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LOUISVILLE, Ky. & BURNABY, British Columbia – GE Appliances, a subsidiary of Haier, and Tantalus Systems (TSX:GRID) have announced a collaboration aimed at reducing peak energy usage in home appliances, HVAC systems, and water heaters. The partnership aims to integrate the GE Appliances EcoBalance System with Tantalus’s TRUSense Gateway to help manage energy consumption in real-time and support grid modernization efforts.
The EcoBalance System, developed in partnership with Savant, allows consumers to control their energy usage through a market-leading capability. With the integration of the Tantalus TRUSense Gateway, which can be installed without replacing existing meters, appliances will be able to “communicate” with energy providers. This enables functions such as scheduling refrigerator defrost cycles or water heater charges during off-peak hours to save energy and reduce demand during peak times.
Kevin Nolan, President and CEO of GE Appliances, highlighted the potential impact of the partnership, noting GE’s extensive install base of connectable appliances that could significantly contribute to electricity savings. Peter Londa, President & CEO of Tantalus Systems, also emphasized the benefits of the collaboration for utilities, including improved resiliency and sustainability.
The new capabilities are not only expected to help utilities manage their carbon footprint and balance energy loads but also to provide a buffer during natural disasters. For instance, water heaters could be pre-charged with energy in anticipation of a storm and then used as a thermal storage device if the power is disrupted.
The combined technology will be showcased at various industry events, including the 2024 International Builders Show, DISTRIBUTECH International, and TechAdvantage, and will be incorporated into upcoming field trials with utilities.
The information for this article is based on a press release statement.
InvestingPro Insights
As Tantalus Systems (TSX:GRID) forges ahead with its innovative partnership with GE Appliances, let’s delve into some key data and insights from InvestingPro that could be of interest to investors and stakeholders monitoring the company’s performance and potential.
Tantalus Systems has been showing a consistent commitment to shareholder returns, as evidenced by the company’s track record of raising its dividend for three consecutive years. This could signal a stable financial position and a management team that is confident in the company’s ability to generate cash flow over time. Furthermore, the company’s market capitalization stands at a robust 852.17 million USD, reflecting a significant presence in the market.
While the company has a dividend yield of 1.34%, it’s important to note that the last dividend ex-date was on December 22, 2023. This could be of interest to dividend-seeking investors who value regular income streams. Additionally, Tantalus Systems is trading near its 52-week high, with the price at 98.15% of this peak, and a previous close price of 105.86 USD. This might indicate investor optimism about the company’s prospects and market confidence in its strategic direction.
InvestingPro Tips also highlight that Tantalus Systems has maintained dividend payments for 15 consecutive years, which can be particularly appealing to long-term investors looking for companies with a history of dividend reliability. On the flip side, potential investors should be aware of the company’s weak gross profit margins, as this could impact future profitability and cash flow. This is further supported by the valuation implying a poor free cash flow yield.
For those interested in a deeper dive into Tantalus Systems’ financials and strategic analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/GRID. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes numerous tips to help inform your investment decisions.
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This story originally appeared on Investing
