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ADS-TEC Energy partners with Porsche for EV services

EditorNatashya Angelica
Published 2024-05-23, 01:12 p/m
ADSE
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NÜRTINGEN, Germany - ADS-TEC Energy (NASDAQ: ADSE), a manufacturer of ultra-fast charging systems, has announced a service partnership with luxury carmaker Porsche AG (ETR:P911_p), becoming the recommended provider for Porsche centers in Europe and North America. This collaboration will provide remote services, diagnostics, and on-site support for Porsche's electric vehicle (EV) charging platforms.

The agreement, which spans approximately 500 Porsche centers, aims to enhance the charging experience for EV drivers through the use of ADS-TEC Energy's ChargeBox charging stations. These systems are designed to deliver high performance and reliability, even on lower-powered grids, and are recognized for their compact design.

Thomas Speidel, CEO of ADS-TEC Energy, expressed that the partnership is a testament to the company's reliable and high-performance charging systems. He noted that the cooperation with Porsche signifies a mutual benefit and a step forward in the transition to electric mobility.

ADS-TEC Energy, with over a decade of experience in lithium-ion technologies, specializes in battery storage solutions and fast charging systems, including energy management systems. The company's technology has been acknowledged for its quality, recently earning a nomination for the German Future Prize and entry into the "Circle of Excellence" in 2022.

This strategic move is expected to support ADS-TEC Energy's expansion in the EV market, catering to automotive manufacturers, utility companies, and charge-operators. The partnership underscores the increasing demand for reliable EV charging solutions as the industry shifts towards sustainable transportation.

The information for this report is based on a press release statement.

InvestingPro Insights

ADS-TEC Energy (ADSE) has recently forged a significant service partnership with Porsche AG, which could be a game changer for the company's market presence and financial outlook. In light of this development, InvestingPro has some key insights and data metrics that might interest investors.

One of the InvestingPro Tips notes that ADS-TEC Energy holds more cash than debt on its balance sheet. This financial stability is crucial as the company embarks on this new partnership, potentially providing the flexibility to invest in further innovation and expansion. Moreover, analysts anticipate sales growth in the current year, which could be further bolstered by the Porsche agreement, enhancing the company's revenue stream.

On the data front, ADS-TEC Energy's market capitalization stands at 562 million USD, reflecting investor confidence and the company's market value. Despite a negative P/E ratio of -9.41 for the last twelve months as of Q1 2023, the company has shown a remarkable revenue growth of 306.3% during the same period. This rapid growth in revenue, coupled with the partnership with Porsche, could signal a bright future for ADS-TEC Energy, despite current profitability challenges.

Still, it is worth noting that the company's Price / Book ratio is at a high 15.31, suggesting a premium valuation which investors may want to consider in the context of the company's growth prospects and the new partnership with Porsche.

For those interested in further analysis and additional InvestingPro Tips, there are more available at https://www.investing.com/pro/ADSE. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and find out why ADS-TEC Energy's liquid assets exceeding short term obligations or the high return over the last year could be important factors in your investment decision.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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