JLG’s parent company, Oshkosh Corporation has announced an investment in Microvast, a global provider of next-generation battery technologies for commercial and specialty electric vehicles. This investment and partnership will help JLG move forward in advancing 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.” 1.
Electrifying vehicles has gained more and more momentum in recent years. The success of Tesla in the high-end automotive market has opened the door for other companies to create a variety of offerings to compete in the EV segment. Battery technology has continued to see increasing investment over the last decade. Makers like Tesla also supply advanced battery technology to other vehicle manufacturers.
The roadblocks to electric vehicles has mainly revolved around the batter technology itself. Batteries have been problematic for a number of reasons including weight, power and lifespan. As much as the technology has improved the next generation of batteries may make a huge difference to what might be possible, especially for larger vehicles.
Vehicles primarily use lithium-ion batteries ( like in your cellphone ) but are expected to be replaced by lithium-iron phosphate and other chemistries. These new batteries should reduce cost and extend the range of these vehicles significantly.
Now EV companies and suppliers have become the darlings of Wall Street as well. Microvast was a relatively small private company that was started in Texas in 2006. They have prided themselves with developing ultra-fast and long-lasting battery power systems for electric vehicles
Microvast has already deployed its battery technology. In fact, electric buses during the 2018 Olympic Games in South Korea featured Microvast batteries. 2. Their batteries also power busses in Auckland and Shanghai today.
The company was brought public through a special purpose acquisition company. (SPAC) This essentially meant that by merging with another company, Tuscan Holdings. The end result of all this investment, including JLG’s, is that the company will be able to grow much more quickly. Microvast plans to use the proceeds to build additional manufacturing facilities and is targeting global production capacity of 9 GWh by 2022.
- 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. 1.
All of this is great news for the construction and transportation industries. Cleaner, more efficient vehicles will reduce noise, reduce emissions and ultimately reduce costs. Electric trucks and construction vehicles are already making their way into the industry, but the change is just starting now!