RALEIGH – Smart grid technology firm Tantalus Systems has entered into a Letter of Intent (LOI) to merge with RiseTech Capital Corp., a TSX Venture Exchange-listed capital pool company.

Once the merger is finalized, the Raleigh-based company said it will take over leadership of the combined entity.

Tantalus’ board and management team will remain in place and lead the combined company.

Founded in 1989, Tantalus provides smart grid solutions for advanced metering, demand response, and conservation for electric and water utilities.

“RiseTech Capital includes a group of industry experts and technology veterans who are committed to accelerating the success of purpose-driven, innovative technology companies,” said Manny Padda, CEO of RiseTech Capital, in a statement.

“After a thorough review, we believe Tantalus offers a compelling model that delivers quantifiable value to its growing number of utilities and has the necessary management team in place to build an exceptional business. We’re thrilled at the opportunity to support them in their mission.”

In parallel, Tantalus also announced the addition of a new Chief Financial Officer (CFO), George Reznik. He previously served as CFO of Intrinsyc, a Canada-headquartered technology company providing Internet of Things (IoT) solutions.