE recognizes the lease payments associated with
these leases as an expense on a straight-line basis over the lease term.
The estimated useful lives of right-of-use assets
for property and vehicles for current and comparative periods are as follows:
Useful life
in years
Property (Right-of-use assets)
1
-
10
Vehicles (Right-of-use assets)
1
-
4
3.3.5
Property, plant, and equipment
Items of property, plant, and equipment are measured
at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant
and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant, and equipment.
Any gain or loss on disposal of an item of property,
plant and equipment is recognized in profit or loss.
Subsequent expenditure is capitalized only if
it is probable that the future economic benefits associated with the expenditure will flow to ADSE. All other expenditure for property,
plant and equipment is recognized immediately as an expense.
Depreciation is calculated to write off the cost
of items of property, plant, and equipment less their estimated residual values using the straight-line method over their estimated useful
lives and is generally recognized in profit or loss.
F-
19
The estimated useful lives of property, plant,
and equipment for current and comparative periods are as follows:
Useful life
in years
Vehicles
6
Other equipment, operating and office equipment
3
-
14
Technical equipment and machinery
20
Depreciation methods, useful lives and residual
values are reviewed at each reporting date and adjusted if appropriate.
Property, plant, and equipment is derecognized
upon disposal or when no future economic benefits are expected from the continued use of the asset. The gain or loss arising from the
sale or retirement of a property, plant and equipment is determined as the difference between the proceeds from the sale and the carrying
amount of the asset and is recognized in profit or loss under the other income or other expenses.
3.3.6
Inventories
Inventories are measured at the lower of cost
and net realizable value. The cost of inventories is based on the weighted average cost principle. In the case of manufactured inventories,
cost includes an appropriate share of production overheads based on normal operating capacity.
The subsequent valuation of cost of raw materials
and supplies, work in progress and finished goods within ADSE is assigned using the weighted average cost method. In order to ensure an
appropriate measurement of inventories, ADSE performs a continuous evaluation of the lifecycle of inventories, i.e. whether inventories
have not been sold or used for a long period of time and are not be expected to be sold in the future. For the determination of the net
realizable value of inventories, we determine a write-off percentage based on historical and forecasted usage and sales. Based on our
continuous observation of inventory trends, a write-off for obsolete inventory is applied.
3.3.7
Contract assets and contract liabilities
A contract asset represents the right to compensation
in return for goods or development services that ADSE has transferred to a customer. In addition, this right depends on something other
than the expiry of a certain period. If the right to remuneration is unconditional, a receivable is recognized. A contract asset occurs,
for example, if ADSE has already incurred an expense for development for a customer within the development and production of goods, but
the customer's payment plan has not yet covered this expense.
The contract balance may change during the contract
term between contract asset and contract liability depending on whether ADSE or the customer is behind with performance.
Due to the fact that ADSE develops and produces
goods for its customers it is possible that either a contract asset, a receivable or a contract liability arises, depending on whether
ADSE has an obligation to provide services to a customer for which it has already received payments or for which payment is due or vice
versa. A contractual liability represents the obligation to provide development and production of goods to a customer for which ADSE has
already received remuneration or for which payment is due according to the agreed payment plan. Also included in contract liabilities
are performance obligations regarding extended warranties.
3.3.8
Cash and cash equivalents
Cash and bank balances in the statement of financial
position comprises cash on hand and cash at banks including restricted cash.
F-
20
3.3.9
Financial instruments
3.3.9.1
Financial assets
Recognition and initial measurement
Trade receivables are initially recognized when
they are originated. Financial assets and financial liabilities are initially recognized when ADSE becomes a party to the contractual
provisions of the instrument.
A financial asset (unless it is a trade receivable
without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at
fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable
without a significant financing component is initially measured at the transaction price.
Classification, subsequent measurement, impairment
and derecognition
On initial recognition, a financial asset is classified
as measured at: amortized cost (FAAC); at fair value through other comprehensive income (FVOCI – debt investment or FVOCI –
equity investment); or at fair value through profit or loss (FVTPL).
Financial assets are not reclassified subsequent
to their initial recognition unless ADSE changes its business model for managing financial assets, in which case all affected financial
assets are reclassified on the first day of the first reporting period following the change in the business model.
Financial assets at amortized cost are subsequently
measured using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
ADSE derecognizes a financial asset when the contractual
rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction
in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which ADSE neither transfers
nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
ADSE recognizes loss allowances for expected credit
losses (ECLs) on:
●
financial assets measured at amortized cost, and
●
contract assets.
ADSE measures loss allowances at an amount equal
to lifetime ECLs (simplified approach).
When determining whether the credit risk of a
financial asset has increased significantly since initial recognition and when estimating ECLs, ADSE considers reasonable and supportable
information that is relevant and available without undue cost or effort, this includes both quantitative and qualitative information and
analysis.
Impairment losses for financial assets measured
at amortized cost are recognized in an impairment account (loss allowance). Loss allowances are deducted from the gross carrying amount
of the assets. Changes in the carrying amount of the loss allowance are recognized in profit or loss.
3.3.9.2
Financial liabilities
Recognition and initial measurement
Financial liabilities not at fair value through
profit or loss (FVTPL) are initially measured at fair value plus or minus transaction costs that are directly attributable to its acquisition
or issue.
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21
Classification, subsequent measurement, and
derecognition
Financial liabilities are classified as measured
at amortized cost (FLAC) or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative
or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, are recognized in profit or loss. They are subsequently measured at amortized cost using the effective
interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition
is also recognized in profit or loss.
ADSE derecognizes a financial liability when its
contractual obligations are discharged or cancelled or expire. ADSE also derecognizes a financial liability when its terms are modified
and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified
terms is recognized at fair value.
Financial assets and financial liabilities are
offset, and the net amount presented in the statement of financial position when, and only when, ADSE currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.
3.3.10
Taxes
3.3.10.1
Income taxes
Income
taxes are comprised of current and deferred tax based on the appropriate tax rates. Current and deferred taxes are recognized in profit
or loss except to the extent that they directly relate to items recorded in equity or other comprehensive income. Income tax receivables
and payables recorded comprise the status of amounts to be received, respectively to be paid in the future
.
3.3.10.2
Current tax
Current tax comprises the expected tax payables
or receivables on the taxable income for the year and any adjustment to the tax payables or receivables in respect of previous years.
The amount of current tax payables or receivables is the best estimate of the tax amount expected to be paid or received that reflects
uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date in
the countries where the Company and its subsidiaries operate and generate taxable income. During the ordinary course of the business,
there are transactions and calculations for which the ultimate tax determination is uncertain. Management periodically evaluates positions
taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether
it is probable that a taxation authority will accept an uncertain tax treatment. This assessment relies on estimated and assumptions and
may involve a series of complex judgments about future events. To the extent that the final tax outcome of these matters is different
that the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.
Current tax assets and liabilities are offset
only if certain criteria are met.
3.3.10.3
Deferred taxes
Deferred taxes are recognized in respect of temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes.
Deferred taxes are not recognized for:
●
temporary differences on the initial recognition of assets or liabilities in a transaction that is not
a business combination and that affects neither accounting nor taxable profit or loss;
●
temporary differences related to investments in subsidiaries, associates, and joint arrangements to the
extent that the entity is able to control the timing of the reversal of the temporary differences and it is probable that they will not
reverse in the foreseeable future.
F-
22
Deferred tax assets are recognized for unused
tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against
which they can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If
the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, future taxable profits are considered,
based on the business plans the entity.
Deferred tax assets are reviewed at each reporting
date and are reduced if it is no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed
at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against
which they can be utilized.
Deferred taxes are measured at the tax rates that
are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting
date, and reflects uncertainty related to income taxes, if any.
Deferred tax assets and liabilities are offset
if certain criteria are met.
3.3.11
Share-based payments
ADSE's management, members of the board
of directors, employees and others providing similar services to ADSE receive remuneration in the form of share-based payments, which
are equity-settled transactions. ADSE's equity-settled option plans are described in detail in note 4.3 and include restricted stock
units (RSU) and non-qualified stock options (NQSO).
The costs of equity-settled transactions are determined
by the fair value at grant date, using an appropriate valuation model. Share-based expenses for the respective vesting periods are recognized
in general and administrative expenses, reflecting a corresponding increase in equity.
3.3.12
Provisions
A provision is a liability of uncertain timing
or amount. Provisions are recognized if ADSE has a present obligation to a third party based on a past event, an outflow of resources
to settle the obligation is probable and the amount of the obligation can be reliably estimated. Provisions are discounted if the effect
is material.
Provisions where the outflow of resources is likely
to occur within the next year are classified as current, and all other provisions as non-current.
Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the
liability. The unwinding of the discount is recognized as finance cost.
A provision for warranties is recognized when
the underlying products or services are sold, based on historical warranty data and a weighting of possible outcomes against their associated
probabilities.
3.3.13
Impairment of non-financial assets
At each reporting date, ADSE reviews the carrying
amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any
indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.
For impairment testing, assets are grouped together
into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of
other assets or cash generating units (CGU).
Typically, the CGUs are represented by the segments
and the impairment test is performed at the level of this CGU. ADSE manages its operations based on two operating segments which also
form the CGUs of the Company.
F-
23
The recoverable amount of an asset or CGU is the
greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU.
An impairment loss is recognized if the carrying
amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognized in profit or
loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts
of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not
reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Impairments and any triggering events did not
occur in the reporting period.
3.3.14
Foreign currency transactions
The consolidated financial statements are presented
in Euro, which is the functional and presentation currency of ADSE Holdco. Assets and liabilities of foreign operations are translated
into Euro at the rate of exchange prevailing at the reporting date. The consolidated statement of comprehensive income is translated at
average exchange rates. The currency translation differences are recognized in other comprehensive income or loss. Transactions in foreign
currencies are initially recorded by ADSE's entities at their respective functional currency spot rates, at the date the transaction
first qualifies for recognition. ADSE used the following exchange rates to convert the financial statements of ADSE US:
December 31, 2022
Spot rate
Average
rate
Euro per U.S. Dollar
1.0666
1.0530
December 31, 2021
Spot rate
Average
rate
Euro per U.S. Dollar
1.1326
1.1827
December 22, 2021
Spot rate
Average
rate
Euro per U.S. Dollar
1.1301
-
Sep. 15 - Dec. 31, 2021
Spot rate
Average
rate
Euro per U.S. Dollar
-
1.1478
Dec. 23-31, 2021
Spot rate
Average
rate
Euro per U.S. Dollar
-
1.1319
Nov. 1 - Dec. 31, 2021
Spot rate
Average
rate
Euro per U.S. Dollar
-
1.1358
F-
24
Spot rate as of December 31, 2022, is used to
translate the balance sheet of ADSE US.
