Haywood Capital Markets analyst Gianluca Tucci reiterated his “Purchase” score on Tantalus Programs (Tantalus Programs Inventory Quote, Chart, Information, Analysts, Financials TSX:GRID) in an Oct. 22 notice, saying new British Columbia energy restrictions underscore the corporate’s rising function in North American grid modernization.
“On Monday, the British Columbia power ministry proposed laws to cap electrical energy obtainable to AI knowledge facilities and to completely ban new cryptocurrency mining tasks,” Tucci stated. “This follows the moratorium first imposed in 2022 and prolonged in 2024, because the province prioritizes grid connections for sectors reminiscent of mining and pure gasoline that generate larger employment and tax income.”
BC Hydro will run a aggressive energy name in early 2026, allocating 300 MW for AI and 100 MW for different knowledge facilities, whereas industrial demand from mining and oil and gasoline stays uncapped. Tucci stated the adjustments spotlight a worldwide drawback: “The grid was not constructed for the fiery demand from AI and data-center buildouts.”
He famous that U.S. states are taking comparable steps, together with voluntary demand-response packages in Ohio that permit utilities to handle energy use throughout peak durations remotely. Globally, greater than 1,500 knowledge facilities have been introduced this yr, with AI-related amenities representing greater than 20% of recent electrical energy demand.
Tucci stated these coverage shifts reinforce the necessity for utilities to put money into smarter infrastructure as an alternative of merely including capability.
“Jurisdictions that decide out of AI enlargement danger shedding competitiveness and long-term tax income,” he stated. “As electrification accelerates, Tantalus’ TRUSense Gateway supplies a data-driven bridge for utilities adapting to unpredictable, high-density masses from AI and EV adoption.”
He added that current deployments, together with EPB Chattanooga’s 20,000-unit rollout, validate the product’s scalability and recurring-revenue potential.
“The corporate is at an inflection level with the commercialization of its TRUSense Gateway,” Tucci stated. “It accelerates modernization of the distribution grid and securely integrates behind-the-meter power sources.”
Tantalus will report Q3 2025 outcomes on Nov. 12, with Haywood anticipating $13.3-million in income and $0.4-million in Adjusted EBITDA, roughly in keeping with consensus. Tucci forecasts Adjusted EBITDA of $2.1-million on income of $52.8-million in 2025, bettering to $3.6-million on $60.7-million in 2026.
“Whereas AI enlargement faces new coverage friction, it additionally emphasizes the urgency of grid modernization and the size of alternative for Tantalus,” he stated.
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