JLG & Oshkosh to partner with Microvast
11 February 2021
JLG’s parent company, Oshkosh Corp., has announced a planned investment into Microvast, a developer of lithium ion battery technology for commercial and specialty electric vehicles.
Oshkosh agreed to make a $25 million private investment in public equity, or PIPE, in Microvast, which 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.
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, JLG said.
According to Frank Nerenhausen, Oshkosh executive vice president and president of JLG Industries, the relationship will enhance the 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,” Nerenhausen said. “We believe advancing battery technology is crucial to striking this balance.”
JLG started offering electric products in the mid-1990s when it launched its first electric boom lift. JLG’s most-recent electric product introduction was the industry’s first all-electric scissor lift — the AE 1932 DaVinci model.
“Our new DaVinci all-electric lift represents the future of electrification — every component is optimized to deliver premium performance and value to the customer,” said Nerenhausen.
“Our strategic investment in Microvast is an excellent addition to Oshkosh’s electrification focus and established partnerships,” said John C. Pfeifer, Oshkosh Corporation president and COO.
“These partnerships, combined with Oshkosh’s highly-capable product development team, support our expanding leadership with technology-enabled products across the markets we serve.”