JLG, Oshkosh invest in equipment electrification
By Riley SimpsonFebruary 11, 2021
JLG Industries Inc. and parent company Oshkosh Corporation are partnering with Microvast, which provides next-generation battery technologies for commercial and specialty electric vehicles, to develop electrified construction equipment.
Oshkosh, the Wisconsin-based global manufacturer, agreed to make a $25-million investment in public equity in Microvast to upgrade JLG’s product line of boom lifts, scissor lifts, low-level access lifts, vertical access lifts, stock and order 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. “We believe advancing battery technology is crucial to striking this balance.”
Oshkosh and Microvast also entered into a joint development agreement highlighting future battery collaboration and integration, according to the release.
“Our strategic investment in Microvast is an excellent addition to Oshkosh’s electrification focus and established partnerships,” said John C. Pfeifer, Oshkosh president and chief operating officer.
Since launching its first electric boom lift in the mid-1990s, JLG has led the construction industry’s movement toward electrification, according to the company’s release.
The Microvast investment follows JLG’s introduction of the industry’s first all-electric scissor lift – the AE 1932 DaVinci model – last month.