Cactos, a Helsinki, Finland-based developer of smart energy storage systems, raised over €26M in funding.
The round was led by OP Finland Infrastructure and the Finnish Climate Fund.
The company intends to use the funds to invest into smart energy storage units in an investment period of approximately two and a half years and with an expected operational period of approximately ten years.
Led by Founder and CEO Oskari Jaakkola, Cactos provides a smart energy storage system that allows for efficient utilisation of renewable energy internationally. The units are made out of lithium iron phosphate batteries and upcycled Tesla batteries. The energy storage units offer a backup power and perform local energy optimisation operations, bringing economic benefits and resilience to its clients and grid operators.
The company’s smart energy storage systems are installed in premises where they offer clients a hedge against price volatility, level out local demand peaks, offer backup power, and optimize the use of the property’s own electricity production, where applicable. Together, all units owned by Cactos Fleet Finland LP are aggregated through Cactos proprietary software platform, Cactos Spine, to create a large virtual battery that supports the stability of the transmission system. This supports and enables the growth in renewable energy by balancing generation and consumption, and provides revenue for the company and clients.
Established in 2021, Cactos builds its units in Northern Finland, in a town called Muhos, and has multiple large clients in a variety of sectors and industries.
Commenting on the news, Oskari Jaakkola said: “We established Cactos Fleet Finland LP because the energy transition requires significant investment in infrastructure, especially in assets capable of participating in demand response and grid services. Battery energy storage systems (BESS) are an excellent way to create more flexibility in consumption, as well as balance the grid as a whole. But smart energy storage units can do much more – that’s why Cactos Fleet Finland LP provides best-in-class behind-the-meter smart energy storage systems on a lease basis to clients who can utilize them to optimise local consumption and production, ensure resilience of electricity supply as well as to participate in grid level operations, such a frequency balancing.”
FinSMEs
11/01/2024