HELSINKI (29 November 2022) – Cactos, the developer of an advanced energy storage system, has raised a total of €2.5 million in funding. The equity funding round saw participation from Finnish investment firm Superhero Capital as well as the company’s founders. The Cactos intelligent energy storage system ensures critical electricity supply locally and facilitates the efficient use of renewable energy globally.
The funding will be used for the production of new energy storage facilities and the expansion of the current Muhos plant, as Cactos has reached the limits of its current production capacity in just a few months due to high demand. In addition to the ongoing energy transition, the acute energy crisis has boosted the demand for Cactos products. The energy storage system offers companies a solution for managing the risks brought about by large price fluctuations in the electricity market.
“Our first year of operations is nearing its conclusion. In the first half of the year, we independently launched one of the world’s most advanced battery energy storage systems. Since its debut, demand for our product has been exceptionally strong, and this additional funding equips us well to meet that demand,” says Oskari Jaakkola, CEO and Founder of Cactos.
“We are also thrilled to welcome Superhero Capital as an investor. Their team shares our vision of the energy sector – that sustainably scaling renewable energy production requires smart and accessible energy storage systems,” Jaakkola adds.
“There is an urgent global need for intelligent energy storage systems that support the transition to a greener future. Cactos’ advanced business model and technology empower companies to participate in this transformation while generating returns. Superhero Capital is committed to supporting founders and companies that align with our thinking. We are impressed by Cactos’ technology, expertise, and dedication to enabling this change,” says Jussi Pyörre, Chief Technology Officer of Superhero Capital.
The energy storage units with a capacity of 100 kWh will be built from recycled Tesla electric vehicle batteries, which Cactos procures from countries such as Norway and Sweden. With the technology developed by Cactos, recycled batteries can be used efficiently and safely in energy storage.
Individual energy storage units are controlled by the Cactos cloud service, which uses algorithms to optimize the operation of each energy storage installation around the clock. The system generates savings, for example, by utilising daily fluctuations in electricity prices and by releasing stored electricity for the property's own use when consumption is at its highest.
Cactos energy storage solutions also support Finland's national grid by levelling out differences in supply and demand. In practice, equalization means that when more electricity is produced than it is used, the system charges energy and when there is a shortage of electricity, the system discharges energy.
