New Partnership To Strengthen JLG Electrification Capabilities

JLG Industries, Inc., an Oshkosh Corporation company [NYSE:OSK] and leading global manufacturer of mobile elevating work platforms (MEWPs) and telehandlers, is pleased to announce a planned investment by parent company Oshkosh Corporation 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 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.

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 — the AE 1932 DaVinci™. “Our new DaVinci all-electric lift represents the future of electrification — every component is optimized to deliver premium performance and value to the customer,” says 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 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.