Driving Clean Energy Innovation
Finnish clean energy startup Cactos has secured a substantial investment of 26 million euros to advance the widespread implementation of its smart energy storage systems. Founded in 2021, Cactos has developed a range of battery energy storage systems designed to provide dependable energy storage solutions across various industries. This latest funding infusion will fuel the company’s efforts to further develop and scale its innovative offerings.
Revolutionizing Energy Storage
Cactos’ storage systems, manufactured in Muhos, Finland, are installed on-site to help users manage local demand peaks, provide backup power, and optimize local energy consumption and production. These units are seamlessly integrated through the company’s proprietary software platform, forming a large virtual battery. According to Oskari Jaakkola, CEO and founder of Cactos, this technology is crucial for large housing, real estate, and logistics companies, allowing them to efficiently handle energy consumption spikes and mitigate electricity market fluctuations.
Expanding Reach and Impact
Currently, Cactos owns approximately 50 battery storage units, with the largest system boasting a capacity of 2.5 megawatt-hours located in Tuusula, Finland. With the support of the new funding, Cactos plans to expand its fleet to over 1,000 units in the coming years.
The funding round was led by prominent investors OP Finland Infrastructure and the Finnish Climate Fund, targeting Cactos Fleet Finland, the company’s battery energy storage investment fund. The fund aims to raise a total of 70 million euros, split evenly between equity and debt funding.
Driving Finland’s Battery Industry
Cactos’ success reflects Finland’s ambitions to become a leading hub for battery technology in Europe by 2025. With a national battery strategy and a collaborative approach to sustainability, Finland is positioning itself as a key player in the global battery market.
This growth is evidenced by recent developments, including the significant investment from Chinese battery materials producer Ningbo Shanshan, who plans to establish a 1.3-billion-euro factory in Finland.
As Finland continues to lead the charge in battery innovation, Cactos remains at the forefront, driving clean energy solutions and revolutionizing the energy storage landscape.
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