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Managed to get it to run. Apparently the 'alarm' from the instruction is made by the motor whining (yes, after you connect it), similar to some of the modern esc (Castle). This ESC is really one of a kind, probably very similar to the Tekin 410K. I need to explore more of it's functions, especially ...

Thanks guy! I may try to see if I can get it to work during the weekend when I have a bit more time.

Yes, I am trying.

But there is no mention of why it as two signal leads......

I have recently acquired this vintage GM HEL 4000 Universe ESC. I know that this exact same speedo appeared on here several years ago. The seller (maybe a member here as well) sent the ESC with a copy of the German manual. I still can't properly test it as I don't even know whether it is functioning...