Average rate September 15, - December 31, 2021,
which corresponds to the incorporation period, is used to translate the expenses incurred by ADSE US.
Spot rate as of December 22, 2021, is used to
translate the balance sheet of EUSG (USA) on the date of the merger with ADSE Holdco.
Average rate November 1 – December 31, 2021,
is used to translate the USD expenses incurred by EUSG in the corresponding period.
Average rate December 23 - 31, 2021, is used to
convert the USD expenses incurred by the Company in the corresponding period.
3.3.15
Earnings per share
Basic earnings per share (EPS) is calculated by
dividing the profit for the year attributable to ordinary equity holders of the ADSE Holdco by the weighted average number of ordinary
shares outstanding during the reporting period.
Restricted stock units and non-qualified stock
options have been included in the calculation of diluted weighted average number of shares outstanding. These restricted stock units and
non-qualified stock options could potentially dilute basic earnings per share in the future.
Also refer to section 4.1.8 for further information
on the calculation of basic and diluted earnings per share.
3.3.16
Fair value measurement
Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
●
in the principal market for the asset or liability; or
●
in the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market
must be accessible by ADSE. The fair value of a liability reflects its non-performance risk.
The fair value of an asset or a liability is measured
using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in
their economic best interest.
A fair value measurement of a non-financial asset
considers a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it
to another market participant that would use the asset in its highest and best use.
ADSE uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.
F-
25
All assets and liabilities for which fair value
is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value measurement as a whole:
●
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities,
●
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable, and
●
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
For assets and liabilities that are recognized
in the financial statements at fair value on a recurring basis, ADSE determines whether transfers have occurred between levels in the
hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole)
at the end of each reporting period.
For the purpose of fair value disclosures, ADSE
has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy, as explained above.
3.3.17
Government grants
Government grants related to assets are deducted
from the carrying amount of the asset and are recognized in earnings over the life of a depreciable asset as a reduced depreciation expense.
Government grants which compensate ADSE for expenses are recognized as other operating income in the same period as the expenses themselves.
3.3.18
Reclassifications
Certain prior period amounts have been reclassified
to conform to current year financial statement presentation. These reclassifications had no effect on reported income (loss), comprehensive
income (loss), cash flows, or shareholders' equity as previously reported.
F-
26
4.
Disclosure on individual items of the consolidated financial statements
4.1
Statements of comprehensive income
4.1.1
Revenue from contracts with customers
ADSE develops, produces, and distributes battery
storage solutions for different areas of applications ("multi-use-case"). The product portfolio ranges from the field "residential"
which includes small storage solutions, to the field "industrial" including power ranges up to multiple MW/MWh, as well as
to the field "charging" which provides charging solutions for the expansion of the eMobility infrastructure at power-limited
network points. Additionally, ADSE provides its customers with software solutions regarding intelligent controlling and monitoring of
battery storage solutions. Other revenues include for example separately acquirable service contracts or maintenance services.
73.9
% of revenues are generated in Germany. The
following table presents the revenue from contracts with customers disaggregated by geographical region based on the customer's
country of domicile (2021:
72.1
%, 2020:
99.2
%):
Revenue by region
kEUR
2022
2021
2020
Germany
19,538
23,809
46,979
Switzerland
1,628
1,186
222
Ireland
1,223
1,944
-
Spain
1,071
3,371
17
Netherlands
872
491
-
Austria
-
750
4
United States of America
731
-
29
Other European countries
1,367
1,482
118
Total
26,430
33,035
47,370
The following table presents the revenue from
contracts with customers disaggregated by major products:
Major products
kEUR
2022
2021
2020
Charging
19,506
23,721
40,514
Commercial and industrial
4,463
6,334
5,472
Service
1,774
2,235
1,231
Residential
287
479
153
Other
400
267
-
Total
26,430
33,035
47,370
Charging revenues of kEUR
19,506
(2021: kEUR
21,118
;
2020: kEUR
40,477
) were recognized point in time while charging revenues of kEUR
0
(2021: kEUR
2,603
; 2020: kEUR
37
) were recognized over
time.
Commercial and industrial revenues of kEUR
4,311
(2021: kEUR
4,453
; 2020: kEUR
2,533
) were recognized point in time while commercial and industrial revenues of kEUR
152
(2021: kEUR
1,881
;
2020: kEUR
2,939
) were recognized over time.
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27
The following table provides information on contract
assets and contract liabilities from contracts with customers:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Receivables, which are included in 'Trade and other receivables'
13,897
7,424
Contract assets
6
973
Contract liabilities
23,721
6,340
The contract assets primarily relate to ADSE's
rights to consideration for development activities partially completed but not billed at the reporting date. Revenues for these development
activities are realized over time. Because there are cases where there has not been an advanced consideration by the customer or the already
recognized revenue in the period exceeds the advanced consideration by the customer ADSE recognizes a contract asset. The contract assets
are transferred to receivables when the rights become unconditional. This usually occurs when ADSE delivers the product ordered.
Contract liabilities mainly relate to the advanced
consideration received from customers in advance to the delivery of the product and may include separate performance obligations for extended
warranties. ADSE develops and produces specific solutions for its customer which causes the orders to have a certain delivery time. Contract
liabilities will be recognized as revenue when the contract ends at the latest, which is generally expected to occur no longer than one
year. However, the contract balance may change between contract asset and contract liability depending on whether ADSE or the customer
is behind with performance.
The increase in cash received excluding amounts
recognized at the beginning of the period and revenue recognized that was included in the contract liability balance at the beginning
of the period amount to:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Contract liabilities
23,721
6,340
Revenue recognized that was included in the contract liability balance at the beginning of the period
465
2,616
Increases due to cash received, excluding amounts recognized at the beginning of the period
17,846
224
There are no incremental costs to obtain or fulfil
a contract with a customer, which would have to be recognized as an asset. Furthermore, contracts with customers do not contain a significant
financing component.
In the financial year 2022 revenue from contracts
with customers in an amount of kEUR
8,879
(2021: kEUR
2,721
, 2020: kEUR
3,325
) is recognized at a point in time under bill-and-hold arrangements.
F-
28
Performance obligations and revenue recognition
policies
Revenue is measured based on the consideration
specified in the contract with a customer. ADSE generally recognizes revenue when it transfers control over a good to a customer.
The following table provides information about
the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms,
and the related revenue recognition policies:
Type of product
Nature and timing of satisfaction
of performance obligation, including
significant payment terms
Revenue recognition under IFRS 15
Charging
The production of charging products may also include the customer-specific development of the goods for the customer. Because there is a high dependency between the development and the production performance these are seen as one single performance obligation according to IFRS 15.
Invoices are issued according to contractual terms and are usually payable within 30 days.
Revenue (and associated costs) for the sale of charging products is typically recognized at a point in time. Some contracts are also recognized over time (e.g., customer-specific products with no alternative use).
For those contracts recognized over time, progress of completion is based on either delivery of goods to the customer's premises or on the input-based cost-to-cost method.
Advances received are included in contract liabilities.
Commercial and industrial
Customers obtain control of the product when the goods are delivered to the customer's premises. Invoices are generated and revenue is recognized at that point in time.
Invoices are usually payable within 30 days.
Revenue is typically recognized when the product has been delivered to the customer's premises at a point in time. Some contracts are also recognized over time (e.g., customer-specific products with no alternative use). For those contracts recognized over time, progress of completion is based on either delivery of goods to the customer's premises or on the input-based cost-to-cost method.
Advances received are included in contract liabilities.
Residential
Customers obtain control of the small storage solution products when the goods are delivered to the customer's premises. Invoices are generated and revenue is recognized at that point in time.
Invoices are usually payable within 30 days.
Revenue is recognized when the product has been delivered to the customer's premises at a point in time.
Service and
others
Service and other include service obligations such as repair and maintenance and replacement parts. Invoices for these services are usually payable within 30 days.
Invoices for replacement parts are issued at the point in time of the delivery of the good and usually payable within 30 days. The invoices for software solutions are issued when the license is ordered by the customer and are usually payable within 30 days.
Revenue for software solutions are recognized at a point in time ADSE gives its customer a right-of-use according to IFRS 15.B56.
One-time revenues from replacement parts are also recognized at the point in time of the provided service or once the replacement part is delivered.
Revenue for repair and maintenance are recognized as the services are provided. The stage of completion for determining the amount of revenue to recognize is assessed based on the work performed.
F-
29
4.1.2
Functional costs
Cost of goods sold
Cost of goods sold include the following:
kEUR
2022
2021
2020
Cost of materials
23,554
26,433
38,100
Personnel expenses
3,388
3,097
2,819
Depreciation and amortization
3,517
3,103
1,515
Other expenses
445
2,677
3,114
Total
30,904
35,310
45,548
The decrease in cost of goods sold is the result
of sales decline. The increase in personnel expenses is based on an increase of employees within the financial year. The increase in the
depreciation and amortization within the costs of goods sold is the result of the capitalization and amortization of internally generated
intangible assets, right-of-use assets as well as items of property, plant, and equipment.
Selling, general and administrative expenses
Selling, general and administrative expenses include
the following:
kEUR
2022
2021
2020
Legal and consulting fees
3,779
4,450
767
Personnel expenses
14,359
3,911
2,927
Administration fee
3,412
2,963
2,474
Marketing costs
1,925
476
133
Depreciation and amortization
631
227
44
Insurance expenses
2,365
26
27
Other expenses
4,847
1,268
1,198
Total
31,319
13,321
7,570
As of December 31, 2022, personnel expenses include
expenses for stock compensation of kEUR
2,770
(December 31, 2021: kEUR
10
, December 31, 2020: kEUR
0
). In addition, the increase of personnel
expenses in the financial year 2022 is based on an increase of employees and expanding operating activities of ADSE.
Other expenses primarily consist of expenses for
general warranties, travel costs and outbound freight.
Research and development expenses
Research and not capitalized development expenses
amount to kEUR
1,701
(2021: kEUR
2,012
, 2020: kEUR
749
). They comprise wages and salaries and material expenses.
ADSE has capitalized development cost in total
of kEUR
7,406
(2021:
3,904
, 2020: kEUR
5,470
). Amortization of development cost amounts to kEUR
2,458
(2021: kEUR
2,249
, 2020: kEUR
647
).
