Finnish energy storage start-up Cactos raised over €26 million ($28 million) in equity investment to finance the growth of its battery energy storage system (ESS) portfolio – to more than 1,000 units in the coming years.
The money is going into its Cactos Fleet Finland limited partnership. Over the next two and a half years, it aims to raise €70 million ($77 million), half in equity and half in debt.
Cactos founder and CEO Oskari Jaakkola said: “We established Cactos Fleet Finland LP because the energy transition requires significant investment in infrastructure, especially in assets capable of participating in demand response and grid services.”
The company’s smart ESSs level out local demand peaks, offer back-up power and can optimise the use of a property’s own electricity production.
Cactos said all units owned by Cactos Fleet Finland are aggregated through the proprietary software platform, Cactos Spine, to create a large virtual battery that supports the stability of the transmission system.
In December 2023, the company owned approximately 50 Cactos One battery energy storage units. The largest system currently owned by the company is a 2.5MWh ESS installed at a logistics centre in Tuusula, Finland.
The Cactos One Classic unit is made from second-life Tesla EV batteries and the first-life lithium iron phosphate battery is the Cactos One Cardo.
Cactos said large logistics companies and vehicle charging stations are especially interested in smart energy storage systems as charging infrastructure grows.