Business Journal
NORWALK, Conn., Feb. 1, 2022 /PRNewswire/ — Terex (NYSE: TEX) currently announced its Series B funding in Viatec, Inc., a South Carolina-basically based entirely mostly manufacturer of dash-and-play electronic energy elevate-off (“PTO”) programs that make stronger electrification of utility fleets. Terex is the lead investor in the Series B funding round along with diversified participants including Duke Energy. Along side this funding, a Terex manual will have one of 5 seats on Viatec’s board.
Terex Utilities has actively labored with Viatec since 2019, specializing in easy and legitimate dash-in PTO solutions for the electrical utility commerce. Terex affords SmartPTO on a diversity of its Utilities products, which eliminates noise and carbon emissions, lowers working prices, and extends the lifestyles of utility equipment by lowering engine working hours.
“Viatec has developed an electrification solution for utility customers that’s extremely efficient and clear-nick to make utilize of. Our funding in Viatec will enable the firm to scale manufacturing and create its offering extra widely on hand to electrical utility and diversified customers,” acknowledged John L. Garrison, Jr., Terex Corporation Chairman and Chief Executive Officer.
“We are mad to raise our firm capabilities to the following level,” acknowledged Trace Ferri, Viatec’s President and Chief Executive Officer. “We peek forward to our persevered partnership with Terex and like the firm’s funding.”
Terex is mad to create this funding alongside Duke Energy, who used to be Viatec’s earliest buyer and has been integral to the evolution of Viatec’s offering. Duke Energy’s participation as a Series B investor is a explicit indication of the payment that Viatec can lift to others in the utilities commerce.
About Terex
Terex is a world manufacturer of aerial work platforms and supplies processing machinery. We make, assemble and make stronger products aged in construction, repairs, manufacturing, energy, minerals and supplies administration applications. Terex products and solutions enable customers to diminish their environmental affect including electrical and hybrid offerings that order peaceable and emission-free efficiency, products that make stronger renewable energy, and products that attend in the restoration of worthwhile supplies from loads of forms of raze. Our products are manufactured in North The United States, Europe, Australia and Asia and bought worldwide. We steal with customers thru all stages of the product lifestyles cycle, from preliminary specification and financing to ingredients and restore make stronger.
About Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 firm headquartered in Charlotte, N.C., is one of The United States’s supreme energy holding firms. Its electrical utilities abet 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively hang 51,000 megawatts of energy capability. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The firm employs 27,500 folk.
Duke Energy is executing an aggressive natty energy solution to create a wiser energy future for its customers and communities – with targets of no decrease than a 50% carbon good deal by 2030 and derive-zero carbon emissions by 2050. The firm is a top U.S. renewable energy provider, now heading in the correct path to hang or salvage 16,000 megawatts of renewable energy capability by 2025. The firm also is investing in predominant electrical grid upgrades and expanded battery storage, and exploring zero-emitting energy generation technologies equivalent to hydrogen and evolved nuclear.
About Viatec
Founded in 2015, Viatec has developed, patented and commercialized technology that’s changing into identified because the following commerce identical old in the vocational automobile sector for auxiliary energy. Viatec’s flagship product is an electrical energy elevate off system (PTO) below the logo name SmartPTO™.
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- our industrial has been, and is at menace of be extra, adversely impacted by global smartly being pandemics such because the outbreak of a brand new strain of coronavirus (“COVID-19”);
- our industrial is extremely aggressive and is tormented by our note structure, pricing, product initiatives and diversified actions taken by competitors;
- we’re dependent upon third-event suppliers, making us weak to provide shortages and payment will increase;
- our operations are field to a name of ability risks that arise from working a multinational industrial, including compliance with changing regulatory environments and political instability;
- a field subject disruption to 1 of our well-known amenities;
- our industrial is peaceable to government spending;
- our industrial is tormented by the cyclical nature of markets we abet;
- our monetary outcomes is at menace of be adversely impacted by the United Kingdom’s (“U.K.”) departure from the European Union (“E.U.”);
- adjustments affecting the provision of the London Interbank Supplied Rate (“LIBOR”) can also just own consequences on us that can’t but moderately be predicted;
- our own to conform with restrictive covenants contained in our debt agreements;
- our capability to generate sufficient money drift to provider our debt responsibilities and operate our industrial;
- our capability to access the capital markets to score funds and provide liquidity;
- the monetary situation of suppliers and customers, and their persevered access to capital;
- publicity from offering financing and credit make stronger for a pair of of our customers;
- we can also just abilities losses in a long way extra than recorded reserves;
- our industrial is global and field to adjustments in alternate charges between currencies, commodity note adjustments, regional financial prerequisites, and commerce household;
- our retention of key administration personnel;
- imaginable work stoppages and diversified labor issues;
- adjustments in import/export regulatory regimes, imposition of tariffs, escalation of world commerce conflicts and unfairly traded imports, particularly from China, would possibly maybe well proceed to negatively affect our industrial;
- compliance with changing regulations and regulations, particularly environmental and tax regulations and regulations;
- litigation, product felony responsibility claims and diversified liabilities;
- our compliance with the United States (“U.S.”) Foreign Execrable Practices Act and the same worldwide anti-corruption regulations;
- elevated regulatory heart of attention on privateness and details security disorders and expanding regulations;
- our capability to conform with an injunction and linked responsibilities imposed by the U.S. Securities and Change Rate (“SEC”);
- our capability to successfully enforce our approach:
- disruption or breach in our details technology programs and storage of peaceable details; and
diversified factors.
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Contact Files
Terex Corporation
Randy Wilson
Director, Investor Relatives & Corporate Treasury
203-221-5415
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SOURCE Terex Corporation
