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COLUMBUS, Ohio – November 17, 2021 – ARCOS® is implementing its Software-as-a-Service ARCOS Callout® and Scheduling solution at the City of Ocala, Florida’s Ocala Electric Utility to improve the speed and accountability by which the central Florida utility calls out its line workers and apprentices for emergency restoration work after business hours. OEU wanted a system that would improve the transparency of callouts and provide forensic capability should grievances arise.
“This agenda item supports the [City of Ocala] Council’s strategic goal of operational excellence,” says Marvin Ayala, director of Ocala Electric Utility. “The ARCOS callout system will improve system reliability, customer satisfaction and transparency for both field employees and supervisors.”
Other software systems limit the number of simultaneous calls that managers and dispatchers can make. When a utility faces an emergency and must mobilize multiple crews at once, limits imposed by other systems create a bottleneck. ARCOS enables managers to call all the resources they need at once.
According to Ayala, before ARCOS, OEU relied on software that struggled to support the utility’s union rules for callout and could not launch callouts for more than two line workers at once. Compounding the challenges, says Ayala, was the fact that the other system could not generate reports to verify whether a line worker or apprentice had received a callout, failed to answer or was skipped.
By relying on an advanced algorithm, the ARCOS Callout and Scheduling system can mirror exactly any number of workplace agreements that electric utilities put in place with their workers. This enables the system to call out workers according to seniority, availability and match the appropriate level of skill required for any situation. With the ARCOS mobile application, OEU managers can launch a callout at any time and crews can view details about the call and accept or decline through the app, by phone or via text. The ARCOS callout platform also reports on any actions related to a callout, so managers and crews can retrace and analyze actions. This, in turn, ensures an equitable distribution of callouts for line workers and eliminates any grievances related to the way in which OEU launches a callout.
“With the ARCOS mobile application, supervisors can check the availability of resources to see who’s available and adjust on-call schedules,” adds Ayala. “With ARCOS, we can call multiple linemen and apprentices simultaneously, which helps with reliability and getting the lights back on.”
OEU is located 80 miles northwest of Orlando and serves approximately 54,000 customers.
About ARCOS LLC
ARCOS is a leader in delivering SaaS solutions for managing resources, ensuring accurate, compliant shift scheduling and automatic planning for all types of events. The ARCOS solution reports on the up-to-the-minute location and status of equipment and crews via mobile technology for utilities and other critical infrastructure like airlines, manufacturers and industrial facilities. The ARCOS resource management platform helps organizations save time and money, while improving customer satisfaction and the efficiency, safety and accuracy of operations. Learn about ARCOS resource management software at http://www.arcos-inc.com.
BURNABY, BC – May 10, 2021 – Smart grid technology leader Tantalus Systems (TSX: GRID) is pleased to announce that it has received final approval for the listing of its common shares on the Toronto Stock Exchange (the “TSX”).
Tantalus’ shares will commence trading on the TSX at the opening on Monday, May 10, 2021 and will continue to trade under the Company’s current stock ticker symbol, “GRID”. To ensure continued and seamless trading for its shareholders and in connection with the graduation to the TSX, Tantalus’ shares will be delisted from the TSX Venture Exchange at the commencement of trading on the TSX.
“Our graduation to the TSX marks another key milestone in achieving Tantalus’ purpose, which is to help build sustainable utilities of the future,” said Peter Londa, President & CEO of Tantalus. “Since joining the TSXV earlier this year, our team has been working diligently to meet the more stringent reporting requirements of the TSX and today’s transition reflects the culmination of our team’s effort. As we seek to further strengthen our organization to help utilities prepare for the decarbonization of the power industry, we anticipate enhancing our liquidity, raising our Company’s profile in the capital markets and gaining access to a broader investor base by successfully migrating to the TSX.”
About Tantalus
Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements.
Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the listing of Tantalus’s common shares on the TSX, and other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,” “anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release and Tantalus disclaims any intention or obligation to update or revise any forward-looking information contained in this new release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this new release is expressly qualified in its entirety by this cautionary statement.
Contact Tantalus:
Jacquie Hudson
Marketing Communications Manager
613-552-4244 | jhudson@tantalus.com
Linda Armstrong
Investor Relations
647-456-9223 | larmstrong@tantalus.com
Website: www.tantalus.com
LinkedIn: LinkedIn/company/tantalus
Twitter: @TantalusCorp
OMICRON, a leading worldwide supplier of power system testing solutions, announces the 4th Annual North American IEC 61850 Tutorial & Workshop will be held May 25th-27th, 2021. This live and interactive event is part of OMICRON’s initiatives for virtual knowledge sharing to the industry and its community. Experts will share practical examples highlighting aspects of IEC-61850-based protection, automation, and control systems, including cybersecurity.
