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January 15, 2024

Cactos Powers Up Finland’s Green Transition with €26M Investment

Venturing into the global clean energy revolution, Finland hosts a dynamic ecosystem driving smart energy solutions

Finland, a hotbed of tech innovation, has incubated startups that resonate globally. From mobile gaming behemoth Supercell to the iconic Angry Birds creator Rovio Entertainment, the Finnish tech landscape boasts success stories. Beyond gaming, Helsinki-based Cactos is spearheading a revolution in energy storage, backed by a €26 million investment. This infusion, led by OP Finland Infrastructure LP and the Finnish Climate Fund, propels Cactos into the forefront of sustainable tech, promising to reshape the country's energy future.

As Finland actively engages in the global shift towards clean energy, startups like Cactos are poised to play a pivotal role in smart energy solutions. Cactos, with its focus on energy storage, has secured €26 million in funding, laying the groundwork for a significant transformation in the country's energy landscape. This investment is a testament to Cactos' commitment to revolutionize energy storage through innovative solutions.

Energy storage is a linchpin in the transition from conventional fossil fuels to renewable sources. Cactos, with its smart energy storage systems crafted from second-life Tesla EV batteries, aims to usher in a new era. The funds raised are earmarked to expand Cactos' portfolio and contribute to its ambitious plan of raising €70 million in capital. This financial injection, a blend of equity and debt, marks a strategic move to amplify investments in cutting-edge energy storage units.

In an exclusive conversation with Cactos founder and CEO, Oskari Jaakkola, the vision unfolds. Beyond just benefiting from cheaper power, Jaakkola explains how each Cactos unit contributes to building power self-reliance for users. The real magic lies in the collective impact – not just benefiting individual buildings but enhancing the efficiency and carbon reduction of the entire national grid.

Central to Cactos' prowess is its software, Cactos Spine. This automated system takes charge of every energy management decision, optimizing the usage of the energy storage system. Real-time measurements, coupled with intricate algorithms, enable Cactos Spine to create an optimal operating profile for the energy storage units. It's a seamless orchestration that maximizes profitability, from buying low-priced energy to selling surplus energy during peak hours.

Founded in 2021, Cactos has already made its mark with around fifty operational Cactos One units. Logistics like Logitri Oy and Ahola Group Oy have embraced Cactos' energy storage solutions, recognizing not just the economic benefits but also the strategic value in managing electric vehicle fleets. As Cactos gears up to scale, envisioning around 1,000 battery installations, the impact on grid stability and electricity prices in Finland becomes tangible.

Cactos, with its innovative energy storage approach, emerges as a beacon in Finland's clean energy transition. The €26 million investment serves as a testament to its potential to reshape the energy landscape. As Cactos propels towards a future where energy storage is not just a technology but a catalyst for sustainability, the collective impact of a thousand Cactos units promises a ripple effect, benefiting clients and electricity users across the country. The green revolution in Finland just found a powerful ally in Cactos.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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