Watertown S.D.- (February 1, 2022) – Terex is pleased to announce its Series B investment in Viatec, Inc., 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 Series B. Other participants include Duke Energy, who has been an early adopter of Viatec solutions and, like Terex, views the further development of Viatec technology as important to reducing the carbon footprint of utility fleets.
“One of the biggest challenges for electric utilities in the coming years is electrification of their heavy-duty fleets, including both bucket trucks and digger derricks,” said Joe Caywood, Director of Marketing for Terex Utilities. “This investment will accelerate availability of Viatec’s solutions while positioning Terex as a strategic partner in fleet electrification.”
Terex Utilities has actively worked with Viatec since 2019, focusing on simple and reliable plug-in electric PTO solutions that help minimize engine idling, reducing carbon emissions and enabling quieter equipment operation. Terex and Viatec launched the latest SmartPTO product family at The Utility Expo in September 2021, and Terex now offers SmartPTO on a variety of its Hi-Ranger™ telescopic, overcenter, and non-overcenter aerial devices as well as Commander and General digger derricks. SmartPTO eliminates noise and carbon emissions while also lowering operating costs and extending the life of utility equipment by reducing engine operating hours.
Duke Energy was an early customer of Viatec’s and continues to support development of the business by making this investment alongside Terex.
“Duke Energy is committed to achieving net zero carbon emissions by 2050, and Viatec’s products can play an important part in helping achieve that goal,” said Casey Reedy, corporate development director at Duke Energy.
Viatec is also well supported by industry-leading supply partners, including Zero Motorcycles. Viatec and Zero announced a 10-year strategic supply agreement in March of 2021, whereby Zero will supply electric powertrains for Viatec’s line of SmartPTO electrohydraulic systems. Zero and Viatec will continue to collaborate around the further development of Viatec’s solutions in the years ahead.
In conjunction with this investment, Randy Williamson, Terex VP of Corporate Development & Chief Strategy Officer, will join Viatec’s Board of Directors. Randy has supported the successful development and growth of industrial businesses over his entire 32-year career.
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.
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™