Burnaby’s Tantalus Systems announced today that it has raised $14 Million in equity to fund its ongoing penetration of energy efficiency solutions into co-op and municipal utilities. The financing was led by Redpoint Ventures and included several current investors in the company.
Tantalus’ wireless communications technology provides utilities with greater control over their power grid by automating processes like outage detection, load forecasting, billing and reporting, demand response, and maintenance. The net result is operational efficiency for the utility and greater service reliability for the consumer.
Tantalus counts more than 30 utilities among its customer base, several of which were recently awarded stimulus grants from the U.S. Department of Energy. With this funding, Tantalus will be able to capitalize on its current market traction and expand its customer base with larger, faster deployments.