Genie/Terex is making a ‘Series A’ - early stage or seed - investment in battery and mobile electric power solutions Acculon Energy. No details regarding the level of the investment have been disclosed.
Based in Columbus, Ohio, Acculon is working on the development of the next generation of lithium-ion solutions for non-automotive equipment using artificial intelligence and the latest connectivity. The origin of the company can be traced back to 2009 with the formation of CAR Technologies - a battery testing and certification business now a subsidiary of Acculon - which designs, builds and deploys solutions for the energy storage industry, ranging from automotive systems to material handling equipment and consumer energy management. It has already worked on applications in areas such as recreational boating and grocery delivery, through co-operation with a number of prominent technology companies.
By forming a closer partnership with Acculon, Genie is hoping to establish a leading position in the electrification of aerial lifts and telehandlers while accelerating its move towards an all-electric product line.
Genie president Simon Meester said: "For decades, Genie has been a leader in developing and refining industry specific technologies to electrify aerial equipment. Now, as the global construction industry gears up to get to the next level of emissions reduction, Genie is excited to be teaming up with Acculon. Together, we will continue leading the charge toward a greener and cleaner future, while maintaining the focus on the quality, reliability and performance for which Genie is known."
Acculon’ s president Andrew Thomas added: "We are excited to partner with Genie and Terex, whose names are synonymous with quality and safety. Our partnership will accelerate the delivery of next-generation electrification solutions for Genie equipment and the people who count on that equipment every day."
With the pressure growing for zero emission construction equipment from contractors and developers, and the rapid speed of electric power train development, manufacturers are realising the importance of keeping up with the technology as it evolves and improves. Making a seed investment like this is almost certainly a lot less expensive and risky than hiring a dedicated in house team, assuming you would be able to recruit leading talent in the first place.
An investment such as this also has the potential benefit of producing a financial windfall, should the company makes a significant breakthrough and gain critical mass.