Terex and Duke Energy invest in Viatec to accelerate utility fleet electrification
Terex, through a Series B investment, has invested in Viatec, a South Carolina-based manufacturer of plug-and-play electronic power take-off (PTO) systems that support the electrification of utility fleets. Duke Energy, who has been an early adopter of Viatec solutions, also took part in the investment. Both companies view the development of Viatec's 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 [the] 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 plug-in electric PTO solutions that help minimize engine idling, reduce carbon emissions, and enable 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 technology and continues to support the company's development 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 partners, including Zero Motorcycles. Viatec and Zero Motorcycles have a 10-year strategic supply agreement in place, 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 vice-president of corporate development and 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.