Terex has invested in Viatec Inc., a South Carolina 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’s SmartPTO, offered on a variety of its utility products, 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,” said John L. Garrison Jr., Terex Corporation chairman and chief executive officer. “Our investment in Viatec will enable the company to scale production and make its offering more widely available to electric utility and other customers."
"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."
A Terex news release said that the company 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, said the Terex news.
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