“Regardless of where you are in your IEC 61850 journey, this event has something for everyone” said Jackie Peer, Head of Strategic Business Development and event moderator, OMICRON. “Last year, we had over 600 attendees for a one-day event. There was a strong interest in expanding the program, and we did just that. Now, for three days, we offer an optional day of introductory topics and a full day of workshops. Also new, a cybersecurity panel that brings some of the who’s who in cybersecurity to the discussion and a keynote address that is sure to be a treat.”
This year’s keynote is from Dr. James Merlo, Vice President of Operational Excellence at Knowledge Vine, a company that provides Human Performance training and consulting. Dr. Merlo leads Knowledge Vine’s efforts in helping companies around the world leverage Human Performance Improvement technologies to reduce the frequency and severity of errors.
“As digital systems become increasingly complicated, the requirement for good human factors, human-centered processes and checks, and purposefully designed tools to test, troubleshoot, and commission are more important than ever for our engineers and technicians. Our human capital is, and always will be, the most important part of the system.” Said Dr. Merlo, Vice President of Operational Excellence, Knowledge Vine.
This event is for those in communications, SCADA and protection engineers, design engineers and system integrators, commissioning and maintenance staff, cybersecurity staff, and anyone interested in learning more about IEC 61850 applications.
The event starts at 10:00 am and ends at 3:30 pm Central Time with breaks. The event cost is $195 for the main event and an additional $50 for the optional day of introductory sessions.
May 25, 2021 – Optional introductory sessions
May 26, 2021 – Keynote, presentations, and special cybersecurity panel
May 27, 2021 – Workshop break-out sessions
Additional event details and registration is found on OMICRON’s site: https://events.omicronenergy.com/na-iectw.
IEC 61850, the established standard for communication in substations and power utility automation systems, has become the international core standard for smart grids and lays down the prerequisites for a future-proof design and the frictionless interoperability of products from different manufacturers. OMICRON offers protection and control engineers a set of advanced testing and cybersecurity solutions in IEC 61850 environments. The individual tools complement one another and cover a wide range of requirements.
Company profile OMICRON is an international company serving the electrical power industry with innovative testing and diagnostic solutions. The application of OMICRON products allows users to assess the condition of the primary and secondary equipment on their systems with complete confidence. Services offered in the area of consulting, commissioning, testing, diagnosis and training make the product range complete.
Customers in more than 160 countries rely on the company’s ability to supply leading edge technology of excellent quality. Service centers on all continents provide a broad base of knowledge and extraordinary customer support. All of this together with our strong network of sales partners is what has made our company a market leader in the electrical power industry.
Burnaby, BC – May 17, 2021 –– Smart grid technology leader Tantalus Systems Holding Inc. (TSX: GRID) (“Tantalus” or the “Company”) today announced the financial results for the first quarter, ended March 31, 2021.
“We witnessed favorable trends throughout Q1 as the utility industry continues to recover from disruptions resulting from the COVID-19 pandemic. The favorable trends translated into strong financial results for Q1 including revenue growth of 11% year-over-year and another quarter of positive Adjusted EBITDA,” said Peter Londa, President & CEO of Tantalus. “While regions across our geographic focus continue to be impacted by the COVID-19 pandemic, we are becoming increasingly optimistic regarding a broad recovery across our sector, particularly given the Biden Administration’s commitment to decarbonize the power grid. Biden’s robust initiative to modernize the power industry coupled with the electrification of the transportation industry will require the electric distribution grid to transform into an intelligent network of connected devices capable of responding to these changing dynamics. As our user community now surpasses 190 utilities, we believe Tantalus is at the forefront of building the sustainable utility of the future,” said Londa.
