Terex (NYSE: TEX) today announced its Series B investment in Viatec, Inc., a South Carolina-based manufacturer of plug-and-play electronic power take-off systems that support electrification of utility fleets. Terex is the lead investor in the Series B investment round along with other participants including Duke Energy. In conjunction with this investment, a Terex representative will fill one of five seats on Viatec’s board.
Terex Utilities has actively worked with Viatec since 2019, focusing on simple and reliable plug-in PTO solutions for the electric utility industry. Terex offers SmartPTO on a variety of its Utilities products, which eliminates noise and carbon emissions, lowers operating costs, and extends the life of utility equipment by reducing engine operating hours.
“Viatec has developed an electrification solution for utility customers that is highly effective and easy to use. Our investment in Viatec will enable the company to scale production and make its offering more widely available to electric utility and other customers,” said John L. Garrison, Jr., Terex Corporation Chairman and Chief Executive Officer.
“We are excited to take our company capabilities to the next level,” said Mark Ferri, Viatec’s President and Chief Executive Officer. “We look forward to our continued partnership with Terex and appreciate the company’s investment.”
Terex is pleased to make this investment alongside Duke Energy, who was Viatec’s earliest customer and has been integral to the evolution of Viatec’s offering. Duke Energy’s participation as a Series B investor is a positive indication of the value that Viatec can bring to others in the utilities industry.
About Terex
Terex is a global manufacturer of aerial work platforms and materials processing machinery. We design, build and support products used in construction, maintenance, manufacturing, energy, minerals and materials management applications. Terex products and solutions enable customers to reduce their environmental impact including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification and financing to parts and service support.
About Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50% carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.
About Viatec
Founded in 2015, Viatec has developed, patented and commercialized technology that is becoming recognized as the next industry standard in the vocational vehicle sector for auxiliary power. Viatec’s flagship product is an electric power take off system (PTO) under the brand name SmartPTO™.