As of December 31, 2021, and December 31, 2020,
cost refunds for research and development expenses relating to government grants are presented as other operating income in the amount
of kEUR
174
and kEUR
119
, respectively (see note 4.1.3). As of December 31, 2022, cost refunds in the amount of kEUR
492
are reclassified
and presented as reduction of research and development expenses.
Cost refunds are related to government grants
received. ADSE has received ten government grants as of the reporting date. As of the reporting date such received government grants amount
to
4,615
(December 31, 2021: kEUR
4,381
, December 31, 2020: kEUR
4,282
). As of the reporting date, a total of kEUR
354
(December 31, 2021:
kEUR
96
, December 31, 2020: kEUR
13
) of the grants had not yet been paid to ADSE. This amount is recognized as a receivable at the reporting
date. All the grants received were awarded to cover only research expenses. The research projects to which the grants relate essentially
comprise research in the fields of electromobility, batteries and energy storage systems, emission-free systems, and energy supply of
the future.
F-
30
4.1.3
Other operating income
Other operating income includes the following:
kEUR
2022
2021
2020
Income from subsequent payments
408
75
44
Income from utilization of provisions
-
-
58
Income from reversal of provisions
913
1,517
233
Cost refunds
-
174
119
Income from compensation
1,016
2,537
61
Income from reduction of credit loss
-
-
17
Other
47
233
8
Total
2,383
4,538
541
Income from compensation relates to financial
compensation received from insurance companies and other parties from non-recurring events.
As of December 31, 2021, and December 31, 2020,
cost refunds for research and development expenses relating to government grants are presented as other operating income in the amount
of kEUR
174
and kEUR
119
, respectively. As of December 31, 2022, cost refunds in the amount of kEUR
492
are reclassified and presented
as reduction of research and development expenses (see note 4.1.2).
4.1.4
Other operating expense
Other operating expense includes the following:
kEUR
2022
2021
2020
Warranties
-
5,253
1,976
Expenses from disposal of assets
1
36
70
Expenses due to subsequent events
11
5
27
Exchange rate losses
1,007
-
-
Other expenses
64
66
46
Compensation
-
42
105
Total
1,084
5,402
2,224
Other expenses decreased from the year ended December
31, 2021, to December 31, 2022, primarily due to forming a special warranty provision in 2021.
Exchange rate losses are based on the volatility
of the EUR/USD exchange rate in the course of the financial year 2022.
F-
31
4.1.5
Finance result
The finance income and finance costs recognized
in profit or loss are as follows:
kEUR
2022
2021
2020
Finance income from remeasurement of warrant liabilities
10,329
-
-
Foreign currency gains
9,928
-
-
Income from other interest and similar income
259
47
-
Finance income
20,515
47
-
Interest expense from bank loans
-
17
-
296
-
1,621
Foreign exchange losses
-
-
264
-
Interest expense from related party loans
-
2
-
1,995
-
261
Interest expense from leasing
-
122
-
89
-
78
Interest expense from guarantee commissions
-
246
-
177
-
37
Other interest expense
-
40
-
13
-
137
Finance expenses
-
427
-
2,835
-
2,135
Share listing expense
-
-
65,796
-
Net finance result
20,089
-
68,583
-
2,135
As of December 31, 2022, finance income from remeasurement
of warrant liabilities consists of amounts recognized as part of the remeasurement of fair value of public and private warrant liabilities
(kEUR
10,329
, December 31, 2021: kEUR
0
, December 31, 2020: kEUR
0
). Foreign currency gains in the amount of kEUR
9,928
result from the
FX valuation of USD bank accounts and similar items.
4.1.6
Share listing expense
As described in note 1.3, the merger between EUSG
II (successor of EUSG) and the Company resulted in recognition of the share listing expense in 2021. Share listing expense includes the
IFRS 2 listing expenses and other transaction related costs.
The IFRS 2 share listing expense represents a
non-cash expense in accordance with IFRS 2. Any excess of the fair value of the Company's ordinary shares issued to EUSG shareholders
over the fair value of EUSG's identifiable net assets acquired represents compensation for services (share listing expense) and
is expensed as incurred. The IFRS 2 share listing expense is calculated using the following parameters:
●
The fair value per the Company's share is set at USD
9.77
which equals the share price of EUSG as
of December 22, 2021. On that date each remaining EUSG ordinary share after redemptions was cancelled in exchange for an ordinary share
of the Company. Therefore, given the 1:1 share exchange ratio, it is assumed that the fair value of one share of the Company equals the
fair value of an EUSG share.
●
Net assets of EUSG were calculated as of December 22, 2021, i.e. including net cash proceeds from EUSG
IPO after redemptions.
●
Share listing expense is calculated in USD given that EUSG functional currency is USD and EUSG share price
is in USD. The resulting share listing expense is converted to EUR using the spot rate as of December 22, 2021.
F-
32
Applying the aforementioned parameters, the share
listing expense is calculated as follows:
kEUR
Fair value of
8,524,565
ordinary shares (including
3,593,750
founder shares) at €
8.64
per share
73,697
Fair value of
4,375,000
private warrants at EUR
1.17
per warrant
5,110
Fair value of
7,187,500
public warrants at EUR
1.05
per warrant
7,568
Net liability of EUSG at business combination
423
Total value of consideration
86,799
Proceeds received post business combination EUSG assets (cash)
-
43,107
Listing expenses total (cash)
22,105
Total share listing expense
65,796
Other transaction-related costs include fees paid
to consultants, banks, auditors, and other necessary expenses incurred in relation with obtaining the listing on the NASDAQ.
4.1.7
Income taxes
The tax benefit / (expenses) include current and
deferred taxes. Current taxes and deferred taxes are reported in profit or loss, except for the extent to which they are reported directly
in equity or in the other operating income.
kEUR
2022
2021
2020
Current year
-
190
-
-
Changes in estimates related to prior years
-
-
-
Current tax expense
-
190
-
-
Origination and reversal of temporary differences
-
3,453
-
1,033
112
Recognition of previously unrecognized
(derecognition of previously recognized) tax losses
1,071
620
-
67
Recognition of previously unrecognized
(derecognition of previously recognized) deductible temporary differences
-
-
-
Deferred tax (expense) income
-
2,382
-
413
45
Total
-
2,572
-
413
45
F-
33
Reconciliation of the effective tax rate
The entity's tax rate of 29,48% combines
a corporate tax rate of 15%, a solidarity surcharge thereon of 5.5% and a trade tax rate of 13,65%.
kEUR
2022
2021
2020
Profit (loss) before tax
-
16,335
-
87,227
-
10,325
Tax using the Company's domestic tax rate
4,815
25,710
3,043
Tax effect of:
-
-
-
Difference in tax rates
-
525
-
10,516
-
Non-deductible expenses
-
130
-
582
-
30
Non-taxable income
344
-
-
Additions for tax purposes
-
84
-
-
Non-recognition of deferred taxes on losses
-
6,738
-
7,319
-
2,968
True up on deferred taxes from prior year
527
-
-
Permanent differences
-
795
-
7,736
-
Others
14
30
-
Taxes on income
-
2,572
-
413
45
Unrecognized deferred tax assets
Deferred tax assets have not been recognized for
tax loss carryforwards:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Tax loss carryforwards
82,796
55,352
32,936
All tax losses carried forward have no date of
expiry.
F-
34
Movement in deferred taxes
Deferred tax balances developed as follows:
kEUR
DTA
DTL
Dec. 31,
2022
DTA
DTL
Dec. 31,
2021
Intangible assets
-
5,994
-
5,994
-
4,536
-
4,536
Right-of-use assets
-
955
-
955
-
586
-
586
Inventories
663
2,674
-
2,011
-
1,199
-
1,199
Contract assets
-
47
-
47
-
287
-
287
Trade and other receivables
514
876
-
362
-
72
-
72
Other assets
-
150
-
150
-
-
-
Lease liabilities
988
-
988
609
-
609
Trade and other payables
-
408
-
408
-
303
-
303
Contract liabilities
3,627
-
3,627
1,807
-
1,807
Other provisions
61
267
-
206
-
80
-
80
Warrant liabilities
-
2,582
-
2,582
-
-
-
Tax loss carryforwards
3,859
-
3,859
2,788
-
2,788
Netting
-
9,712
-
9,712
-
-
5,204
-
5,204
-
Total
-
4,241
-
4,241
-
1,859
-
1,859
Deferred tax assets and liabilities are offset
according to the requirements of IAS 12.74.
The movement of all deferred tax positions is
recognized in the P&L as no deferred taxes exist which are related to transaction in equity or OCI.
F-
35
4.1.8
Earnings per share
Basic earnings per share (EPS) is calculated by
dividing the profit for the year attributable to ordinary equity holders of the ADSE Holdco by the weighted average number of ordinary
shares outstanding during the reporting period.
ADSE Holdco is a public limited company, which
allots shares of the entity to its shareholders.
Earnings per share (basic) and earnings per share
(diluted) are calculated based on the earnings attributable to ADSE Holdco shareholders. For the periods included in these financial statements
ADSE was loss-making in all periods. Restricted stock units have been included in the calculation of diluted weighted average number of
shares outstanding. These restricted stock units could potentially dilute basic earnings per share in the future.
The loss attributable to the shareholders of ADS-TEC
Energy (basic and diluted) amount to kEUR
18,906
(2021: kEUR
87,640
, 2020: kEUR
10,280
). The weighted average number of interests in circulation
amounts to
48,809
(basic) and
49,005
(diluted) (2021:
25,344
, 2020:
32
) (in k units).
Earnings per share
2022
2021
2020
Profit/loss for the period (attributable to shareholders of the parent) (kEUR)
-
18,906
-
87,640
-
10,280
Weighted average number of ordinary shares outstanding (in k units) (basic)
48,809
25,344
32
Weighted average number of ordinary shares outstanding (in k units) (diluted)
49,005
25,344
32
Basic loss per share (€)
-
0.39
-
3.46
-
320.86
Diluted loss per share (€)
-
0.39
-
3.46
-
320.86
The significant change in basic and diluted loss
per share in the financial year 2021 results from the issue of a significant number of new shares as a part of the business combination
(ADSE) formed on December 22, 2021. For the year ended December 31, 2021, the share for share exchange of ADSE GM shareholders that took
place as part of the business combination was retrospectively applied to calculate the weighted-average number of shares outstanding.