In addition to the decarbonization and electrification of the transportation industry, the recent storm that devastated Texas is another example of how extreme weather can lead to catastrophic damage and amplifies the need to improve the resiliency of the electric distribution grid. During this past February, most of Texas was heavily impacted by a severe storm that brought freezing temperatures, ice and snow across the state. The storm disrupted more than 3 million people who were without power, left nearly 15 million people with undrinkable water, damaged homes and caused severe economic distress from extraordinarily high energy bills. In addition to the damage from the storm, the Texas grid was heavily impacted by the loss of approximately 40,000 megawatts of power from renewable energy, such as wind and solar, across a 24-hour period. This disruption of reliable electric power made clear how the variability of renewables must be balanced with upgrades to the electric distribution grid to enable utilities to command and control the consumption of electricity. Tantalus’ technology and solutions supported seven utilities across the state in navigating through the massive disruption arising from this storm and allowed those Tantalus customers to avoid severe damage to their infrastructure and the communities served by those utilities.
While the growth horizon looks favorable for Tantalus, management is mindful of ongoing worldwide disruptions to the availability of electronic components, which has a direct impact on the Company’s supply chain and lead times. Management is actively managing these global supply chain constraints and will continue to monitor the situation with its component suppliers and contract manufacturer.
“In addition to delivering our Q1 2021 financial results, we commenced trading on the TSXV on February 9th and launched several critical technology initiatives during the quarter which we expect to contribute to our long-term growth and increase the revenue we generate from software and services, which now stands at 33% of our entire revenue profile. As we look towards Q2, we are extremely excited about our recent graduation to the TSX which we believe will expand the universe of investors we can access to support our growth trajectory and increase the Company’s liquidity on behalf of our shareholders,” said Londa.
Financial Summary and Operating Highlights
(Financial information is reported in United States dollars (“US$”) and in accordance with International Financial Reporting Standards (“IFRS”)).
Q1 Financial Summary
- The Company reported revenue of US$8.0 million for Q1 of 2021 compared to US$7.2 million for the same period in 2020, representing approximately 11% growth year-over-year.
- Gross Profit for Q1 of 2021 increased to US$3.6 million versus US$3.4 million in Q1 of 2020. Gross Profit margin decreased to 45% in Q1 of 2021 from 47% in Q1 of 2020 due to the product mix of connected devices sold during the quarter.
- Adjusted EBITDA in Q1 of 2021 decreased to US$55,350 versus US$123,284 in Q1 of 2020. The decline in Adjusted EBITDA was tied to the Company’s incurrence of additional costs in connection with its going public transaction in January 2021 which were not similarly incurred in the prior year Q1 period, as well as a reduction in government assistance funding from the Canadian Scientific Research and Experimental Development program (SR&ED). The reduction in access to SR&ED arises from the Company no longer being a Canadian-controlled private corporation as a result of the going public transaction and the Company expects to see the impact from no longer accessing SR&ED on a year-over-year comparison basis through the end of FY2021.
- The Company had total assets of US$27.2 million as at March 31, 2021 compared to US$16.7 million as at March 31, 2020, with Adjusted Working Capital as at March 31, 2021 of US$9.1 million compared to Adjusted Working Capital of US$2.7 million as at March 31, 2020.
Operating Highlights in Q1 2021
- Growth of Tantalus’ User Community: Tantalus added 5 new utilities during Q1 of 2021, continuing to demonstrate an ability to expand the number of utilities leveraging Tantalus’ smart grid solutions. Tantalus’ user community now stands at over 190 utilities across the United States, Canada and the Caribbean Basin.
- Expansion of Solutions: Tantalus continued to make substantial progress in expanding the functionality and features of its solutions through March 31, 2021 and announced the introduction of several key initiatives aimed at increasing the company’s revenue contributions from recurring revenue generated from software and services:
- TUNet® Grid Reliability Analytics: TUNet Grid Reliability Analytics utilizes algorithms to continuously monitor power-quality data accessed by TRUEdge®-enabled meters on Tantalus’ TUNet smart grid platform. By detecting anomalies in power quality, the tool identifies symptoms of failing transformers, corroded meter sockets and splices, cracked insulators and other latent equipment problems. The analytics solution leverages data from Tantalus’ advanced metering infrastructure (AMI) to provide utilities with visibility into power quality issues that lead to outages and premature failure of devices deployed across the distribution grid.
- Introduction of a Next-Generation Fiber Gateway: TRUSense™ Fiber Gateway, a next-generation Fiber-to-the-Home (FTTH) solution, is the latest addition to Tantalus’ offerings and allows utilities to leverage investments in fiber to not only improve the resiliency of their distribution grids but also to deliver broadband services to consumers. The solution enables utilities to access granular power quality and consumption data in real time to make their grid more resilient as well as gain access to and control of distributed energy resources deployed at buildings and homes, including electric vehicles, roof-top solar panels, battery walls, and smart appliances.
