Tantalus Systems prioritizes ESG to build a greener future
Tantalus Systems Holding Inc. (TSX:GRID) is a TSX-listed technology company that focuses on building sustainable utilities for the future. The company’s stated vision is to help utilities prepare for the inevitable energy transition away from dirty sources toward sustainable ones.
Given the green energy transformation remains in its early stages, the need for accurate data and information is critical for utilities. This is where Tantalus steps in and plays a role. The company develops, manufactures, and markets edge-computing devices that are deployed throughout a utility's distribution grid to access and analyze granular data through a comprehensive suite of enterprise software and data analytics.
The Tantalus Utility Network, or TUNet for short, is a smart grid technology platform that monitors, controls, and responds to events anywhere across the grid’s distribution network.
Management is dedicated to helping utilities reduce their carbon footprint and improve equitable access to electricity, water, gas, and broadband services.
Facts and figures
Tantalus’ ability to transform the distribution grid that is responsible for delivering electricity, water, or gas into a digitized network of connected and intelligent devices enables utilities to currently avoid more than 12 million miles of driving annually. This results in approximately 5,775 metric tons of avoided CO2 emissions from trucks.
In 2021, the company eliminated the equivalent of 40,000 metric tons of CO2 emissions by enabling utilities to deliver more than 57-gigawatt hours of renewable energy from their customers’ rooftops solar panels, and other micro-generations.
The leading-edge technology is deployed by over 260 utilities across the United States, Canada, and Caribbean Basin.
While this is impressive in its own right, management is focused on its sustainable and long-term growth. The expansion as a business over time means that partners and stakeholders will be able to achieve their key Environmental, Social and Governance (ESG) initiatives.
ESG objectives
Many governments and corporations have set an unofficial target of decarbonizing everything by 2050. While this date is still decades away, corporations should be implementing solutions today to build momentum and capitalize on a greener outlook.
Tantalus is no exception.
Management believes that treating its workers and stakeholders properly is just as important as taking better care of the environment.
A brief recap of Tantalus’ 2021 ESG highlights include:
Using 100% grid electricity across the entire operation, enhancing responsible sourcing and reducing CO2 emissions.
Ranking as one of just five public company issuers in 2021 whose board chair position is held by a woman. Laura Formusa, the former CEO of Ontario’s Hydro One, was added to the Board of Directors in 2017 and named Chair of the board one year later.
Granting autonomy to employees to work from home when needed.
Providing a complete and free health care policy to employees in the United States.
Why would Tantalus feel the need to go above and beyond what other public companies offer? Two reasons. First, it is the right action to take from a moral and ethical standpoint.
Second, ESG goals allow the company to stand out in a crowded field and attract top talent who will go on to lead growth initiatives for decades to come. As a result, shareholders benefit from profitable and sustainable growth.
What is next for Tantalus?
Management’s investments in creating a greener, safer, responsive, diverse, and inclusive working environment is a work in progress that will be enhanced over the coming decades. This will allow the company to better offer customers superior technology to improve their own operations.
Tantalus remains committed to taking tangible steps to accelerate the digitization of the electric grid, as exemplified through the acquisition of Congruitive in early 2022.
Tantalus, its shareholders, partners, and key stakeholders have never been more excited about the future.