Cactos develops smart energy storage systems using lithium iron phosphate batteries and upcycled Tesla batteries to provide backup power, local energy optimisation, and resilience. The company’s units are leased to clients to hedge against price volatility, level out demand peaks, and optimise on-site electricity production where applicable. All units owned by Cactos Fleet Finland LP are aggregated through the proprietary Cactos Spine software to create a large virtual battery that supports transmission system stability and balances generation and consumption. Cactos intends to use the funds to invest in smart energy storage units during an approximately 2.5-year investment period, with an expected operational period of about ten years. The fleet model generates revenue opportunities for both the company and its clients by enabling participation in demand response and grid services. The company was founded in 2021 and is led by founder and CEO Oskari Jaakkola. Cactos builds distributed energy storage systems using re-used Tesla EV battery modules converted into 100kWh units and operates a cloud-based control and optimisation service called Cactos Spine. The company provides an end-of-life solution for EV batteries while offering grid stability, peak shaving and optimisation to capture lower electricity prices. Today the company has operational units across Finland and has partnerships with large organisations including Oomi (an electricity retailer with over 400,000 customers) and Helsinki City Housing Company (Heka) with over 50,000 apartments. Less than a year after incorporation, Cactos’s current production is operating at maximum capacity; the company plans to more than double its factory size in early 2023 to enable nearly a tenfold increase in unit production. The business disassembles, inspects and tests EV battery modules at its factory in Muhos, Finland and converts them into its energy storage units. CEO Oskari Jaakkola leads the company as it pursues expanded production and international projects.

Total raised

$31M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2024