Smart grid technology company Tantalus Systems (Tantalus Systems Stock Quote, Charts, News, Analysts, Financials TSX:GRID) just hit the 200 mark on total number of power and electric utilities using its solutions, with the company saying it’s now eyeing the other roughly 2,800 public power and electric cooperatives across North America.
Burnaby, BC-based Tantalus has technology solutions to help utilities digitally transform and automate their distribution grids, thereby improving reliability and efficiency. Tantalus announced on Tuesday that the multi-commodity utility servicing the city of Escanaba, Michigan, has signed on to use GRID’s solutions. That makes an even 200 utilities, up from 195 utilities at the end of the second quarter 2021 and up from 189 at the end of the first quarter.
“Securing the 200th member of our user community is a tremendous milestone for our organization and the utilities that already rely on our team,” said Tantalus President and CEO Peter Londa in a press release.
“Throughout our history, Tantalus centered its purpose on developing technology solutions in support of the public power and electric cooperative market segment by transforming existing distribution grids into digital networks capable of resolving an increasing number of challenges confronting the utility industry,” Londa said.
Tantalus — which was founded in 1989 and along with its Burnaby head office has offices in Norwalk, Connecticut, Kanata, Ontario, and Raleigh, North Carolina — uses proprietary edge-computing modules installed in third-party endpoints to deliver information to utilities, allowing for the effective management of power, water and gas infrastructures.
The company went public through an RTO in January, 2021, raising almost C$10 million in go-public financing at C$2.25 per share. Tantalus followed that up with a C$10.6-million raise in August again at C$2.25.
With almost 3,000 public power and electric cooperatives in North America, Tantalus says it’s aiming to bring more utilities to the table with its hardware and software solutions. The company has a smart meter (or Advanced Metering Infrastructure) solution called Tantalus Utility Network or TUNet, sold as a one-time upfront hardware component per end-point, along with a recurring maintenance and software component and related professional services.
Next up for Tantalus is the launch of TUNet Grid Reliability Analytics, its data analytics solution to help utilities with power quality issues that can lead to outages. The company is also preparing its TRUSense next-generation Fiber-to-the-home (FTTH) solution for delivering incremental services to accommodate the burgeoning array of distributed energy sources and a water consumption data and alarm system, licensed from Neptune Technology Group.
“We remain committed to this market and our user community, and we’re just getting started,” said Londa in the September 14 press release. “It’s important for these utilities to have dedicated vendors that are willing to support them as long-term partners. Tantalus prides itself on delivering purpose-built solutions that not only meet their near-term needs but also provide a foundation for long-term innovation for generations to come.”
Disclaimer: Tantalus Systems is an annual sponsor of Cantech Letter.
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