Business
Tantalus Systems Holding Inc. Reports Financial Results for Fourth Quarter and Fiscal 2021
Burnaby, British Columbia--(Newsfile Corp. - March 23, 2022) - Tantalus Systems (TSX: GRID) ("...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Fourth Quarter and Fiscal 2021Burnaby, British Columbia--(Newsfile Corp. - March 23, 2022) - Tantalus Systems (TSX: GRID) (\"Tantalus\" or the \"Company\"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce its financial results for the fourth quarter and year ended December 31, 2021.\"2021 was a historic year for Tantalus as we successfully migrated to the public markets, secured over CAD$20 million through two financings and continued to witness strong growth in our user community of utilities throughout the year,\" said Peter Londa, President & CEO of Tantalus. \"During 2021, we delivered year-over-year growth of 27.5% in orders from our sales pipeline, expanded our user community to over 210 utilities by adding 25 new customers and launched our first AI-enabled data analytics tool to help utilities improve their resiliency. Looking forward to 2022, we anticipate strong revenue growth with approximately US$27 million in backlog that is expected to be shipped during the year. We are also witnessing strong secular drivers that are motivating utilities to modernize their distribution grids.\" Extreme weather continues to challenge the resiliency of distribution grids while the availability and accelerating adoption of electric vehicles is stressing existing grid infrastructure by increasing the amount of power consumers require, changing the location where electricity needs to be delivered and altering the timing of peak load profiles that utilities are required to manage. Coupled with investments being made by homeowners and businesses to install roof-top solar panels that are expected to deliver power from the edge of the grid, the utility industry is facing an unprecedented number of challenges that require upgrades to distribution grids across North America. \"These challenges create urgency among utilities to digitize their grids. By doing so, utilities gain situational awareness and the necessary command and control of critical assets,\" said Mr. Londa. \"Our strong balance sheet enabled us to execute the recently announced acquisition of Congruitive which places Tantalus at the forefront of helping utilities prepare for the significant impact that electric vehicles and distributed energy reso...