JLG Industries has announced a planned investment of $25m by its parent company Oshkosh Corporation in Microvast, a global provider of next-generation battery technologies for commercial and specialty electric vehicles.
The global mobile elevating work platforms (MEWP) and telehandlers heavyweight announced that the new partnership, in combination with the company’s existing electrification supply chain partners, will “continue to strengthen and advance the development of industry-leading electrified solutions across the JLG product line”, including boom lifts, scissor lifts, low-level access lifts, vertical access lifts, stock and order picker lifts, towable lifts and telehandlers.
Oshkosh’s investment is in the form of a private investment in public equity, or PIPE, in Microvast, who have announced a merger with Tuscan Holdings Corp. on February 1. Oshkosh and Microvast also entered into a joint development agreement highlighting future battery collaboration and integration.
Frank Nerenhausen, Oshkosh executive vice president and president of JLG Industries, said the relationship enhances his company’s product development and technology roadmap. “JLG is focused on electrification and the delivery of sustainable technologies that are environmentally friendly without a compromise to performance. We believe advancing battery technology is crucial to striking this balance.”
JLG has been among the first in its field to offer electric products, launching its first electric boom lift in the mid-1990s. Recent electric product introductions include the industry’s first all-electric scissor — the AE 1932 DaVinci. Nerenhausen added: “Our new DaVinci all-electric lift represents the future of electrification — every component is optimized to deliver premium performance and value to the customer.”
John C. Pfeifer, Oshkosh Corporation president and CEO, said: “Our strategic investment in Microvast is an excellent addition to Oshkosh’s electrification focus and established partnerships. These partnerships, combined with Oshkosh’s highly-capable product development team, support our expanding leadership with technology-enabled products across the markets we serve.”