In effect,
32,039
shares of ADSE GM have been converted to
24,683,333
ordinary shares of ADSE HoldCo as of January 01, 2021, in the calculation
of weighted-average number of shares outstanding for 2021. For more details about the business combination and the issued shares, please
refer to section 1.3.
F-
36
4.2
Statements of financial position
4.2.1
Intangible assets
The development of intangible assets is shown
below:
kEUR
Internally
generated
assets
Software
Total
Cost
As of Jan. 01, 2021
15,896
237
16,133
Additions
3,904
105
4,009
Disposals
-
-
-
As of Dec. 31, 2021
19,801
342
20,142
Additions
7,406
180
7,586
Disposals
-
-
6
-
6
As of Dec. 31, 2022
27,207
516
27,722
kEUR
Internally
generated
assets
Software
Total
Amortization
As of Jan. 01, 2021
-
647
-
150
-
797
Additions
-
2,250
-
58
-
2,308
As of Dec. 31, 2021
-
2,897
-
208
-
3,104
Additions
-
2,458
-
107
-
2,565
Disposals
-
6
6
As of Dec. 31, 2022
-
5,355
-
309
-
5,664
kEUR
Internally
generated
assets
Software
Total
Carrying amounts
As of Jan. 01, 2021
15,249
88
15,337
As of Dec. 31, 2021
16,904
134
17,038
As of Dec. 31, 2022
21,852
207
22,059
The internally generated intangible assets primarily
relate to the capitalized costs of ADSE 's development of pioneering technologies, for which ADSE intends to enable itself on the
market as a provider of advanced system solutions in the fields of energy storage, battery technology and electromobility. The intangible
assets are amortized according to their useful life and the amortization is presented in costs of goods sold.
Intangible assets that are material to ADSE's
consolidated financial statements include development activities relating to the development of ChargeBox (CBX), a customer specific ChargeBox
(DC-CBX) and ChargePost (CPT). Development activities for CBX and DC-CBX were capitalized in the financial years 2020, 2019 and 2018 and
have a remaining useful life of
five years
. As of the reporting date, the carrying amount of CBX amounts to kEUR
4,580
(December 31, 2021:
kEUR
5,552
) and of DC-CBX amount to kEUR
6,021
(December 31, 2021:
7,298
). As of the reporting date, the carrying amount of CPT amounts
to kEUR
8,334
(December 31, 2021: kEUR
2,204
).
F-
37
4.2.2
Leases
As of December 31, 2022, ADSE leases two warehouse
property and one real property in Germany, one warehouse and production property in the United States of America as well as 19 vehicles.
The lease terms run from
1
year up to
10
years. ADSE does not have the option to purchase the assets at the end of the contract term.
Some property leases contain an extension option.
If ADSE intends to use the option, this was already considered in the lease term of the lease agreement.
When measuring lease liabilities, ADSE discounted
lease payments using its incremental borrowing rate ranging from 9,03% to 3,55%. For the calculation of the incremental borrowing rates,
European triple A bonds were used as the basis and adjusted for a risk premium corresponding to the external borrowing rates (credit spread).
The development of right-of-use assets is shown
below:
kEUR
Property
Vehicles
Total
Right-of-use assets
As of Jan. 01, 2021
2,346
158
2,503
Depreciation charge for the year
501
93
595
Additions to right-of-use assets
-
79
79
As of Dec. 31, 2021
1,844
143
1,988
Depreciation charge for the year
622
116
739
Additions to right-of-use assets
1,912
205
2,117
As of Dec. 31, 2022
3,134
232
3,366
For leases with short-term contracts of up to
one year and low-value assets, ADSE has elected not to recognize right-of-use-assets and lease liabilities. In all periods there were
no material expenses for short-term leases and low-value assets.
There are no material expenses relating to variable
lease payments in the measurement of lease liabilities.
ADSE did not enter into any sublease agreements.
In 2022, a total cash outflow for leases in the
amount of kEUR
828
(2021: kEUR
569
; 2020: kEUR
454
) was recognized.
The amounts recognized in profit or loss are shown
below:
kEUR
2022
2021
2020
Amounts recognized in profit or loss
Interest on lease liabilities
122
89
78
Expenses relating to short-term leases
50
2
10
Expenses relating to leases of low-value assets, excluding short-term leases of low value assets
13
7
-
Amounts recognized in the statement of cash flows
Total cash outflow of leases
828
569
454
F-
38
4.2.3
Property, plant, and equipment
The development of fixed assets is shown below:
kEUR
Property,
plant and
equipment
Construction
in progress
Total
Cost
As of Jan. 01, 2021
3,237
92
3,329
Additions
1,494
82
1,576
Disposals
-
95
-
-
95
Reclassification
92
-
92
-
As of Dec. 31, 2021
4,728
82
4,810
Additions
2,945
539
3,484
Disposals
-
136
-
-
136
Reclassification
94
-
94
-
As of Dec. 31, 2022
7,631
527
8,158
kEUR
Property,
plant and
equipment
Construction
in progress
Total
Depreciation
As of Jan. 01, 2021
-
1,310
-
-
1,310
Depreciation
-
582
-
-
582
Disposals
40
-
40
As of Dec. 31, 2021
-
1,852
-
-
1,852
Depreciation
-
1,032
-
-
1,032
Disposals
116
-
116
As of Dec. 31, 2022
-
2,768
-
-
2,768
kEUR
Property,
plant and
equipment
Construction
in progress
Total
Carrying amounts
As of Jan. 01, 2021
1,927
92
2,019
As of Dec. 31, 2021
2,876
82
2,958
As of Dec. 31, 2022
4,863
527
5,389
F-
39
4.2.4
Other investments and other assets
Other investments and other assets include the
following:
kEUR
Dec. 31, 2022
Dec. 31, 2021
Other investments
3,199
1,944
Other assets
174
140
Total
3,373
2,084
Other investments include a convertible loan granted
to a customer by ADSE on April 01, 2022, in the amount of kEUR
5,000
with main purpose of funding the purchase of ADSE's products.
The loan has an interest rate of
6
% p.a. and is due by
March 31, 2027
. As of December 31, 2022, kEUR
3,221
(December 31, 2021: kEUR
1,944
)
of the loan balance has been drawn and has incurred an accrued interest of kEUR
63
(December 31, 2021: kEUR
0
). Additionally, an expected
credit loss of kEUR
85
(December 31, 2021: kEUR
0
) has been recorded, resulting in the carrying amount of kEUR
3,199
(December 31, 2021:
kEUR
1,944
).
Other assets include a deposit for a rental building
amounting to kEUR
137
(December 31, 2021: kEUR
102
) and a cash deposit at the Swiss tax office amounting to kEUR
37
(December 31, 2021:
kEUR
37
).
4.2.5
Inventories
Inventories include the following:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Finished goods
16,804
5,074
Trading goods
1,474
257
Work in progress
3,912
2,117
Raw materials
36,766
11,511
Total
58,956
18,959
kEUR
Dec. 31,
2022
Dec. 31,
2021
Write-downs finished goods
-
206
-
104
Write-downs work in progress
-
502
-
474
Write-downs raw materials
-
5,111
-
5,319
Total
-
5,819
-
5,896
In 2022, the Company made certain classification
and presentation changes within several components of inventories, including additional write-downs based on updated forecasted usage
and sales. The Company determined that this change better reflects how management views and operates the business. Reclassifications of
the comparative prior year 2021 amounts have been made to conform to the current presentation.
F-
40
4.2.6
Trade and other receivables and contract assets
Trade and other receivables include the following:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Trade receivables
13,897
7,424
Other receivables financial
925
141
Other receivables non-financial
2,169
2,825
Deferred expenses and accrued income
678
917
Total
17,670
11,308
As of the reporting date, non-financial other
receivables mainly include advance payments made (December 31, 2022: kEUR
2,113
, December 31, 2021: kEUR
656
) and VAT claims (December
31, 2022: kEUR
1
, December 31, 2021: kEUR
2,751
).
4.2.7
Cash and cash equivalents
Cash and cash equivalents include the following:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Cash
1
1
Cash at banks
34,440
101,812
Total
34,441
101,813
The cash and cash equivalents presented in the
statement of cash flows comprise all cash reported in the statements of financial position.
As of December 31, 2022, cash at banks includes
restricted cash of kEUR
12,042
(December 31, 2021: kEUR
0
).
4.2.8
Equity
The changes in the various components of equity
from January 01, 2020 through December 31, 2022 are shown in ADSE's statements of changes in equity.
As described in note 1.3, ADSE Holdco was founded
on July 26, 2021. On December 22, 2021, EUSG merged with EUSG II and EUSG II merged with ADSE Holdco with ADSE Holdco being the surviving
entity.
The shareholders of EUSG II (formerly EUSG), who decided not to redeem their shares, received 4,870,815 shares in ADSE Holdco
with a nominal value of USD 0.0001 resulting in share capital of EUR 431. To effectuate the merger of ADSE Holdco with ADSE GM additional
24,683,333 were issued to the equity holders of ADSE GM with a nominal value of USD 0.0001 resulting in an increase of share capital by
EUR 2,184. As part of the PIPE investment additional 15.6 million shares with a nominal value of USD 0.0001 were issued resulting in an
increase in share capital by EUR 1,380. As of December 31, 2021, following the merger and capital reorganization ADSE Holdco had 48,807,898
shares in issue.
Following the merger with ADSE GM in 2021, which
is accounted for as a capital reorganization, the subscribed capital of ADSE GM amounting to EUR 32,039 was reclassified to capital reserves.
As part of the capital reorganization, accumulated losses and public warrant liability of EUSG amounting to EUR 16.8 million were deducted
from capital reserves. Furthermore, capital reserves include EUR 43.1 million additional paid-in capital for the remaining 4,870,815 EUSG
shares after redemptions and the excess of fair value of issued shares over net assets assumed as part of the merger amounting to EUR
58.5 million. Capital reserves are reduced by transaction costs amounting to EUR 11.0 million and payments for acquisition of a shareholding
of an existing ADSE GM shareholder amounting to EUR 20 million. Moreover, the difference between the cash received and the nominal value
of 15.6 million shares issued to the PIPE investors amounting to EUR 138.0 million is recorded within capital reserves.
