Tantalus Systems Corp. (Vancouver, Canada) has completed a CAD $9.4 million private equity financing. The financing syndicate includes Altira Group LLC, ARC Energy Venture Fund 4, British Columbia Discovery Fund (VCC) Inc., and Sanders Morris Harris Group. Total investment in Tantalus by this syndicate now exceeds CAD $25 million.
The capital will be used to exploit the early market success of TUNet-the Tantalus Utility Network-a wireless communications network that enables electric, water, and gas utilities to monitor usage, remotely remedy problems such as outages, optimize system performance, and gather the real-time data needed for progressive energy conservation initiatives such as load control and demand side management.
Tantalus posted key sales wins in 2005, including several projects in Ontario (which is leading North America in the adoption of smart metering technology) as well as numerous deployments in the United States. TUNet also earned three high-profile, international awards in 2005. The Energy Planning Network awarded Anaheim Public Utilities its Best Demand Response Award for a pilot incorporating TUNet, the Wireless Innovation Contest named TUNet the Top Wireless Communication Solution for the Public Sector Applications, and the United Telecom Council awarded TUNet the Best Wireless Equipment product award.