Startup Cactos aims to raise EUR 70 million in equity capital
Finnish startup Cactos Fleet Finland has completed a funding round to raise equity capital. During the process, the company raised more than EUR 26 million. OP Finland Infrastructure LP and the Finnish Climate Fund were the lead investors. The developer of intelligent energy storage systems aims to raise EUR 70 million. EUR 35 million will be in the form of equity, and the rest will be in the form of debt.
The company plans to invest all future capital in developing and implementing intelligent energy storage systems. The investment period will be 2.5 years. The expected lifetime of the equipment is approximately 10 years.
Experts consider the development potential of Cactos to be high. This is mainly due to the relevance of the company’s products in the transition to clean energy.
Cactos solution overview
Battery energy storage, or BESS, has historically provided a flexible way of using energy. However, a startup company offers a better way to utilise this resource. According to Oskari Jaakkola, CEO of Cactos, smart systems ensure efficient consumption through specialised metering. So you can optimise energy costs and control electricity generation. The innovative system makes achieving a sustainable power supply and frequency balancing at the grid level possible. The startup offers product rental services at favourable conditions for the customer. It also provides system maintenance via a cloud platform.
The benefits of using Cactos systems are:
– protection from price volatility;
– smoothing out peaks in demand;
– providing backup power to the grid;
– optimising the use of energy generated by the grid’s own sources.
The company’s devices are part of a single ecosystem managed by the Cactos Spine platform. The Cactos Spine platform automatically controls the processes. This system ensures the stability of power transmission and maintains a balance between power generation and consumption. This approach allows the company to optimise its costs and increase its revenues.
Jaakolla says their systems allow them to reduce costs when energy consumption peaks. Such peaks occur, for example, when several electric cars are being charged at the same time. Cactos’ main customers include the real estate market, homeowners and logistics companies.
As of December 2023, the startup had a portfolio of around 50 smart storage units. Thanks to the funds raised, experts expect the number of products to increase by more than 1,000 units in the coming years. Cactos’ most extensive system, with a capacity of 2.5 MWh, is currently in use at a logistics centre in Tuusula.
