Finnish startup raises €2.5m for cloud-controlled second-life Tesla batteries
Energy storage startup Cactos has raised €2.5m in equity and debt to boost production of its systems based on ‘second life’ batteries from Tesla electric cars.
The round was led by Superhero Capital, with participation from Cactos’s founders. The funding will fund the company’s growth by doubling its production facility in Finland and expanding its international projects.
Cactos operates a fleet of distributed energy storage systems based on smart energy storage units and a cloud computing service. The energy storage units are made from depleted battery packs from Tesla EV batteries which are disassembled, inspected and tested at the factory in Muhos, Finland. These are replaced in EVs when the capacity falls below 80%, so still have plenty of storage for 100kWh energy storage units assembled by Cactos.
The algorithmic-based cloud computing service, Cactos Spine, controls and optimises the fleet of energy storage units. This enables consistent energy supply through usage peaks or blackouts, as well as optimisation that maximises the benefit of lower electricity prices. The energy storage units also provide stability to the transmission grid by balancing supply and demand.
Cactos offers the second life battery systems to companies rather than consumers at a monthly price with no upfront capital investment. It aims at high power systems with currents over 63A (14kW).
“Our first year of operation is coming to a close. Following the roll-out, market demand for our product has been exceptionally strong, and the funding we raised will help us to fully respond to this demand,” said Oskari Jaakkola, CEO and founder of Cactos.
“We are also happy to welcome Superhero Capital as a shareholder of Cactos. Our cooperation has started well, and we have seen that the Superhero team shares our understanding of the energy markets – a sustainable transition to renewable energy requires smart energy storage solutions that are easily accessible,” he said.
“On the ground, companies are concerned about electricity supply and market volatility. The coming winter will clearly be a very difficult one, but the longer-term outlook with energy transition and temporal imbalance in supply and demand means there is a huge need for demand response and different ways to store energy. To service the market at large, our target was to create an energy storage solution that is carefree for the user and easily accessible. I believe we have succeeded in doing that – the Cactos One requires no upfront investment and operates independently,” he added.
“There is an acute need for smart energy storage systems to support the global transition to a greener world. With the novel business model and technology Cactos has introduced, businesses can profitably contribute to this transition. At Superhero Capital, we are focused on partnering with like-minded businesses and founders to build something extraordinary. We are impressed by their technology, experience and commitment to make this happen,” said Jussi Pyörre, Partner at Superhero Capital.
Today, less than a year after the incorporation of Cactos, the company has operational units across Finland that deliver savings and benefits to clients. With its current production operating at maximum capacity, the company will more than double its factory size in early 2023, allowing for nearly a 10-fold increase in unit production.
Cactos has successfully started partnerships with big organisations in Finland, such as Oomi, one of the largest electricity retailers in Finland, with over 400,000 customers, and Helsinki City Housing Company (Heka Oy) – Finland’s largest residential property owner with over 50,000 apartments.
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