Vancouver, BC, Canada --- (METERING.COM) --- July 11, 2007 - Data communication network developer Tantalus Systems Corp. has raised $20 million CAD in equity proceeds to accelerate product development of smart grid applications and market expansion.
Since its launch in 2004, the Tantalus Utility Network (TUNet) has emerged as a top-tier Advanced Metering Infrastructure (AMI) solution with sales to utilities across the U.S. and Canada, and business alliances with providers of complementary technologies. TUNet is able to remotely monitor and control devices such as meters within a utility's distribution grid in real-time as well as automate key maintenance processes, and is designed to help utilities distribute, monitor and control energy more intelligently.
"This funding represents a tremendous vote of confidence for Tantalus and a strong endorsement of our technology," said Dr Dominic Geraghty, the company's president and CEO. "The investors recognize the bright future for advanced metering, distribution automation and demand response - the cornerstones of the smart grid."
The investment capital provides Tantalus the extra financial capability to launch a full suite of AMI, distribution automation and demand response products, which provide utilities and consumers with the data and the tools to better manage energy resources.
Added Geraghty: "We are now in a position to further accelerate the process and deliver a strong and complete family of products. The new investors, alongside our original investors, share a belief that these technologies can revolutionize the way energy is managed."