Investment in Battery Technology Specialist Microvast to Strengthen JLG’s Electrification Capabilities
JLG Industries Inc., an Oshkosh Corporation company and leading global manufacturer of mobile elevating work platforms (MEWPs) and telehandlers, is announced a planned investment by parent company Oshkosh Corp. in Microvast, a global provider of next-generation battery technologies for commercial and specialty electric vehicles. This new partnership, in combination with the company’s existing electrification supply chain partners, will 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.
According to Frank Nerenhausen, Oshkosh executive vice president and president of JLG Industries, this relationship enhances 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. We believe advancing battery technology is crucial to striking this balance.”
JLG has been at the forefront of the industry’s movement toward electrification, having offered electric products since the mid-1990s when the company launched its first electric boom lift. Recent electric product introductions include 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 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.”
Oshkosh agreed to make a $25 million private investment in public equity, or PIPE, in Microvast, who announced a merger with Tuscan Holdings Corp. on February 1, 2021. Oshkosh and Microvast also entered into a joint development agreement highlighting future battery collaboration and integration. To learn more about Oshkosh’s core innovation areas, visit www.oshkoshcorp.com/brands-innovations.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.