- Tantalus Systems (TSX:GRID), a green tech stock focused on smart grid solutions, has secured a debt facility with Export Development Canada
- The company will have access to up to US$7 million to support the launch of its TRUSense Gateway solution
- The loan has a six-year term and is interest-only for the first 18 months
- Tantalus is a smart grid technology company transforming aging one-way grids into future-proofed multi-directional grids
- Tantalus Systems last traded at $0.74 per share
Tantalus Systems (TSX:GRID), a green tech stock focused on smart grid solutions, has secured a debt facility with Export Development Canada.
Export Development Canada (EDC) is a financial Crown corporation helping Canadian businesses enter new markets, reduce financial risk and grow from local to global.
Tantalus will have access to up to US$7 million to support the launch of its TRUSense Gateway solution. The loan has a six-year term and is interest-only for the first 18 months.
TRUSense Gateway provides utilities with advanced data analytics capabilities to accomodate extreme weather events, electric vehicle and solar power adoption, and infrastructure updates in a cost-effective manner.
Tantalus will also use the loan to refinance the outstanding principal of a term loan tied to its acquisition of Congruitive that was amortizing through the end of 2024.
“We continue to make progress towards delivering a next-generation solution that will redefine what the edge of the grid means for utilities,” Peter Londa, president and CEO of Tantalus, said in a news release. “Providing a comprehensive platform that delivers true interoperability of data from an increasing number of devices to existing mission-critical systems will enable utilities to improve load forecasting and overall grid performance by accessing the right data at the right time. We are excited to secure capital from EDC in a cost-effective manner to further our vision of helping utilities modernize the distribution grid.”
Additionally, Tantalus’ existing line of credit with Comerica Bank will increase from US$8.1 million to US$8.5 million, adding more flexibility with working capital.
Tantalus (GRID) is a smart grid technology company transforming aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of utilities and the communities they serve.
The green tech stock last traded at $0.74 per share.
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