- Industry Recognition: Tantalus participated as a keynote speaker in the 2021 Cormark Securities Sustainability conference. The Company also participated in a series of other industry conferences throughout the quarter.
- Transactions & TSX Uplisting: On January 29, 2021, Tantalus and RiseTech Capital Corp. (“RiseTech”), a TSX Venture Exchange-listed capital pool company, closed a reverse-takeover transaction and a concurrent financing of approximately CND$10 million. As a result of the transaction, Tantalus commenced trading on the TSX Venture Exchange under the ticker symbol “GRID”. Tantalus graduated to the Toronto Stock Exchange (“TSX”) on May 10, 2021 and continues to trade under the GRID ticker symbol.
- Board of Directors: Tantalus’ Board of Directors was further strengthened with the addition of Mr. Thomas Liston on January 29th, 2021. Mr. Liston currently serves on several Boards of Directors for public and private technology companies and has a strong track record of shareholder value creation. Prior to his current roles, he was the Chief Investment Officer of a leading technology-focused venture capital firm, which provided growth capital to late-stage private companies. Mr. Liston began his career as a research analyst covering public software and IT services companies. During his tenure as a technology analyst for over 14 years, Mr. Liston has been consistently ranked amongst the top technology analysts in several surveys, including: StarMine, Brendan Wood, Greenwich Associates and Reuters.
Financial Statements and Management Discussion & Analysis
Please see the unaudited interim consolidated financial statements and related Management's Discussion & Analysis (“MD&A”) for more details. The unaudited interim consolidated financial statements for the three months ended March 31, 2021 and related MD&A have been reviewed and approved by Tantalus' Audit Committee and Board of Directors. For a more detailed explanation and analysis, please refer to the MD&A that has been filed on SEDAR at www.sedar.com and is also available on the Company’s website at www.tantalus.com.
About Tantalus
Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements.
Contact Tantalus:
Jacquie Hudson
Marketing Communications Manager
Tantalus Systems Inc.
613-552-4244 | jhudson@tantalus.com
Investor Relations:
Linda Armstrong
Investor Relations
647-456-9223 | larmstrong@tantalus.com
Website: www.tantalus.com
LinkedIn: LinkedIn/company/tantalus
Twitter: @TantalusCorp
Non-IFRS Measures
The following and preceding discussion of financial results includes reference to Gross Profit, Adjusted EBITDA and Adjusted Working Capital, which are all non-IFRS financial measures. Management believes that Gross Profit is a meaningful indicator in evaluating the operating performance of the Company and is comprised of revenues less cost of sales. Adjusted EBITDA is comprised as income (loss) less interest, income tax, depreciation, amortization, stock-based compensation, foreign exchange gain (loss) and other non-core business related income / expenses and is provided as a proxy for the cash earnings from the operations of the business. Management believes Adjusted Working Capital is a meaningful indicator of the operating liquidity available to the Company and is comprised of current assets less current liabilities exclusive of the Company’s bank loan.
Forward Looking Statements:
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words “believes”, “may”, “plans”, “will”, “anticipates”, “intends”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding: the adoption and development of new products and offerings, the ability to attract customers accessing government stimulus funding, the impact of supply chain constraints and the growth of the Company’s user community,
In connection with the forward-looking information contained in this news release, Tantalus has made numerous assumptions, regarding, among other things: the expected impact of COVID-19 and the expected timing of new product introductions. While Tantalus considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Tantalus’ actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the impacts of COVID-19 are unpredictable and could have significant impacts on Tantalus’ financial performance; sales cycles to Tantalus’ customers can be lengthy and unpredictable and require significant employee time with no assurances that a prospective customer will select Tantalus’ products and services; Tantalus’ financial and operational performance significantly depends on its ability to attract and retain customers and its ability to develop new products and to enhance and sustain the quality of existing products to retain such customers; Tantalus depends on a limited number of key suppliers and if such suppliers fail to provide Tantalus with sufficient quantities of components at acceptable levels of quality and at anticipated costs, Tantalus’ revenue and operating results could be materially and adversely affected; Tantalus has a prior history of operating losses and Tantalus may not sustain profitability on a quarterly or annual basis; Tantalus’ quarterly results are inherently unpredictable and subject to substantial fluctuations; Tantalus’ success depends in part on Tantalus’ ability to integrate its technology into devices and its relationship with device manufacturers; Tantalus’ marketing efforts depend significantly on Tantalus’ ability to receive positive