Finnish startup Cactos raises €2.5M to store more energy in Tesla EV batteries
Finnish developer of smart energy storage units Cactos raises €2.5 million in a combined equity and debt funding round. Superhero Capital led the round that will allow to nearly double the factory sizes, Tech.eu reports.
- Founded in 2021 by Oskari Jaakkola, Veli-Erkki Ruotsalainen, and Olli Nuutila, Cactos develops and produces smart energy storage systems based on recycled EV batteries. The solution can secure critical power supply locally and allow for efficient utilization of renewable energy globally.
- The company sources its primary material from discharged Tesla EV batteries. Cactos uses proprietary technology to restore these power cells to a fully operational and safe condition. The team converts them into 100 kWh units and provides a full service, including a cloud computing service, at a monthly price.
“On the ground, companies are concerned about electricity supply and market volatility. To service the market at large, our target was to create an energy storage solution that is carefree for the user and easily accessible. I believe we have succeeded in doing that. The Cactos One (one of the products — ed.) requires no upfront investment and operates independently,”vOskari Jaakkola, Co-founder and CEO of Cactos, explains.
- Superhero Capital was the lead investor during the round. It is a Finnish seed stage VC investing up to €1M in insight-driven startups in Finland and the Baltics. The firm recently invested in Deepfin, AISPECO, and Cloud Factory. Apart from the investors, Cactos’ co-founders also backed the startup from their personal funds.
“At Superhero Capital, we are focused on partnering with like-minded businesses and founders to build something extraordinary. We are impressed by their technology, experience and commitment to make this happen,”Jussi Pyörre, Partner at Superhero Capital, comments on the deal.
- With the fresh funding, the company will more than double its factory size in early 2023, allowing for nearly a 10-fold increase in unit production.