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Tantalus Systems Holding Inc. (TSX: GRID) is a technology company dedicated to helping utilities modernize their distribution grids by leveraging data across all devices and systems deployed throughout the entire distribution grid. With a focus on grid modernization platforms, intelligent connected devices, communications networks, data management, enterprise applications, and analytics, Tantalus offers solutions that provide utilities with flexibility to maximize value from existing infrastructure investments and anticipate future requirements.
The Company recently announced the launch of TRUSense Gateway, a groundbreaking solution that received Underwriters Laboratories certification and is poised to transform grid modernization efforts. Through collaborations with industry partners, academic institutions, and research centers, Tantalus aims to enhance reliability, resiliency, and affordability for the communities utilities serve.
Tantalus is committed to accelerating growth, evidenced by the record sales orders of US$21.6 million converted in Q1 2024. The Company added 5 new utilities to its user community, bringing the total to 293. Additionally, Tantalus achieved a Gross Profit Margin of 53% in Q1 2024, reflecting a strategic focus on sustainable financial performance.
By securing C$10 million in gross proceeds through a successful bought deal financing, Tantalus is well-positioned to drive innovation, expand research and development initiatives, and further solidify its market presence. The Company's recent achievements and financial results underscore its dedication to advancing grid modernization and delivering impactful solutions to the utility sector.
Tantalus Systems (TSX: GRID) has launched TRUFlex™ Protect, an advanced software application designed to help utilities manage rolling blackouts caused by extreme weather or emergencies. This solution allows utilities to keep their distribution grid energized while selectively shedding electric load through edge intelligence. Key benefits include:
- Ensuring uninterrupted power for vulnerable customers
- Providing equal access to power for all customers
- Protecting revenue and minimizing customer inconvenience
- Preventing overloads and expensive rebound peaks
- Maintaining functional outage management systems
TRUFlex Protect is available through Tantalus' TRUFlex Load+DER Management System software and the TRUConnect™ Load Champ edge intelligence application. The automated system eliminates the need for manual feeder rotation, offering a more efficient and equitable approach to load shedding during energy supply shortfalls.
Tantalus Systems (TSX: GRID), a technology company focused on modernizing utility distribution grids through data-driven solutions, has announced the voting results from its annual general meeting held on July 23, 2024. Six director nominees were elected with overwhelming support, each receiving over 99.9% of votes in favor. The nominees include Laura Formusa, Dr. Francis J. Harvey, Tom Liston, Peter Londa, John McEwen, and Greg Williams.
Additionally, Ernst & Young LLP was appointed as the company's auditor for the upcoming year, with the directors authorized to determine their remuneration. The meeting results demonstrate strong shareholder confidence in Tantalus Systems' leadership and governance structure.
Tantalus Systems (TSX: GRID) has announced that its TRUSense Ethernet Gateway (TEG) has received Underwriters Laboratories (UL) certification, confirming its compliance with electric safety requirements for deployment across the electric distribution grid. The TEG, part of the Tantalus Grid Modernization Platform™ (TGMP™), enhances utility grid visibility and control from substations to behind-the-meter devices.
Key features of the TEG include:
- Compatibility with various broadband types
- AMI 2.0 functionality without replacing existing meters
- Integration of distributed energy resources and smart appliances
- High-resolution measurement of power quality and events
This certification is expected to accelerate the commercialization of Tantalus' technology and increase field trials.
Tantalus Systems (TSX: GRID), a grid modernization technology company, has announced it will release its Q2 2024 financial results on August 6, 2024, after market close. The company will host a conference call and webcast to discuss these results on August 7, 2024, at 11:00 am Eastern Time.
Interested parties can join the conference call using the following dial-in numbers:
- Toll-Free: 1-844-854-4410
- International: 1-412-317-5791
Tantalus Systems announced that it has reached 300 utility customers with the addition of Henderson Municipal Power & Light (HMP&L). HMP&L will deploy Tantalus' Grid Modernization Platform and TRUSense Fiber Gateways to support its fiber-to-the-home initiative, enhance advanced metering capabilities, and improve grid resiliency.
The platform will enable HMP&L to access granular power quality data and manage distributed energy resources and smart appliances. The TRUSense Fiber Gateway will help track and manage grid-scale solar and storage assets, boosting the utility's resiliency. HMP&L aims to deliver reliable broadband access and leverage data analytics for grid automation and incorporating renewable energy sources.
The partnership marks a significant milestone for Tantalus, expanding their customer base and supporting HMP&L's broader grid modernization initiatives.
Tantalus Systems announced the closure of a $10 million bought deal financing. The company issued 6,250,000 common shares at C$1.60 per share. The offering consisted of two tranches: a LIFE Tranche for C$7.9 million, and a Concurrent Private Placement Tranche for C$2.1 million. The proceeds will be used for R&D, sales development, and working capital. Underwriters were paid a 6% cash fee and received compensation warrants.
Insiders invested in 1,474,300 shares, triggering a 'related party transaction' under MI 61-101. The financing aims to support Tantalus' mission to modernize utility distribution grids with their new TRUSense Gateway solution.
Tantalus Systems Holding Inc. reported financial results for Q1 of 2024, achieving record sales orders of US$21.6 million, a 10% revenue decrease due to order conversion timing, and an ARR of US$11.6 million. Gross Profit Margin increased to 53%, while Adjusted EBITDA was (US$0.5 million). The company ended Q1 with total assets of US$35.5 million.
Tantalus Systems (TSX: GRID) released the findings of its second annual Utility of the Future Survey, highlighting utilities' concerns regarding grid data management, cybersecurity, hiring and retaining staff, decarbonizing the grid, and the impact of electric vehicles. While most utilities prioritize grid modernization, the survey revealed that only 5% feel completely prepared, with the majority feeling somewhat prepared or not prepared at all.
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