Finnish startup Cactos raises €26M to increase its battery energy storage system portfolio
Helsinki-based Cactos, a developer of smart energy storage systems, has raised over €26 million of equity investments in its Cactos Fleet Finland Limited Partnership. OP Finland Infrastructure LP and the Finnish Climate Fund co-led the round.
- Founded by Oskari Jaakkola, Veli-Erkki Ruotsalainen, and Olli Nuutila, Cactos develops and produces smart energy storage systems based on recycled EV batteries.
- According to the company, it offers clients a hedge against price volatility, level out local demand peaks, as well as offers backup power and optimizes the use of the property’s own electricity production, where applicable. All units owned by Cactos Fleet Finland LP are aggregated through proprietary software platform, Cactos Spine, to create a large virtual battery that supports the stability of the transmission system.
- The largest system currently owned by the company is a 2.5 MWh Cactos One energy storage system installed in a logistic center in Tuusula. Cactos’ customer base includes the logistics companies Logitri Oy, Ahola Group Oy, Heka Oy, and Keskusosuuskunta Oulun Seudun Sähkö.
Large housing, real estate, and logistics companies need solutions to tackle, for example, large energy consumption peaks caused by simultaneous charging of multiple electric vehicles and to protect themselves from electricity market volatility. An energy storage unit together with our cloud computing service, Cactos Spine, automatically optimizes these functions.Oskari Jaakkola, Cactos founder and CEO, says.
Who are the investors?
Lead investors in the round are OP Finland Infrastructure LP and the Finnish Climate Fund. Cactos Fleet Finland LP aims to raise a total of €70 million in capital, consisting of €35 million in equity and €35 million in debt financing. In November 2022, Cactos already received €2.5 million in funding.
The current financing enables the large-scale deployment of smart energy storage systems. Currently, the company owned approximately 50 Cactos One battery energy storage units, and plans to grow to more than one thousand units in the coming years.