F-
41
The development of shares outstanding and shares
in issue from January 01, 2020, to December 31, 2022, is shown in the table below. As of December 21, 2021, as part of the share for share
exchange
32,039
shares of ADSE GM shareholder have been converted to
24,683,333
ordinary shares of ADSE Holdco.
in k units
2022
2021
2020
In issue as of Jan. 01
48,808
32
32
Share for share exchange
-
24,651
-
Business combination
-
24,125
-
Stock compensation
69
-
-
Outstanding as of Dec. 31
48,877
48,808
32
Treasury shares
28
-
-
In issue and outstanding as of Dec. 31
48,905
48,808
32
For the year ended December 31, 2021, the opening
balance of retained earnings contains retained earnings of the ADSE GM (accounting predecessor).
The result for the period contains consolidated
losses of ADSE.
As of December 31, 2022, other equity consists
of currency translation reserves on translation of ADSE US from its functional currency (USD) to the presentation currency of ADSE (EUR).
As of December 31, 2021, other equity consists of currency translation reserves on translation of EUSG from its functional currency (USD)
to the presentation currency of ADSE (EUR) upon the merger with ADSE Holdco and on the translation of ADSE US.
As of December 31, 2022, the share capital amounts
to kEUR
4
(December 31, 2021: kEUR
4
, December 31, 2020: kEUR
32
) and is fully paid in.
Other reserves consist of accumulated earnings
of the companies included in the financial statements and other equity.
kEUR
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Share capital
4
4
32
Capital reserves
216,815
214,100
20,950
Other equity
45
-
2
-
Retained earnings
-
117,211
-
29,570
-
19,291
Profit/Loss
-
18,906
-
87,640
-
10,280
Equity attributable to shareholders of ADSE
80,747
96,892
-
8,589
Total
80,747
96,892
-
8,589
F-
42
4.2.9
Warrant liabilities
As of December 31, 2022, warrant liabilities amounting
to kEUR
2,439
(December 31, 2021: kEUR
12,767
) relate to
7,187,500
public warrants,
4,375,000
private warrants including
100,000
lender
warrants in issue. In comparison to December 31, 2021, there have been no changes in the amount of warrants issued.
6,250,000
public warrants were issued as part
of the EUSG units in the IPO to the public shareholders on January 26, 2021. Each EUSG unit contained one share and one-half warrant.
Additional
937,500
warrants were issued as part of the overallotment to the underwriters.
4,375,000
private warrants were issued by EUSG
to EUSG Sponsor and the underwriters. Lender warrants were issued in lieu of a repayment of a promissory note and are accounted for as
private warrants.
Each warrant gives the holder the right to acquire
one ordinary share in the Company at an exercise price of USD
11.50
per share, subject to adjustment. Both public and private warrants
may be exercised until December 22, 2026.
Until expiration, and if the Company's share
price equals or exceeds USD
18.00
for any 20 trading days within a 30-trading day period, the Company may elect to redeem public warrants
at a price of USD
0.01
per warrant. Private warrants are not redeemable by the Company, they may be exercised for cash or on a cashless
basis at the holder's option as long as they are held by the initial holders or their affiliates.
As described in the Note 1.3, on the merger of
EUSG with EUSG II and ultimately with ADSE Holdco in 2021, each EUSG public and private warrant was converted into one ADSE Holdco public
and private placement warrant respectively under the same terms as EUSG warrants. Upon the merger it is assessed that the EUSG public
and private warrants were assumed as a liability as part of the acquisition. Therefore, the Company's warrants issued to replace
EUSG warrants are accounted as a liability at fair value through profit and loss.
Public warrants are measured at fair value through
profit or loss with reference to their quoted market price on NASDAQ (Level 1 – Fair value hierarchy under IFRS 13).
The market prices for private warrants are not
observable as these are not actively traded. Their fair value is determined by applying Black-Scholes option pricing model with the following
inputs corroborated with observable market data (Level 2 – Fair value hierarchy under IFRS 13):
Input
Dec. 31,
2022
Dec. 31,
2021
Reference
Spot price
USD 3.12
USD 9.13
1
Strike price
USD 11.50
USD 11.50
2
Expected term (years)
3.98
4.98
3
Risk free rate
4.11
%
1.26
%
4
Dividend yield
0.00
%
0.00
%
5
Annual volatility
46.94
%
23.40
%
6
1.
Equal to the observed price of the common shares,
2.
Warrant strike price,
3.
Calculated as the time period between the end of the reporting period and the warrants expiration date
(December 22, 2026),
4.
Interpolated 3.98-year (December 31, 2021: 4.98) constant maturity US treasury rates,
5.
Assumed dividend yield of
0
%,
6.
Implied volatility observed through the public warrants traded price.
F-
43
4.2.10
Trade and other payables
Trade and other payables include the following:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Trade payables
10,012
6,643
Trade payables due to related parties
1,821
2,980
Accrued expenses
1,898
1,194
Other payables financial
153
476
Other payables non-financial
1,967
2,865
Total
15,852
14,159
Trade payables mainly consist of trade accounts
payable and accruals for outstanding invoices.
Trade payables due to related parties among others
consist of a liability to ads-tec Industrial IT GmbH in the amount of kEUR
1,230
(December 31, 2021: kEUR
12
), to ads-tec Administration
GmbH in the amount of kEUR
505
(December 31, 2021: kEUR
838
), to ads-tec Dresden GmbH in the amount of kEUR
28
(December 31, 2021: kEUR
1,199
) and to ads-tec Engineering GmbH in the amount of kEUR
45
(December 31, 2021:
393
).
For information about ADSE's exposure to
liquidity risks please refer to note 4.5.2.2.
4.2.11
Provisions
The development of provisions is shown below:
kEUR
Warranties
Onerous
contracts
Archiving
costs
Miscellaneous
provisions
Total
As of Jan. 01, 2021
3,143
20
14
331
3,508
Added
7,717
0
4
633
8,354
Utilized
705
9
3
36
752
Reversal
1,490
0
-
-
1,490
As of Dec. 31, 2021
8,664
11
16
929
9,620
Date of maturity
Current
1,673
11
16
482
2,182
Non-current
6,991
-
-
447
7,438
Total
8,664
11
16
929
9,620
F-
44
kEUR
Warranties
Onerous
contracts
Archiving
costs
Miscellaneous
provisions
Total
As of Jan. 01, 2022
8,664
11
16
929
9,620
Added
1,571
-
0
158
1,729
Utilized
-
1,523
-
-
-
534
-
2,057
Reversal
-
469
-
-
-
47
-
517
As of Dec. 31, 2022
8,244
11
16
505
8,775
Date of maturity
Current
2,030
11
16
-
2,056
Non-current
6,214
-
-
505
6,719
Total
8,244
11
16
505
8,775
There are no pension commitments or similar obligations.
ADSE provides warranties for general repairs of
defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when
the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The estimate of
warranty-related costs is revised annually. In general warranty provisions are covering the expected warranties from the customers.
If ADSE has a contract that is onerous, the present
obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract
is established, ADSE recognizes any impairment loss that has occurred on assets dedicated to that contract.
Despite the changing environment of interest rates,
no significant effect from unwinding of the discount on non-current provisions was identified.
4.2.12
Loans and borrowings
As of the reporting date, loans and borrowings
amount to kEUR
0
.
As of December 31, 2021 loans and borrowings included
a secured bank loan with varying use amounting to kEUR
7,522
which was secured over the security assignment of trade receivables
and inventories with its total amount of kEUR
7,522
. The interest rate was
5.96
%.
During the financial year 2021, loans given to
ADSE GM in prior year by its equity holders Bosch and ADSH amounting to EUR
25.3
million were assumed by the Company. During 2021, ADSE
GM obtained additional EUR
17.9
million loans from Bosch and ADSH. As part of the merger, all aforementioned loans were assumed by ADSE
Holdco and were converted into equity investment in ADSE GM. As of December 31, 2021, ADSE repaid all outstanding loans to shareholders.
F-
45
4.2.13
Financial instruments
The following table provides the carrying amounts
and fair values of all financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include
fair value information for financial assets and liabilities not measured at fair value if the carrying amount is a reasonable approximation
of the fair value. Further, the fair value disclosure of lease liabilities is also not required.
kEUR
Fair Value Hierarchy
Book value
Dec. 31,
2022
Fair Value
Dec. 31,
2022
Book value
Dec. 31,
2021
Fair Value
Dec. 31,
2021
Assets
Cash and cash equivalents
At amortized cost
3
34,441
34,441
101,813
101,813
Trade receivables (short term)
At amortized cost
3
13,897
13,897
7,424
7,424
Other investments
At amortized cost
3
3,199
3,199
1,944
1,944
Other financial receivables (short term)
At amortized cost
3
921
921
141
141
Other financial receivables (long term)
At amortized cost
3
4
4
4
4
Total
52,462
52,462
111,326
111,326
Liabilities
Warrant liabilities - private
Fair value through P&L
2
1,091
1,091
5,215
5,215
Warrant liabilities - public
Fair value through P&L
1
1,348
1,348
7,552
7,552
Loans and borrowings (short term)
At amortized cost
3
-
-
7,522
7,522
Trade payables (short term)
At amortized cost
3
10,012
10,012
6,265
6,265
Trade payables due to related parties (short term)
At amortized cost
3
1,821
1,821
2,980
2,980
Lease liabilities (long term)
At amortized cost
3
2,635
-
1,537
-
Lease liabilities (short term)
At amortized cost
3
842
-
528
-
Other payables financial (short term)
At amortized cost
3
153
153
476
476
Total
17,902
14,425
32,076
30,010
F-
46
Changes in fair value of warrants as well as interest
income and expense on loans and borrowings and leases are included in financial result in the statement of profit or loss.
If reclassifications to other levels of the measurement
hierarchy are necessary, they are made at the end of the fiscal year in which the event that necessitates the reclassification occurs.
There were no reclassifications for all periods.
Net gains arising from receipts on trade receivables
derecognized in prior years are virtually equal to losses on derecognition of trade receivables in current year.
4.2.14
Contingent liabilities and contingent assets
Contingent liabilities are possible obligations
that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events that are
outside the control of ADSE. Furthermore, present obligations are contingent liabilities if it is not probable that an outflow of resources
will be required to settle the obligation and/or the amount of the obligation cannot be estimated with sufficient reliability.
Contingent assets are possible assets that arise
from past events and whose existence will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events
that are outside the control of ADSE.
As of the balance sheet date no contingent liabilities
and no contingent assets exist.
4.3
Share-based payments
Restricted stock units program
In 2021, an Incentive Plan was implemented which
allows ADSE to grant restricted stock units (RSUs) for members of the management and members of the board of directors. The participants
shall receive a number of shares of common stock that correspond to the number of RSUs that have become vested on the applicable vesting
date.
