The adoption and deployment of smart-grid technologies accelerated last year as the economic and environment benefits became clear to investors, energy companies and customers.

 

Tantalus Systems, a provider of two-way, real-time Smart Grid data communications, announced that it has raised $14 million in equity to fund its ongoing penetration of energy-efficient solutions into co-op and municipal utilities.

 

The financing, led by Redpoint Ventures, included several current investors in the company, said company officials.

 

“We looked closely at numerous vendors in the space and Tantalus stood out due to its unique market position, technology differentiation and scalability,” Jeff Brody, founding partner of Redpoint Ventures, said. “With more than one million meters under contract, it is the leader in co-op and municipal utilities. Recent wins at large municipalities have positioned the company for continued rapid growth.”

 

Tantalus Utility Network 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 service improves operational efficiency for the utility and ensures greater service reliability for the consumer. In addition, TUNet can effectively service a wide range of topographies throughout both urban and rural service areas in a scalable and cost-effective way, company officials said.

 

Tantalus’ technology is capable of meeting the challenges associated with rapidly evolving Smart Grid technology, say company officials. The company 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 revenue growth of more than 150 percent in FY2009 and comparable results forecast for FY2010, Tantalus is on course to be a powerful force in the Smart Grid market,” said Eric Murray, president and CEO of Tantalus, in a statement. “This funding provides us with additional resources to meet ever-increasing market demand for Tantalus solutions, continue to expand our product portfolio, and reach profitability this year.

In October, Tantalus Systems was recognized by Deloitte (News - Alert) as “One of Canada’s leading green technology companies” for developing innovative and economically viable intellectual property in the burgeoning field of green technology.