05.02.2021

Oshkosh invests in battery specialist

JLG parent Oshkosh, has announced a $25 million investment in Microvast, which provides a range of rapid charge battery technologies for commercial and specialty electric vehicles, with a focus on bus and transit systems as well as taxis.

The company recently merged with special acquisition company Tuscan Holdings and listed on the Nasdaq stock exchange.

Microvast had revenues in 2020 of $100 million and is said to be valued at $2 to $3 billion. The company is led by founder Yang Wu and currently manufacturers in China, and is building plants in Clarksville, Tennessee and Berlin Germany.

Oshkosh chief operating officer John Pfeifer said: “Our strategic investment in Microvast is an excellent addition to Oshkosh’s electrification focus and established partnerships. These partnerships, combined with Oshkosh’s highly capable product development team, support our expanding leadership with technology-enabled products for the markets we serve.”