The RSUs granted for the initial SPAC grant promised
have a vesting period of four years while the RSUs granted under the director's compensation have a vesting period of one year.
In case of a bad leaver all claims to the RSUs become void.
The grant of RSUs is a share-based payment according
to IFRS 2, because the participants will become entitled to a future remuneration, which is based on real equity instruments. ADSE has
no choice to settle the transaction in cash and must settle with equity instruments. Therefore, the grant of RSUs is classified as equity-settled
share-based payment according to IFRS 2.
The valuation of the RSUs is based on the share
price of ADSE Holdco minus the nominal value of the share on grant date. No option pricing model was applied.
The RSUs were measured at the share price at grant
date.
For all 331,250 RSUs granted on March 04, 2022, the grant date fair value is USD 8.40. For 11,600 RSUs granted on March 31, 2022,
to an external consultant, the grant date fair value is USD 8.62.
The weighted-average fair value as of the measurement date is USD
8.41
.
F-
47
In 2021, the grants under share-based payment
plans developed as follows:
Program
RSUs
Number of awards
187,500
Maximum term (years)
4
Awards outstanding at the beginning of the reporting period (January 01, 2021)
-
Awards granted in the reporting period
187,500
Awards forfeited in the reporting period
-
Awards exercised in the reporting period
-
Awards expired in the reporting period
-
Awards outstanding at the end of the reporting period (December 31, 2021)
187,500
Awards exercisable at the end of the reporting period (December 31, 2021)
-
In 2022, the grants under share-based payment
plans developed as follows:
Program
RSUs
Number of awards
342,850
Maximum term (years)
4
Awards outstanding at the beginning of the reporting period (January 01, 2022)
187,500
Awards granted in the reporting period
155,350
Awards forfeited in the reporting period
-
50,000
Awards exercised in the reporting period
-
96,873
Awards expired in the reporting period
-
Awards outstanding at the end of the reporting period (December 31, 2022)
195,977
Awards exercisable at the end of the reporting period (December 31, 2022)
-
The RSUs have no exercise price. The weighted
average remaining contractual lifetime of the RSUs is
1.80
years.
When determining the expense recognition as of
December 31, 2022, an average expected fluctuation of
0
% p.a. was applied based on management estimates. The expected fluctuation for
the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information.
As of December 31, 2022, ADSE has recognized a
gross increase in equity in the balance sheet of kEUR
1,370
(2021: kEUR
10
) for share-based payments from RSUs. Additionally, for the
financial year 2022,
27,609
(2021:
0
) of the exercised RSUs are repurchased by ADSE as withholding of payroll taxes, causing a decrease
in equity of kEUR
77
(2021: kEUR
0
). This results in a net increase in equity in the balance sheet of kEUR
1,293
(2021: kEUR
10
).The expense
recognized for RSUs for the year ended December 31, 2022, amounts to kEUR
1,370
(2021: kEUR
10
, 2020: kEUR
0
).
Non-qualified stock options
Under the non-qualified stock option (NQSO) program,
ADSE grants to the participant the right to acquire from ADSE the aggregate number of shares of common stock specified per share exercise
price specified in the award agreement. Except for one NQSO agreement concluded under the director compensation, which will become exercisable
after one year, and one NQSO agreement with a consultant, which has different vesting dates, all other options granted become exercisable
according to a vesting schedule earliest after one year and latest after four years from the grant date. In case of a bad leaver-event
all claims to the NQSO become forfeited. The options expire after ten years from the grant date.
F-
48
For the financial year 2022, NQSO program developed
as follows:
Program
NQSO
Number of awards
1,457,375
Maximum term (years)
4
Awards outstanding at the beginning of the reporting period (January 01, 2022)
-
Awards granted in the reporting period
1,457,375
Awards forfeited in the reporting period
-
135,792
Awards exercised in the reporting period
-
Awards expired in the reporting period
-
Awards outstanding at the end of the reporting period (December 31, 2022)
1,321,583
Awards exercisable at the end of the reporting period (December 31, 2022)
77,100
The weighted average remaining contractual life
of the NQSOs outstanding at the end of the period is 1.72 years.
The fair value at grant date is independently
determined using a black-scholes model that takes into account the exercise price, the term of the option, the share price at grant date
and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the
option.
Measurement of fair values as of March 31, 2022:
Measurement of fair values
4 years
3 years
2 years
1 year
Fair value at grant date in USD
5.02
4.52
3.87
2.26
Share price at grant date in USD
8.62
8.62
8.62
8.62
Exercise price in USD
8.62
8.62
8.62
8.62
Expected volatility in %
78.46
%
80.26
%
82.57
%
65.97
%
Expected life in years
4.00
3.00
2.00
1.00
Expected dividends in %
0.00
0.00
0.00
0.00
Measurement of fair values as of July 18, 2022:
Measurement of fair values
3,7 years
2,7 years
1,7 years
0,7 years
Fair value at grant date in USD
3.91
3.44
2.67
1.63
Share price at grant date in USD
6.72
6.72
6.72
6.72
Exercise price in USD
6.72
6.72
6.72
6.72
Expected volatility in %
79.73
%
80.53
%
76.83
%
71.97
%
Expected life in years
3.70
2.70
1.70
0.70
Expected dividends in %
0.00
0.00
0.00
0.00
Measurement of fair values as of November 29,
2022:
Measurement of fair values
3,34 years
2,34 years
1,34 years
0,33 years
Fair value at grant date in USD
2.99
2.60
1.73
0.80
Share price at grant date in USD
5.25
5.25
5.25
5.25
Exercise price in USD
5.25
5.25
5.25
5.25
Expected volatility in %
80.80
%
82.10
%
69.24
%
64.72
%
Expected life in years
3.34
2.34
1.34
0.33
Expected dividends in %
0.00
0.00
0.00
0.00
F-
49
For the following grant date, vesting had already
started with the start of employment of several employees in 2022. However, the formal grant date is January 24, 2023. Measurement of
fair values as of January 24, 2023:
Measurement of fair values
3,18 years
2,18 years
1,18 years
0.18 years
Fair value at grant date in USD
1.84
1.48
1.00
0.35
Share price at grant date in USD
3.21
3.21
3.21
3.21
Exercise price in USD
3.21
3.21
3.21
3.21
Expected volatility in %
83.34
%
77.63
%
68.58
%
62.02
%
Expected life in years
3.18
2.18
1.18
0.18
Expected dividends in %
0.00
0.00
0.00
0.00
The expected price volatility is based on the
historic volatility of peer group entities based on the remaining life of the options.
The individual programs with different terms and
conditions were valued with corresponding term appropriate parameters for historical volatility and risk-free interest rate. The program
granted to the consultant also has an exercise price of USD
10
.
When determining the expense recognition as of
December 31, 2022, an average expected fluctuation of
0
% -
5
% p.a. was applied based on management estimates. The expected fluctuation
for the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information.
As of December 31, 2022, ADSE has recognized an
increase in equity in the balance sheet of kEUR
1,397
(December 31, 2021: kEUR
0
) for the share-based payments from NQSOs. The expense
recognized for NQSOs for the financial year 2022 amounts to kEUR
1,397
(December 31, 2021: kEUR
0
).
4.4
Statements of cash flows
ADSE has elected to present cash flows from operating
activities using the indirect method and has used the profit for the period as the starting point for presenting operating cash flows.
ADSE has classified cash payments for lease payments
as financing activities.
The cash and cash equivalents presented in the
statement of cash flows comprise all cash reported in the statements of financial position.
ADSE has elected to classify cash flows from interest
paid as financing activities, cash flows from interest received and dividends received as investing activities, and cash flows from dividends
paid as financing activities. However, dividends have neither been paid nor received in the reporting period.
The change in trade and other payable not attributable
to investing or financing activities does not include change in the total amount of shareholder loans and corresponding accrued interest
expenses from the shareholder loans, as those changes are presented in the separate line items proceeds from borrowings and shareholder
contribution and loans and finance expense.
4.5
Capital and financial risk management
4.5.1
Capital management
Through the business combination between the Company
and EUSG (refer to note 1.3), ADSE obtained cash proceeds from the EUSG IPO and subsequent PIPE investment as of December 22, 2021. Thereby,
ADSE's capital structure significantly changed with equity becoming the primary source of financing. Consequently, equity, and in
particular, capital reserves, which contain share premium from IPO and PIPE investment, are managed as capital.
ADSE's policy is to maintain a stable liquidity
position to enable ADSE growth of market presence and investments into new technologies. Currently ADSE generates negative cash flows
both from operating and investing activities. The management therefore closely monitors ADSE's liquidity reserves as well as the expected
cash flows from its operating activities.
A capital structure that optimizes capital costs
of equity and debt is being targeted, thus ADSE monitors the liquidity ratio regularly.
F-
50
4.5.2
Financial risk management
ADSE has exposure to the following risks arising
from financial instruments:
●
Credit risk,
●
Liquidity risk, and
●
Market risk.
ADSE's managing directors have overall responsibility
for the establishment and oversight of ADSE's risk management framework. The managing directors are also responsible for developing
and monitoring its risk management policies.
ADSE's risk management policies are established
to identify and analyze the risks faced by ADSE, to set appropriate risk limits and controls and to monitor risks and adherence to limits.
ADSE aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
As of December 31, 2022, ADSE's main financial
liabilities include trade payables as well as lease liabilities. The primary purpose of these financial liabilities is to finance ADSE's
operations and provide guarantees to support its operations. ADSE is mainly exposed to liquidity risk as well as credit risk. The market
risk, mainly including currency risk, interest rate risk, and equity risk is assessed as not negligible. However, ADSE does not have long
term loans with variable interest rates. Furthermore, most of the business activities are concluded in the reporting currency Euro.
4.5.2.1
Credit risk
Credit risk is the risk of financial loss to ADSE
if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from ADSE's
receivables from customers and contract assets.
The carrying amounts of financial assets and contract
assets represent ADSE's maximum credit exposure. ADSE monitors its credit risk regularly.
Impairment losses on financial assets recognized
in profit or loss amounted to kEUR 224 in the financial year 2022 (2021: kEUR
171
,
2020
: kEUR
9
).
Trade receivables, contract assets and other
investments
ADSE's exposure to credit risk is influenced
mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit
risk of its customer base, including the default risk associated with the industry and country in which customers operate.
For trade receivables, contract assets and other
investments, ADSE applies the "simplified approach" and measures and accounts the loss allowance for its trade receivables
at an amount equal to the lifetime expected credit losses. As there is a heterogeneous portfolio of customers separate probabilities of
default rates are determined for each significant customer. The determination of probability of default is done by an external service
provider that acts as an independent credit rating agency.
