Tantalus Acquires Congruitive to Accelerate the Digitalization of the Electric Grid

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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