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Tantalus Systems Holding Inc. Reports Financial Results for Q3, 2021
Burnaby, British Columbia--(Newsfile Corp. - November 15, 2021) - Smart grid technology lead...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Systems Holding Inc. Reports Financial Results for Q3, 2021Burnaby, British Columbia--(Newsfile Corp. - November 15, 2021) - Smart grid technology leader Tantalus Systems Holding Inc. (TSX: GRID) (\"Tantalus\" or the \"Company\") announced today the financial results for the third quarter and nine months ended September 30, 2021.\"In the third quarter of 2021, Tantalus achieved a number of important milestones. We not only witnessed our user community exceed 200 utilities by adding 7 new utilities in the quarter, but we also launched our first commercially-available predictive data analytics tool to improve the resiliency and reliability of electric distribution grids. In addition to our continued commercial success, we also closed our first prospectus-based financing to further strengthen our balance sheet in support of growth initiatives,\" said Peter Londa, President & CEO of Tantalus. Extreme weather continues to challenge the resiliency of distribution grids while the availability and accelerating adoption of electric vehicles and other distributed energy resources is stressing existing grid infrastructure. Coupled with investments being made by homeowners and businesses to install roof-top solar panels to reduce carbon footprints, the utility industry continues to confront an unprecedented number of challenges that require upgrades to distribution grids across North America. \"These challenges create urgency among utilities to transform their grids into digital networks that are capable of accessing granular data in order to gain situational awareness, as well as command and control of critical assets,\" said Londa. To help utilities improve the resiliency of their grids by leveraging such granular data, the Company commercially launched the Tantalus Grid Reliability Analytics (\"TGRA\") tool. TGRA accesses data from Tantalus' edge devices installed in meters and other grid equipment in order to help utilities detect anomalies in power quality that can lead to premature failure of critical assets and sustained outages. After launching the analytics tool in September, Tantalus quickly secured subscriptions to a Software-as-a-Service (SaaS) offering from six utilities within the Company's existing user community. The tool is delivering quantifiable benefits to those utilities and will serve as the foundation for...