Benzinga | Feb 4, 2021 08:27AM EST

Oshkosh Corp Announced Planned $25M Investment In Microvast

Oshkosh Corporation (NYSE:OSK), a leading innovator of mission-critical vehicles and essential equipment, announced today a planned investment in Microvast, a global provider of next-generation battery technologies for commercial and specialty electric vehicles. This relationship bolsters Oshkosh's existing technology strategy to increase the development of advanced products that support the current and future needs of customers.

Oshkosh is a global innovator and has been pioneering electric products since the mid-1990s when the Company launched its first electric boom lift. Oshkosh has continued to develop and introduce electric solutions in all its business segments for more than two decades.

"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 for 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.