A write-off of the trade receivables, contract
assets and other investments of individual customers within the simplified approach is applied if one or more events take place that have
an influence on the customer's credit rating. These events include payment delays, pending insolvency or concessions by the debtor
due to payment difficulties. Trade receivables, contract assets and other investments are written off when there is no reasonable expectation
of recovery.
kEUR
Dec. 31,
2022
Dec. 31,
2021
Trade receivables and contract assets arising from contracts with customers and other investments
19,847
13,782
thereof trade receivables
16,557
10,865
thereof contract assets
6
973
thereof other investments
3,284
1,944
Impairment loss on trade receivables and contract assets arising from contracts with customers and other investments
-
256
-
163
Total
19,591
13,619
F-
51
In the following tables, loss allowances solely
include specific valuation allowances and do not include expected credit losses on trade receivables.
kEUR
Weighted-
average loss rate
Gross
carrying
amount
Loss
allowance
Credit-
impaired
Dec. 31, 2022
Current (not past due)
0.00
%
13,224
-
-
1-30 days past due
0.00
%
2,760
-
-
31-60 days past due
0.00
%
185
-
-
61-90 days past due
0.00
%
1
-
-
More than 90 days past due
15.28
%
386
-
59
-
Total
16,557
-
59
-
kEUR
Weighted-
average
loss rate
Gross
carrying
amount
Loss
allowance
Credit-
impaired
Dec. 31, 2021
Current (not past due)
0.00
%
8,902
-
-
1-30 days past due
0.00
%
1,800
-
-
31-60 days past due
0.00
%
51
-
-
61-90 days past due
0.00
%
-
-
-
More than 90 days past due
51.79
%
112
-
58
-
Total
10,865
-
58
-
The anomaly in the weighted-average loss rate
relates to individual receivables only.
Other financial assets
ADSE considers the probability of default at the
date of initial recognition of assets and the existence of a significant increase in the risk of default during all reporting periods.
To assess whether the risk of default has increased significantly, ADSE compares the risk of default on the asset at the reporting date
with the risk of default at the initial recognition. Available, appropriate, and reliable forward-looking information is considered. Indicators
such as internal and external credit ratings as well as actual and expected significant changes in the debtor's earnings situation
are taken into account.
Cash and cash equivalents
Cash and cash equivalents are mainly cash at banks.
ADSE regularly monitors the corresponding bank's credit ratings. Due to the short investment period and the good credit rating of
the banks ADSE considers that its cash and cash equivalents have low credit risk. Consequently, no impairment was recognized on cash and
cash equivalents.
4.5.2.2
Liquidity risk
Liquidity risk is the risk that ADSE will encounter
difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial
asset.
ADSE aims to maintain the level of its cash and
cash equivalents at an amount more than expected cash outflows on financial liabilities.
F-
52
Exposure to liquidity risk
ADSE's policy is to maintain sufficient
cash and cash equivalents at all times to meet current and future obligations as they fall due. ADSE manages its liquidity by maintaining
sufficient liquid assets.
Adverse developments in the capital markets could
increase ADSE's financing costs and limit its financial flexibility.
The following table shows the remaining contractual
maturities of ADSE's financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest
payments:
kEUR
Total
Less than 1 year
1-5 years
More than 5 years
Balance as of Dec. 31, 2022
Secured bank loans
-
-
-
-
Lease liabilities
4,887
842
3,740
305
Trade payables
10,012
10,012
-
-
Trade payables due to related parties
1,821
1,821
-
-
Other payables
4,019
3,869
-
150
Total
20,740
16,544
3,740
455
kEUR
Total
Less than 1 year
1-5 years
More than 5 years
Balance as of Dec. 31, 2021
Secured bank loans
7,522
-
7,522
-
Lease liabilities
2,269
599
1,346
324
Trade payables
6,643
6,643
-
-
Trade payables due to related parties
2,980
2,980
-
-
Other payables
4,535
4,391
-
144
Total
23,950
14,613
8,869
468
ADSE's current financial position with a
cash level of kEUR
34,441
as of December 31, 2022 (December 31, 2021: kEUR
101,813
) and no debt financing reduces the liquidity risks.
However, ADSE is exposed to high liquidity risks if ADSE cannot manage to generate cash from its current inventories or cannot obtain
additional financing.
In 2021, the bank credit line was tied to compliance
with financial covenants, which if breached, gave right of termination without notice to the bank. Thus, ADSE was exposed to liquidity
risks, if the financial covenants for the bank credit line were not met. In the course of the financial year 2022, all secured bank loans
in the table above have been repaid. During the financial years 2022 and 2021 ADSE fulfilled all covenants.
F-
53
4.5.2.3
Market risk
Market risk
Market risk is the risk that changes in market
prices – e.g. foreign exchange rates, interest rates and equity prices – will affect ADSE's income or the value of its
holdings of financial instruments. The financial instruments affected by market risk essentially comprise financial assets and financial
liabilities.
Interest rate risk
Interest risk
is that changes of interest rates will affect interest expenses from loans or borrowings and interest income from cash and cash equivalents.
As of December 31, 2022, no third-party interest-bearing loans or borrowings exist. Based on balances in bank accounts amounting to kEUR
34,440
as of December 31, 2022, negligible interest rate risk arises with respect to interest income.
Equity risk
Equity risk
is that changes in stock markets – e.g. a falling price of ordinary shares and/or public warrants of ADSE ("ADSE's trading
price"), receiving no dividends, receiving lower dividends than expected, or fluctuations in the equity markets – will affect
the value of ADSE's common shares and outstanding warrants. The volatility of ADSE's trading price could potentially have
significant impact on the valuation of warrant liabilities in the future and valuation of future share-based payments. As of December
31, 2022, equity risks arise with respect to warrant liabilities amounting to EUR
2,439
. In management's opinion, a sensitivity
analysis is unrepresentative of the inherent equity risk as the year end exposure does not reflect the exposure during the year.
Currency risk
Foreign exchange risk arises when individual Group
entities enter into transactions denominated in a currency other than their functional currency.
ADSE is exposed
to currency risks arising from bank balances in foreign currencies, transactions in foreign currencies including revenue generated or
purchases for materials and services, and operating business activities in the US for ADSE US. The main exposure of currency risks arise
with respect to bank balances amounting to kEUR
10,087
(December 31, 2021: kEUR
101.729
) which are denominated in USD. Lesser currency
risks arise from normal operations due to
87
% of revenues in 2022 (2021:
94
%, 2020:
99
%) are generated in EUR.
Sensitivity of the foreign currency risk
The sensitivity analysis approximately quantifies
the risk that can occur within the framework of set assumptions if certain parameters are changed to a defined extent. Exchange rate risks
exist for US dollars (USD).
The following disclosures describe the sensitivity
of an increase or decrease in the USD against the EUR from ADSE's perspective. Currency risks within the meaning of IFRS 7 arise from
financial instruments that are denominated in a currency other than the functional currency and are of a monetary nature. Translation
differences from the translation of financial statements of foreign Group companies into ADSE currency are not taken into account. The
sensitivity analysis was prepared for the main financial instrument (cash and cash equivalents) outstanding as at the balance sheet date
of ADSE.
If the EUR had appreciated or depreciated by
10.0
%
against the USD as at December 31, 2022 and 2021 respectively, the consolidated profit would change in the manner shown below:
kEUR
Variance
Dec. 31, 2022
OCI
Variance
Dec. 31,
2021
Dec. 31, 2022
EUR/USD
+/-10.0
%
-917/+1,121
-
+/-10.0
%
-9,200/+41,800
Other market risks
ADSE is not significantly exposed to other market
risks.
F-
54
5.
Segment reporting
Information reported to ADSE's chief operating
decision maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on the geographic region
of ADSE's business activities. Therefore, ADSE manages its operations based on two operating segments referring to its business
activities in Europe and North America.
Although the segment "North America"
does not meet the quantitative thresholds to be reported as a reportable segment, the management has concluded that this segment should
nevertheless be reported separately, as it is closely monitored by the CODM as a potential growth segment and is expected to contribute
to ADSE's revenue in future. In consequence, operating segments are reported in a manner consistent with the internal reporting
provided to the CODM.
The CODM has been identified as the board of directors
of ADSE Holdco. The board of directors regularly reviews operating results and makes decisions about the allocation of ADSE's resources.
ADSE's focus is on the research, development and manufacturing of products and services in the fields of energy management, energy
storage and e-mobility.
ADSE evaluates segmental performance based on
segment revenue and segment earnings before interest, taxation, depreciation, and amortization (EBITDA). Inter-segment sales are priced
along the same lines as sales to external customers.