references from Tantalus’ existing customers; the markets for Tantalus’ products and services, smart grid, smart city, and broader IoT technology in general, are still developing - if the markets develop less extensively or more slowly than Tantalus expects, Tantalus’ business could be harmed; Tantalus operates in a highly competitive industry and Tantalus competes against many companies with substantially greater financial and other resources, and Tantalus’ market share and results of operations may be reduced if Tantalus is unable to respond to competitors effectively; Tantalus is dependent on the utility industry, which has experienced volatility in capital spending - this volatility could cause Tantalus’ results of operations to vary significantly from period to period; Tantalus’ reliance on certain infrastructure and information technology systems make it vulnerable to the potential adverse effects of cyber-attacks and other breaches; if Tantalus’ products contain defects or otherwise fail to perform as expected, Tantalus could be liable for damages and incur unanticipated warranty, recall and other related expenses, Tantalus’ reputation could be damaged, Tantalus could lose market share and, as a result, Tantalus’ financial condition or results of operations could suffer; the nature of Tantalus’ business exposes it to the unpredictable risks of contractual disputes; the loss of key employees and the inability to attract and retain qualified personnel could harm Tantalus’ business; Tantalus’ business is exposed to potential risks associated with international sales and operations; foreign exchange rate fluctuations could harm Tantalus’ results or operations; Tantalus and its customers operate in a highly regulated business environment and changes in regulation could impose costs on Tantalus or make Tantalus’ products less economical; Tantalus’ inability to acquire and integrate other businesses, products or technologies could seriously harm Tantalus’ competitive position; intellectual property infringement claims could be costly and time-consuming to prosecute or defend; substantially all of Tantalus’ current products depend on the availability and are subject to the regulation of radio spectrum in the United States and abroad; and interruptions or delays in services from Tantalus’ third-party data center facilities, or problems with the third-party hardware or software that Tantalus employs, could impair the delivery of its services and harm Tantalus’ business.
A more complete discussion of the risks and uncertainties facing Tantalus is disclosed under the heading “Risk Factors” in the Tantalus’ Filing Statement dated January 28, 2021, as well as the MD&A included with Tantalus’ continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Tantalus disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Register Today: https://www.bkd.com/public-sector-seminar
Public sector leaders across the country are facing regulatory changes, budgetary constraints, and other pressing challenges amid COVID-19. Join BKD National Public Sector Group and other industry leaders for this CPE-eligible event, where we’ll share insight on economic updates, ethics, and best practices for working in a remote/hybrid environment. Click the links below to register for your session(s).
2021 Virtual Public Sector Seminar: Economic Update: https://www.bkd.com/webinar/2021/08/2021-virtual-public-sector-seminar-economic-update
2021 Virtual Public Sector Seminar: How Much Are Your Ethics Worth?: https://www.bkd.com/webinar/2021/08/2021-virtual-public-sector-seminar-how-much-are-your-ethics-worth
2021 Virtual Public Sector Seminar: Tips for Leading in a Hybrid Work Environment: https://www.bkd.com/webinar/2021/08/2021-virtual-public-sector-seminar-tips-leading-hybrid-work-environment
Tantalus provides mission-critical smart grid solutions to the public power and electric cooperative utility market segment across North America and the Caribbean Basin. The company’s dedication to this segment continues to yield growth and scale of its active user community—a community that includes more than 4 million endpoints capturing 30 billion consumption and power quality data points per year.
“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 & CEO Peter Londa. “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.”
As has been widely reported, utilities are under growing pressure to maintain operations despite disruptions from extreme weather, mandates to decarbonize and shifting consumer demand. Despite these disruptions, utilities are called upon daily to deliver safe, reliable and affordable services, all while relying on legacy distribution grids that are limited in their ability to withstand these challenges. By helping public power and electric cooperative utilities modernize their distribution grids and rise to these modern-day challenges, Tantalus has established a community of loyal customers through decades-long relationships.
“The one thing that stands out the most about Tantalus is how much they care about their customers. That makes a difference,” said Greg Williams, General Manager of Appalachian Electric Cooperative. “We were early adopters of smart grid to automate our metering infrastructure, and we continue to partner with Tantalus to enhance our system, expand our services and improve the lives of our members. Working with Tantalus is more than just a technology match—it’s a people match, too.”
