VIATEC ANNOUNCES THE CLOSURE OF ITS SERIES B FUNDING
Viatec, Inc. has announced the successful closure of its Series B funding round, led by Terex Corporation and Duke Energy. This partnership highlights the collaboration between Viatec and Duke Energy since 2018, focusing on electrification solutions for the utility sector. Viatec's SmartPTO product is pivotal for Duke Energy's fleet electrification goals. The investment will enable Viatec to scale production and expand its offerings. Founded in 2015, Viatec specializes in electric power take-off systems, aiming to set new industry standards in the vocational vehicle sector.
- Successful closure of Series B funding round.
- Strategic investment from Terex Corporation and Duke Energy strengthens business prospects.
- Collaboration enhances development of Viatec's SmartPTO product.
- Investment aims to scale production and broaden market reach.
- None.
GREENVILLE, S.C., Feb. 3, 2022 /PRNewswire/ -- Viatec, Inc., is pleased to announce the successful closure of our Series B funding round. The funding 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.
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.
"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 CEO. 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 CEO. "Terex has been one of our earliest partners and Duke Energy has been one of our earliest customers and these collaborations have been integral to the evolution of Viatec's offering. We look forward to our continued partnership with both these stellar organizations and greatly appreciate their investment."
About Viatec
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™.
About Terex
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.
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.
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
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SOURCE VIATEC
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