Viatec Announces the Successful Closure of Its Series B Funding Round
Viatec, Inc., is pleased to announce the successful closure of our Series B funding round. The funding for our Series B is led by the investment group of Terex Corporation – a leading worldwide manufacturer of lifting and material-handling equipment and Duke Energy – one of the largest electric power holding companies in the U.S and a leading voice in the drive to create a smarter energy future
Viatec and Duke Energy’s Fleet groups have worked together since 2018 – a collaboration that is showcased in all of Viatec’s existing and new product families. Terex Utilities and Viatec have also been active collaborators, working together since 2019, focusing on simple and reliable plug-in electric power takeoff (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’s SmartPTO is integral to Duke Energy achieving its fleet electrification goals, while meeting our standards for safety and reliability for our employees and our customers,” said Karl Newlin, senior vice president, Corporate Development & Treasurer at Duke Energy.
“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.”
“The values, integrity and our experience with Duke and Terex made this a strategic partnership for Viatec” said Mark Ferri, Viatec’s President and Chief Executive Officer. “Terex has been one of our earliest partners and their collaboration has been critical to our product development. Duke Energy has been one of our earliest customers and has been integral to the evolution of Viatec’s offering. We look forward to our continued partnership with both these stellar organizations and truly appreciate the investment committed by both.”
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™.
Terex Corporation is a global manufacturer of aerial work platforms and materials processing machinery. The Company designs, builds, and supports products used in construction, maintenance, manufacturing, energy, minerals and materials management applications. The Company’s products are manufactured in North and South America, Europe, Australia, and Asia and sold worldwide. The Company engages with customers through all stages of the product life cycle, from initial specification and financing to parts and service support. Terex uses its website (www.terex.com) to make information available to its investors.
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