Chris Cable, from Inland Power & Light, an electric cooperative based in Spokane, WA recognizes the importance of partnering with a smart grid provider that prioritizes the needs of his utility and the members it serves. “Our fundamental goals are built around our community, and Tantalus just fit that mold. They come in, they’re part of our community, they understand what we need. They’re a partner. We can sit down at a table and have a very honest conversation about things that are going great, things that may be not so great. They engage and they respond.”
There are nearly 3,000 public power and electric cooperatives in North America. The leadership team at Tantalus is focused on bringing even more of these utilities into its user community, and is building the momentum to do so through multiple initiatives going forward, including:
- The launch of TUNet® Grid Reliability Analytics, the company's first data-analytics solution, which is purpose-built for utilities. The analytics tool leverages data from Tantalus’ solutions to provide utilities with visibility into power quality issues that can lead to outages. The analytics tool can also alert utilities to the premature failure of assets deployed across the distribution grid to mitigate disruptions from storms or potential fire hazards.
- The introduction of the TRUSense™ Fiber Gateway, which is a next-generation Fiber-to-the-Home (FTTH) solution. Tantalus recently secured a nationwide sales channel partner to accelerate its adoption, enabling utilities to be better positioned to deliver incremental services and integrate distributed energy resources (DERs).
- A license agreement integrating Neptune’s R900® System water endpoint onto the Tantalus Utility Network (TUNet®). This agreement provides access to daily water consumption data and critical alarms from Neptune R900 devices, improving the efficiency and reliability of delivering water through a utility’s distribution system.
“We remain committed to this market and our user community, and we’re just getting started,” reflects Tantalus CEO Peter Londa. “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.”
About Tantalus Systems Holding Inc. (TSX: GRID)
Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements.
Forward Looking Statements:
This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the development, functionality, usefulness and effectiveness of Tantalus’ solutions and the adoption of those solutions by new and existing customers, and other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,” “anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release and Tantalus disclaims any intention or obligation to update or revise any forward-looking information contained in this new release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this news release is expressly qualified in its entirety by this cautionary statement.
Contact Tantalus:
Jacquie Hudson
Marketing Communications Manager
613-552-4244 | jhudson@tantalus.com
Linda Armstrong
Investor Relations
647-456-9223 | larmstrong@tantalus.com
Website: www.tantalus.com
LinkedIn: LinkedIn/company/tantalus
Twitter: @TantalusCorp
NORWALK, CT – November 19, 2020 – Smart grid technology leader Tantalus Systems today announced it has entered into a definitive agreement to merge with RiseTech Capital Corp., a TSX Venture Exchange-listed capital pool company, and also that it closed on a concurrent financing to bolster the company’s balance sheet in order to support and accelerate several strategic growth initiatives as well as for general working capital purposes. Following the closing of the merger, Tantalus’ board and management team will remain in place and lead the combined company, which will continue to focus on delivering innovative smart grid solutions to electric, water and gas utilities. Upon receiving the necessary approvals for listing from the TSX Venture Exchange, Tantalus will gain increased access to the capital markets as a publicly traded company.
“When RiseTech Capital entered into a letter of intent with Tantalus on September 8, 2020, we sought to partner with the experienced leadership team at Tantalus to accelerate the growth of this purpose-driven, innovative technology company,” said Manny Padda, CEO of RiseTech Capital. “In entering into definitive agreements today and securing additional capital, we believe that Tantalus is well-positioned to leverage its industry proven solutions and become a market leader in helping utilities prepare for the transformation of distribution grids across North America and beyond. Our shareholders are extremely excited to have the opportunity to support them in their mission.”
In parallel, Tantalus also announced the closing of a financing in the amount of approximately CAD$8.8 million through a private placement of subscription receipts that will ultimately be exchanged for shares of the publicly-traded company. The financing, led by Canaccord Genuity and Cormark Securities, as Joint Book Runners, and PI Financial, included contributions from several institutional technology funds and retail investors. In announcing both events, Tantalus and RiseTech will submit a Filing Statement to the TSX-Venture Exchange to seek approval for the public listing of the combined entity.
“On behalf of our Board of Directors, shareholders, employees, utility users and partners, our management team is extremely excited to take this pivotal next step in the evolution of Tantalus. This milestone marks the continued success resulting from our unwavering purpose to deliver mission-critical solutions to public power and electric cooperative utilities,” said Peter Londa, President & CEO of Tantalus Systems. “As we seek to help communities prepare for the future where technological, environmental and behavioral developments impact the needs and expectations of consumers, we believe this transaction will position our company to remain a long-term partner to the utilities we serve. Tantalus plans to be at the epicenter of empowering our utilities to transform their distribution grids, engage with their customers and members, utilize granular data to enhance their operations, quickly respond to unexpected events and proactively support the communities they serve.”
