Oshkosh invests in Microvast, move expected to strengthen JLG’s electrification capabilities
By Chad Elmore11 February 2021
JLG Industries Inc. said parent company Oshkosh Corp. has invested in Microvast Inc., a global provider of battery technologies for commercial and specialty electric vehicles.
JLG Industries Inc., a global manufacturer of mobile elevating work platforms and telehandlers, has reported on the planned investment by parent company Oshkosh Corp. in Microvast Inc., a global provider of battery technologies for commercial and specialty electric vehicles.
The partnership, in combination with the JLG’s existing electrification supply chain partners, is expected to continue to strengthen and advance the development of 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 is focused on electrification and the delivery of sustainable technologies that are environmentally friendly without a compromise to performance,” said Frank Nerenhausen, Oshkosh executive vice president and president of JLG Industries. “This relationship enhances the company’s product development and technology roadmap. We believe advancing battery technology is crucial to striking this balance.”
Recent electric product introductions from JLG include the AE 1932 DaVinci model, an all-electric scissor lift. “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.
Oshkosh agreed to make a $25 million private investment in public equity (PIPE) in Microvast, which announced a merger with Tuscan Holdings Corp., a publicly-traded special purpose acquisition company, on Feb. 1.
Oshkosh and Microvast have also entered into a joint development agreement highlighting future battery collaboration and integration.
“Our strategic investment in Microvast is an excellent addition to Oshkosh’s electrification focus and established partnerships,” said John C. Pfeifer, Oshkosh Corp. president and chief operating officer. “These partnerships, combined with Oshkosh’s highly-capable product development team, support our expanding leadership with technology-enabled products across the markets we serve.”
For its part, Microvast said it expects that the joint development agreement will act as a foundation to encourage collaboration and integration on next-generation battery technologies. Based on field-proven battery technologies, Microvast said it believes it is well-positioned to custom design and develop tailored battery solutions for Oshkosh’s future electrification projects.
Founded in Huzhou, China, in 2006, Microvast’s U.S. headquarters is located near Houston, Texas. It designs, develops and manufactures lithium-ion battery solutions and said its vertical integration capabilities extend from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast said it has developed a family of products covering a wide range of applications.
“We are proud to work with leading OEMs like Oshkosh Corp. and we appreciate Oshkosh’s strategic investment in Microvast,” said Yang Wu, founder, chairman and CEO of Microvast, in a statement released on February 5. “We believe that our best-in-class battery cells, a strong technology pipeline, and anticipated proceeds of our pending transaction with Tuscan will allow Microvast to finance the buildout of world-class manufacturing facilities and fulfill our commitments to our valued customers. We are pleased to have Oshkosh’s support in these efforts, and we look forward to a long-term, thriving partnership focused on advancing Oshkosh’s electrification strategy.”
Upon the closing of the merger with Tuscon, which is expected to occur in the second quarter of 2021, the combined company will be named Microvast Holdings Inc. and is expected to be listed on the Nasdaq stock market under the new ticker symbol “MVST.”