Mitsubishi Heavy Industries Ltd. (MHI), the parent company of forklift manufacturer Mitsubishi Logisnext Co., has acquired an ownership stake in PolyCharge, a Tucson, Arizona provider of electric vehicle equipment.
Terms of the deal were not disclosed.
Mitsubishi today said it has also entered into a “joint development and supply agreement” to facilitate the development and supply of capacitor products based on PolyCharge's NanoLam technology, which is used in electric drive vehicles, renewable energy inverters, medical, aerospace, and industrial mobility applications.
Mitsubishi Logisnext distributes the forklift brands Cat Lift Trucks, Mitsubishi Forklift Trucks, UniCarriers, Jungheinrich, and Rocla.
"Our partnership with PolyCharge solidifies our position as a leader in electrification - enabling us to provide innovative and premium performing solutions to our customers. This Joint Development and Supply Agreement serves as a testament to our commitment to delivering cutting-edge technology and unparalleled expertise as a world-leading industrial group," Tomoaki Omura, senior general manager of Growth Strategy Office at MHI, said in a release.
PolyCharge said it is well positioned to custom design, develop, and supply tailored solutions for MHI's future electrification projects. The firm also expects that the Joint Development and Supply Agreement will act as a foundation to encourage collaboration and integration on next-generation capacitor products for electrification applications.