About Tantalus
Over the past three decades, Tantalus has consistently and creatively delivered mission-critical technology solutions that enhance the safety, security, reliability and efficiency of public power and electric cooperative utilities across North America and the Caribbean Basin. By leveraging technology, Tantalus empowers utilities to transform their distribution grids from systems designed to support one-way power flow into a connected network of devices capable of supporting multi-directional power flow from solar panels, distributed storage and electric vehicles. The solutions and tools delivered by Tantalus enable utilities to also engage proactively with their customers and members, to be more responsive and reliable, pinpoint where to make capital investments to improve the resiliency of their grids, and generate cost savings by streamlining system operations. Tantalus’ comprehensive suite of smart grid solutions includes advanced metering infrastructure, demand-management technologies, data analytics, distribution automation and street lighting control systems - a broad portfolio built purposefully to support smart community initiatives essential to both the near-term and long-term success of the utilities Tantalus supports and the communities they serve.
This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the completion of the merger with RiseTech Capital Corp. and gaining increased access to capital markets and other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,” “anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release and Tantalus disclaims any intention or obligation to update or revise any forward-looking information contained in this new release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this new release is expressly qualified in its entirety by this cautionary statement.
NORWALK, CT – December 08, 2020 - Smart grid technology leader Tantalus Systems is excited to recognize two utilities leveraging their smart grid and AMI solutions to help keep their local communities thriving despite ongoing challenges arising from the COVID-19 pandemic.
During Tantalus’ annual Users Conference, Tantalus recognized Morristown Utilities (MU) and Pulaski Electric System (PES) as co-recipients of this year’s Community Strong award which included a contribution of $5,000 to each utility in support of their programs to provide economic assistance to customers who are unable to pay their utility bills.
“As we consider the implications of the ongoing COVID-19 pandemic and the growing crisis for individuals across North America who are at risk of losing vital utility services due to an inability to pay for power and water, Tantalus remains steadfast in its commitment to enable public power and electric cooperative utilities to proactively support their communities and members. As we evaluated submissions received from utilities across our User Community for our Community Strong award, we chose to recognize two utilities for going above and beyond their core responsibility of delivering electricity and water by providing immediate economic assistance to individuals struggling to pay their power bills,” said Peter Londa, President & CEO of Tantalus Systems. “I am truly honored to highlight Morristown Utilities and Pulaski Electric System as recipients of this year’s Community Strong award and acknowledge their dedicated efforts to serve their communities during these challenging times.”
MU and PES each committed matching funds in partnership with the Tennessee Valley Authority (TVA) to provide economic assistance to those in need of help to pay their monthly utility bills. PES provided $20,000 in direct economic relief across their community in response to the COVID-19 pandemic. In addition, PES postponed disconnects for four months when the pandemic first began. PES is currently providing support across Giles County through a second round of their Community Care Fund, which is where the $5,000 Community Strong award from Tantalus will be allocated, increasing the overall fund to $25,000.
Through Project Help, MU partnered with TVA to initially create a $60,000 fund to support their customers who required assistance paying monthly utility bills ensuring that power would stay on at their homes. As the ongoing COVID-19 pandemic continues to impact their community, MU launched Operation Help whereby businesses and individuals may donate funds to support customers of MU who are in need of economic assistance. The contribution from Tantalus will be placed into this new program, which includes matching dollars from MU up to $50,000.
“We are honored to be recognized as a Community Strong recipient for our program which has gained the attention and support of members from our own community who have also made donations to assist their neighbors,” said Jody Wigington, General Manager, Chief Executive Officer at Morristown Utilities. “Project Help provided immediate assistance to those in need during these troubling times. In addition to providing economic assistance, we simultaneously leveraged Tantalus’ smart grid and advanced metering capabilities to identify those who were falling behind on their bills and provide them with flexible options to get back on track and maintain vital services for their family. Our new program, Operation Help, will similarly assist individuals and we truly appreciate Tantalus’ recognition and contribution in helping our community navigate through this pandemic.”
Learn more about all of the 2020 Community Strong submissions that showcase how Tantalus’ customers are supporting programs that make their communities a better place to live for their customers.