kEUR
2022
Europe
North
America
Total
reportable
segments
Eliminations
Total Group
External revenues
25,699
731
26,430
-
26,430
Inter-segment revenues
19,924
-
19,924
-
19,924
-
Total revenue
45,623
731
46,354
-
19,924
26,430
Earnings before interest taxation depreciation and amortization (EBITDA)
-
20,711
-
8,219
-
28,931
-
3,156
-
32,086
Depreciation and amortization
-
4,312
-
25
-
4,337
-
-
4,337
Operating result (EBIT)
-
25,023
-
8,245
-
33,268
-
3,156
-
36,423
Financial income
19,922
-
19,922
593
20,515
Financial costs
-
424
-
3
-
427
-
-
427
Financial result
19,498
-
3
19,495
593
20,089
Profit before tax
-
5,525
-
8,248
-
13,772
-
2,562
-
16,335
Income tax expenses
-
3,060
-
-
3,060
488
-
2,572
Profit for the year
-
8,584
-
8,248
-
16,832
-
2,075
-
18,906
F-
55
kEUR
2021
Europe
North
America
Total
reportable
segments
Eliminations
Total Group
External revenues
33,035
-
33,035
-
33,035
Inter-segment revenues
2,206
-
2,206
2,206
-
Total revenue
35,241
-
35,241
2,206
33,035
Earnings before interest taxation depreciation and amortization (EBITDA)
-
14,467
-
774
-
15,241
82
-
15,159
Depreciation and amortization
-
3,485
-
-
3,485
-
-
3,485
Operating result (EBIT)
-
17,952
-
774
-
18,725
82
-
18,643
Financial income
47
-
47
-
47
Financial costs
-
2,835
-
-
2,835
-
-
2,835
Listing fee
-
65,796
-
-
65,796
-
-
65,796
Financial result
-
68,583
-
-
68,583
-
-
68,583
Profit before tax
-
86,535
-
774
-
87,309
82
-
87,227
Income tax expenses
-
413
-
-
413
-
-
413
Profit for the year
-
86,948
-
774
-
87,722
82
-
87,640
kEUR
2020
Europe
North
America
Total
reportable
segments
Eliminations
Total Group
External revenues
47,370
-
47,370
-
47,370
Inter-segment revenues
-
-
-
-
-
Total revenue
47,370
-
47,370
-
47,370
Earnings before interest taxation depreciation and amortization (EBITDA)
-
6,549
-
-
6,549
-
-
6,549
Depreciation and amortization
-
1,641
-
-
1,641
-
-
1,641
Operating result (EBIT)
-
8,190
-
-
8,190
-
-
8,190
Finance income
-
-
-
-
-
Finance costs
-
2,135
-
-
2,135
-
-
2,135
Financial result
-
2,135
-
-
2,135
-
-
2,135
Profit before tax
-
10,325
-
-
10,325
-
-
10,325
Income tax expenses
45
-
45
-
45
Profit for the year
-
10,280
-
-
10,280
-
-
10,280
F-
56
Total non-current assets of both reportable segments
can be broken down as follows:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Europe
40,811
24,072
20,003
North America
126
-
-
Eliminations
-
6,745
-
-
Total non-current assets
34,192
24,072
20,003
Total current assets of both reportable segments
can be broken down as follows:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Europe
108,050
126,103
25,325
North America
22,404
3,174
-
Eliminations
-
25,204
-
2,124
-
Total current assets
105,250
127,152
25,325
Total liabilities of both reportable segments
can be broken down as follows:
kEUR
Dec. 31,
2022
Dec. 31,
2021
Dec. 31,
2020
Europe
57,698
54,170
53,917
North America
24,208
2,369
-
Eliminations
-
23,211
-
2,206
-
Total liabilities
58,695
54,332
53,917
Total revenues of both reportable segments can
be broken down as follows:
kEUR
2022
2021
2020
Europe
45,623
33,035
47,370
North America
731
-
-
Eliminations
-
19,924
-
-
Total revenues
26,430
33,035
47,370
Revenues from two major customers of ADSE represented
kEUR
7,145
and kEUR
8,208
respectively (2021: one customer, kEUR
18,480
, 2020: one customer, kEUR
41,041
) of ADSE's total revenues.
F-
57
6.
Related party transactions
Related parties are natural persons or companies
that can be influenced by the reporting entity, that can exert an influence on the reporting entity or that are under the influence of
another related party of the reporting entity. Transactions between related parties mainly include loans, leases, and management services.
All business transactions, receivables and liabilities with related parties existing at the reporting date result from ordinary business
activities and are conducted at arm's length.
Note 1 provides information about ADSE's
structure, including details of the shareholders, subsidiaries, and entities with significant influence on ADSE.
The following table provides the total amount
of transactions that have been entered into with related parties for the relevant financial year.
kEUR
2022
Sales of
goods and
services
Purchase of
goods and
services
Other
income
Other
expense
Interest
expense
Transactions with shareholders*
76
-
151
15
-
80
-
2
Transactions with affiliated companies*
262
-
4,603
35
-
6,027
-
59
Transactions with associated companies
153
-
85
-
-
98
-
Total
491
-
4,839
50
-
6,205
-
61
*)
Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH. Transactions with affiliates include transaction with subsidiaries of the shareholders.
In the financial year 2021 ADSE acquired several
items of property, plant, and equipment from ads-tec Dresden GmbH for a purchase price of kEUR
774
. As of December 31, 2021, these items
are presented within property, plant, and equipment in the statement of financial position.
kEUR
2021
Sales of
goods and
services
Purchase of
goods and
services
Other
income
Other
expense
Interest
expense
Transactions with shareholders*
1,601
-
26
-
-
457
-
1,995
Transactions with affiliated companies*
2,253
-
2,073
21
-
5,402
-
Transactions with associated companies
-
-
81
-
-
47
-
Total
3,854
-
2,181
21
-
5,906
-
1,995
*)
Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH. Transactions with affiliates include transaction with subsidiaries of the share-holders.
F-
58
kEUR
2020
Sales of
goods and
services
Purchase of
goods and
services
Other
income
Other
expense
Interest
expense
Transactions with shareholders*
-
-
371
-
-
2,451
-
1,368
Transactions with affiliated companies*
22
-
4,197
-
-
3,195
-
48
Transactions with associated companies
-
-
75
-
-
54
-
Transactions with related persons
-
-
-
-
2
-
Total
22
-
4,643
-
-
5,702
-
1,416
*)
Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH as well as any subsidiaries of Robert Bosch GmbH. Transactions with affiliates include
transaction with subsidiaries of ADSH.
Other expenses
Other expenses mainly include the administration
fees of kEUR
3,412
(2021:
2,963
, 2020: kEUR
2,143
) paid to ads-tec Administration GmbH, management fees of kEUR
0
(2021: kEUR
450
, 2020:
kEUR
450
) paid to ADSH and development costs of kEUR
1,095
(2021: kEUR
1,479
, 2020: kEUR
262
) paid to ads-tec Engineering GmbH.
Interest expenses
Interest expenses mainly include the
interest expense of kEUR
0
(2021: kEUR
338
, 2020: kEUR
261
) on the loan from ADSH, the interest expense of kEUR
0
(2021: kEUR
1,625
,
2020: kEUR
1,070
) on the loan from the other shareholder.
The table below provides an overview of significant
account balances and transactions from such relationships.
Receivables and liabilities to shareholders
and affiliated companies
Liabilities to affiliated companies mainly comprise
a liability to ads-tec Industrial IT GmbH in the amount of kEUR
1,167
(2021: kEUR
12
), a liability to ads-tec Administration GmbH in the
amount of kEUR
476
(2021: kEUR
838
) and a liability to ads-tec Dresden GmbH in the amount of kEUR
28
(2021: kEUR
1,199
).
kEUR
Dec. 31, 2022
Dec. 31, 2021
Receivables
Payables
Receivables
Payables
Transactions with shareholders*
96
216
2,108
311
Transactions with affiliated companies*
212
2,144
25
2,685
Transactions with associated companies
-
12
-
8
Total
308
2,372
2,133
3,005
*)
Transactions with shareholders comprise agreements with ADSH,
Robert Bosch GmbH and Bosch Thermotechnik GmbH. Transactions with affiliates include transaction with subsidiaries of the shareholders.
F-
59
Key management personnel compensation
As of the comparison date December 31, 2020, key
management personnel comprised the board of directors and authorized representatives of ADSE GM. Key management personnel as of the reporting
date and as of December 31, 2021, comprise the board of directors and authorized representatives of ADSE Holdco. As of the reporting date
the board of directors is represented by the following people:
Key management personnel
Role
Joseph Brancato
Director
Wolfgang Breme
Chief Financial Officer
Bazmi Husain
Director
K.R. Kent
Director
Hakan Konyar
Chief Production Officer
Kurt Lauk, PhD
Director (Chairman)
Salina Love
Director
John Neville
Chief Sales Officer
Thorsten Ochs
Chief Technology Officer
Sebastian Schypulla
Chief Purchase and Logistics Officer
Thomas Speidel
Chief Executive Officer and Director
Robert Vogt
Chief Accounting Officer
Key management personnel compensation comprised
the following:
kEUR
2022
2021
2020
Short-term employee benefits
2,532
1,196
783
Share-based payments
2,228
10
-
Total
4,760
1,206
783
Key management personnel compensation for the
financial year 2021 solely includes short-term employee benefits for four members of the key management as the rest of the key management
was first appointed on December 23, 2021 and did not receive any short-term employee benefits.
Short term employee benefits include salary, company
cars, training, and other benefits. Share-based payments include expenses for restricted stock units and non-qualified stock options (see
note 4.3).
F-
60
7.
Other financial disclosures
As of December 31, 2022, other financial obligations
exist from master purchase agreements for materials with a commitment of kEUR
48,784
(December 31, 2021: kEUR
59,537
) of which kEUR
32,249
(December 31, 2021: kEUR
984
) are short-term financial obligations. Furthermore, there are purchase agreements mainly for materials with
a commitment of kEUR
85,214
(December 31, 2021: kEUR
16,412
) of which kEUR
73,888
(December 31, 2021: kEUR
15,992
) are short-term financial
obligations.
As of December 31, 2022, there is a financial
obligation of kEUR
3,452
(December 31, 2021: kEUR
4,194
) per year from contracted long-term cost allocation agreements and rents with
affiliated companies.
8.
Events after the reporting period
On January 19, 2023, ADSE GM completed the foundation
of ads-tec Energy Services GmbH, Nürtingen, Germany. ads-tec Energy Services GmbH is completely owned by ADSE GM and is focusing
on the global service in connection with products and services in the fields of energy management, energy storage, e-mobility and renewable
energies.
In addition, ADSE GM completed the foundation
of ads-tec Energy Schweiz GmbH, Zurich, Switzerland on April 25, 2023. The purpose of ads-tec Energy Schweiz GmbH is to provide consulting
and other services to ADSE group entities.
In March 2023, a restructuring plan related to
ADSE US was executed to support future growth plans as the segment North America did not develop as expected by management.
On May 05, 2023, ADSE entered into unsecured shareholder
loans with multiple shareholders amounting to a total of kUSD
12,875
, thereof kUSD
7,100
due on June 30, 2024, and kUSD
5,775
due on December
22, 2023. The shareholder loans can be drawn by ADSE as required. The shareholder loans have an interest rate of
10
% per annum on the
unpaid and actually drawn principal. In addition, the lenders receive redeemable warrants representing the right to purchase
1,716,667
ordinary shares, par value USD
0.0001
per ordinary share, at an exercise price of USD
3.00
per ordinary share.
On May 05, 2023, the convertible loan granted
to a customer by ADSE amounting to kEUR
4,520
was completely paid back to ADSE including the principal portion as well as interest accrued
(also see note 4.2.4).
No further events occurred between December 31,
2022, and May 10, 2023, that would require adjustments to the amounts recognized in these consolidated financial statements or would need
to be disclosed under this heading.
9.
Approval of the financial statements
The financial statements were approved by the
Board of Directors on May 10, 2023 and approved for publication.
Nürtingen
May 10, 2023
/s/
Thomas Speidel
/s/
Wolfgang Breme
Thomas Speidel
Wolfgang Breme
Chief Executive Officer
Chief Financial Officer
F-61