Tantalus raises $6m to support smart grid ecosystem
March 2, 2017
Tantalus Systems, a North Carolina-based smart grid service provider for municipal and cooperative utilities, has raised $6m of additional capital from a combination of new investors, including CT Innovations and Vareco Holdings, as well as major existing shareholders.
The additional capital will support Tantalus’ growing community of municipal and cooperative utility users as well as the expansion of the company’s integrated smart grid applications ecosystem.
“We are thrilled to maintain the support of our existing investors towards our strategic plan while also welcoming new investment funds to our organisation,” said Peter Londa, president and CEO for Tantalus. “The additional capital will not only support our continued growth in our market segment, but also accelerate strategic initiatives to expand our product portfolio beyond AMI. We look forward to continuing to deliver value to our municipal and cooperative utility partners and to the communities they serve.”
Tantalus’ TUNet smart grid platform is deployed across more than 115 utilities in North America, Latin America and the Caribbean as the company continues to gain market share. In 2016, 23 municipal and cooperative utilities representing approximately 700,000 electric meters selected TUNet as their smart grid communications platform. Now, over one million endpoints are deployed with embedded distributed intelligence and grid edge analytics.
“Tantalus is positioned technologically and commercially to address one of the fastest growing utility market segments – smart grid for municipal and cooperative utilities,” said Matt McCooe, chief executive officer of Connecticut Innovations. “The company’s ability to pro-actively engage its growing user community has helped it identify paths to improve the value of TUNet and prioritise R&D initiatives. These are key components of Tantalus’ rapid expansion within this valuable market segment.”
As an example of Tantalus’ market position, Blue Ridge Electric Cooperative in South Carolina selected Tantalus in 2016 over several competitors due to TUNet’s ability to deliver distributed intelligence reliably at the edge of a utility’s distribution network, even in challenging terrain.
“In a recent side-by-side comparison with competing technology, TUNet outperformed the competition in terms of network coverage, response time and data accuracy,” said Barney Drake, power delivery and system support services supervisor at Blue Ridge. “TUNet delivered eighty per cent of outage notifications within the first two minutes of the event, before a single customer called in to report it. Access to pro-active data like this will change the way we do business.”
The funding comes as the company continues to introduce system enhancements and add functionality to its networked endpoints through remote firmware upgrades. This reduces on-going maintenance costs while protecting the long-term value of the utility’s smart grid investments.
Tantalus provides a two-way, multi-purpose platform that enables access to data to power advanced smart grid applications for monitoring and control of electric, water and gas municipal and cooperative utilities.