About Tantalus
Over the past three decades, Tantalus has consistently and creatively delivered mission-critical technology solutions that enhance the safety, security, reliability and efficiency of public power and electric cooperative utilities across North America and the Caribbean Basin. By leveraging technology, Tantalus empowers utilities to transform their distribution grids from systems designed to support one-way power flow into a connected network of devices capable of supporting multi-directional power flow from solar panels, distributed storage and electric vehicles. The solutions and tools delivered by Tantalus enable utilities to also engage proactively with their customers and members, to be more responsive and reliable, pinpoint where to make capital investments to improve the resiliency of their grids, and generate cost savings by streamlining system operations. Tantalus’ comprehensive suite of smart grid solutions includes advanced metering infrastructure, demand-management technologies, data analytics, distribution automation and street lighting control systems - a broad portfolio built purposefully to support smart community initiatives essential to both the near-term and long-term success of the utilities Tantalus supports and the communities they serve.
FirstPower Group is proud to announce that the technology behind the Stinger ® and Stinger Hornet ® has been awarded patent number 10,746,353.
The Stinger ® and Stinger Hornet® are used to help utility workers safely lubricate critical parts in their system with a remote control. FirstPower Group has developed a tool and fluid combination that has revolutionized disconnect switch operation.
Proven in field operations, our system is engineered to improve electric utility disconnect switching productivity. Switching productivity, also known as "same day switching," is achieved when a switch can be opened without breaking as a reasonable force is applied. The Stinger® and Stinger Hornet® are not only safe but highly effective for ensuring switches can be opened with ease, preventing injuries and downtime.
The Stinger® and Stinger Hornet® are constructed from durable, dielectric plastic materials that comply with the ASTM F712 standard. They contain no exposed conductive or metal parts, and they feature a wireless “no-rope” and “no-lever” operation. The remote control eliminates risks associated with rope systems, which can create conductive paths if dirty or wet. The Stinger Hornet® attaches to hot sticks with a universal connector. The tool accepts a proprietary threaded can to prevent the use of unapproved materials, which can be hazardous to both equipment and workers.
Street and area light manufacturer Evluma announces the release of Build-Your-Own Acorn; a full-fixture, decorative streetlight replacement solution that includes the customer’s choice of acorn globe, finial and capital fitter. This solution is designed for utilities, municipalities, facilities and property managers looking to upgrade their existing decorative lighting from HID to LED and features the OmniMax™ LED lamp as its light source.
“Build-Your-Own-Acorn is a tailored solution that puts control in the hands of the customer,” said Evluma Product Manager Jason Dobbs. “With the value-driven OmniMax at the center of quality, cost-effective options, this is an affordable approach to complete head replacements. Build-Your-Own-Acorn offers the freedom to replace and repair fixtures without being locked into a proprietary OEM solution that may be hard to change later and typically costs more. It’s everything but the pole.”
Build-Your-Own Acorn includes multiple styles of acrylic and polycarbonate globes, in addition to a cast aluminum capital fitter. The capital fits 3 inch and 4 inch poles and is offered in black or green. The 70W OmniMax LED lamp is offered in six different color temperatures ranging from 2000K-5000K in either the Premium or Standard. OmniMax Premium includes Evluma’s patented, maintenance-saving Photocontrol Failsafe™ and compatibility with Evluma’s Bluetooth lighting app ConnectLED™. OmniMax Standard ships without connectivity features or Photocontrol Failsafe built-in.
“Photocontrol Failsafe means never having to replace a failed photocontrol ever again,” said Janine Soper, Evluma’s Regional Sales Manager. “With ConnectLED, the OmniMax Premium can be quickly dimmed or programmed with a dimming schedule, offering additional aesthetic and energy saving opportunities,” said Janine.
Both OmniMax models are supported by robust 20kV/10kA surge protection and the OmniMax’s four layers of thermal management for extended operation in enclosed environments. The capital has a 5 year warranty on the finish. Acrylic globes are warrantied for 5 years against yellowing. The OmniMax and all electronics, including the capital’s optional photocontrol are warrantied for 10 years.
About Evluma
Formed in 2008, Evluma is committed to developing affordable, long-lasting and environmentally low-impact LED lighting solutions that fundamentally change the landscape of the outdoor utility lighting market. Evluma’s high standard of customer service and background in innovative lighting technologies, automation and software design creatively ideate and inform its utility-grade products. Evluma is located in Renton, WA, USA.