Terex announced its Series B investment in Viatec, a South Carolina-based manufacturer of plug-and-play electronic power take-off (“PTO”) 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. We look forward to our continued partnership with Terex and appreciate the company’s investment.”
said Mark Ferri, Viatec’s President and Chief Executive Officer.
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.