Moore Strategic Investors and Emerson Ventures Invest in Scalable DER Software Solutions that Directly Address Climate Change

Louisville, KY – Virtual Peaker, a cloud-based SaaS company that empowers modern utilities with the friendliest distributed energy platform on the planet, has announced a $16.6 million investment to expand beyond its industry-leading distributed energy resource management systems (DERMS) platform that provides utilities with wraparound and scalable services—from event scheduling to enrollment to customer engagement—as well as strategic leadership in the fast-growing electric vehicle (EV) sector. The Series A funding round was led by Louis Bacon’s Moore Strategic Ventures (MSV), with participation from Emerson Ventures.

Virtual Peaker is already an international leader creating DERMS that help utilities seamlessly manage their distributed energy resources (DERs), including rooftop solar, wind, residential battery storage, and electric vehicles (EVs). As these renewable sources become more common, utilities are increasingly seeing the value of utilizing software that effectively manages and expands these DERs, and they’re looking for a partner with extensive experience building and scaling programs. Virtual Peaker is significantly expanding its platform to include Customer Engagement and Forecasting suites of products in addition to its DERMS suite.

The company’s suites-based approach allows utilities to customize and scale their software solutions to gain greater value from distributed energy resources. In addition to controlling devices, utilities can benefit from Virtual Peaker’s expertise in operating DER programs, including generating interest in programs, enrolling customers, keeping the customers engaged, paying incentives, and knowing when to schedule events. The electrification of the transportation sector represents a massive opportunity for utilities to leverage Virtual Peaker’s expertise and take the lead at the early stage of the EV adoption curve.

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BURNABY, BC – February 8, 2022 – Tantalus Systems (TSX: GRID) (“Tantalus” or the “Company”), a smart grid technology company focused on helping build sustainable utilities, is pleased to announce that the City of High Point, North Carolina (the “City” or “High Point”), has selected Tantalus to provide a purpose-built smart grid solution to digitize the City’s electric and water distribution system consisting of 80,000 combined meters. The City’s decision to upgrade the distribution grid is tied to enhancing system resiliency while laying the foundation to provide enhanced applications and services to its residents.

The utility will deploy the Tantalus Utility Network (TUNet®) over the next two years and will incorporate Tantalus’ TRUScan™ communications technology. TRUScan uniquely enables utilities to access and analyze data from a diverse set of endpoints that rely on different protocols across one smart grid network.

The City operates a large multi-commodity public power utility in the center of North Carolina’s Piedmont Triad Region. By digitizing the distribution grid, the City will enhance its reliability and efficiency by automating the management of its electric and water meters, identifying water leaks and proactively addressing power quality and outage issues while simultaneously preparing for future adoption of electric vehicles and distributed energy resources.

“After an extensive competitive evaluation, Tantalus’ commitment and focus on public power really stood out,” said Eric Olmedo, Assistant City Manager, City of High Point. “Tantalus’ unique ability to incorporate the City’s prior investments in Itron’s encoder receiver transmitter (ERT®) technology will save our residents millions of dollars while laying the foundation for advanced applications.”

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Company Forecasts 20% - 25% Revenue Growth in 2022 With Record Revenue Backlog of US$27M for the Year

BURNABY, BC – February 8, 2022 – Tantalus Systems (TSX: GRID) (“Tantalus” or the “Company”), a company focused on helping build sustainable utilities for the future, is pleased to announce 2021 operating and preliminary financial results for 2021 along with an improving outlook going into 2022 as utilities accelerate smart grid investments.

“We are extremely pleased to provide this update to our shareholders as Tantalus’ business has never been stronger as evidenced by the year-over-year growth in our orders by 27.5%, expansion of our user community by 25 utilities in 2021, accessing over CAD$20 million through two financings as a public company and entering 2022 with our highest level of revenue backlog to commence a year,” said Peter Londa, President & CEO of Tantalus. “Looking forward to this year, we anticipate strong revenue growth with approximately US$27 million in revenue backlog for 2022, coupled with strong secular drivers that are requiring utilities to modernize their distribution grids. Our strong balance sheet enabled us to execute the recently announced acquisition of Congruitive which places Tantalus at the forefront of helping utilities prepare for the significant impact that electric vehicles and distributed energy resources will have on their resiliency and reliability. We believe Tantalus is well-positioned to provide our shareholders with a long trajectory of growth for our business.”

2021 BUSINESS HIGHLIGHTS

Commercial Success

• The Company delivered US$37.5 million in orders converted from its sales pipeline, representing year-over-year growth of approximately 27.5%, an annual record for the Company.
• Tantalus grew its user community to approximately 210 by securing 25 new utilities in 2021. The Company surpassed the average number of new utilities, 20, secured on an annual basis over the last 7 years.
• The Company surpassed 2.8 million endpoints deployed, collecting more than 30 billion data points related to energy consumption and power quality. Within its existing user community, the Company has over 1.6 million available endpoints to deploy in the future that will drive revenue and additional data for its expanding software and analytics packages.
• Tantalus hosted its largest annual users conference (virtually) with over 400 attendees from more than 100 utilities and gathered valuable insight into the key challenges that will enable the Company to prioritize goals within its strategic plan and solutions roadmaps.

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Acquisition Will Help Utilities Prepare for the Impact of EVs and DERs

BURNABY, BC – February 1, 2022 – Smart grid technology leader Tantalus Systems (TSX: GRID) (“Tantalus” or the “Company”) today announced its acquisition of DLC Systems, Inc. d/b/a Congruitive (“Congruitive”) for a purchase price that includes US$8 million of closing consideration and up to US$5 million through a two-year earn-out. Congruitive will become a wholly owned subsidiary of Tantalus’ US operating subsidiary.

 Congruitive is leveraging multi-decade relationships with utilities through its substation automation expertise to deliver its signature software solution, Congruence.IQ™ (“C.IQ™”), which is a software platform that enables the interoperability of a wide range of devices through an emerging Institute of Electrical and Electronics Engineers (“IEEE”) standard. By deploying C.IQ, a utility’s smart grid deployment can operate as one intelligent, interoperable system, with the necessary scalability and flexibility as more electric vehicles (“EVs”) and distributed energy resources (“DERs”) are deployed at the edge of the grid. Congruitive is currently selling its C.IQ software to investor-owned utilities (“IOUs”), smart meter vendors and renewable power integrators.

 “This acquisition serves as a further demonstration of Tantalus’ purpose-driven mission to help utilities become sustainable from an enhanced financial, operational and environmental perspective,” said Tantalus President and CEO, Peter Londa. “Having C.IQ as part of our solution allows us to help public power and electric cooperative utilities prepare for the impact that an increasing number of EVs and roof-top solar panels will have on the reliability of their distribution grids. We are delighted to announce the closing of this acquisition today, and we welcome Congruitive’s employees, customers and partners to Tantalus.”

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