The company's turnover rose to €12.2 million in the last financial year, with EBITDA reaching €142,000.
Cactos, a Finnish company that manufactures and operates energy storage systems, has achieved significant growth for the second year in a row.
The company's turnover rose to over €12 million and EBITDA was positive for the first time. CEO Oskari Jaakkola is delighted with the result. According to him, the figures are exceptional for a growth company and show that, despite its strong growth, Cactos' operations are on a sustainable footing.
The energy storage market has grown rapidly in Finland and elsewhere in the world in recent years, and there has even been talk of a boom. Jaakkola acknowledges this phenomenon, but points out that there are no quick wins in this market.
"Many different players have entered the industry, and not all of them necessarily have a realistic understanding of return expectations or the ability to manage a delivery project," says Jaakkola.
According to Jaakkola, the need for energy storage is constantly growing as society becomes more electrified and production shifts to renewable energy sources. Instead of quick profit expectations, the importance of electricity storage should be viewed in the long term.
“The energy transition is not going away; in fact, it is accelerating. Energy storage facilities are needed at an increasing rate, as the current electricity grid is not sufficient in many places to provide enough power for new electrical loads,” Jaakkola explains.
At the beginning of the year, Cactos announced funding from the US technology fund USV. With this funding, Cactos has expanded its operations to the Netherlands, Sweden, and other Nordic countries, where the company is now seeking growth.
“Compared to Finland, in many other countries, even Sweden, the electricity grid is starting to be in poor condition and there is a crying need for electricity storage,” says Jaakkola.
In addition to reliable and functional products, Jaakkola considers Cactos' international competitive advantage to be the fact that its products are manufactured and managed from Finland. This guarantees the safety of the products, which is currently the be-all and end-all in Europe.
Starting this fall, Cactos will also operate as an energy company. The promise made to its mainly industrial customer base is clear: the company will start selling the cheapest electricity in Finland.
According to Jaakkola, the AI-based software connected to Cactos' electricity storage facilities and real-time consumption monitoring enable electricity to be priced at a record low level. This is an advantage that traditional energy companies do not have.
"It's quite fundamental. Basically, everyone wants the cheapest electricity possible."
