Finnish maker of smart energy storage units, Cactos has raised €2.5 million in a combination of equity and debt funding.
With its current production operating at maximum capacity, the capital is slated to help the company more than double its factory size in early 2023, allowing for nearly a 10-fold increase in unit production.
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 re-used Tesla electric vehicle (EV) lithium-ion batteries.
One Cactos One unit has battery modules from roughly 1.5 Tesla cars and has a capacity of 100kWh and 50kVA charge and discharge power.
Engineers disassemble, inspect and test the EV battery modules at the Cactos factory in Muhos, Finland. They are then converted into 100kWh energy storage units.
The company guarantees a lifetime of 10 years for all new units, including the battery cells.
The algorithmic-based cloud computing service, Cactos Spine, controls, and optimizes the energy storage units.
This enables a consistent energy supply through usage peaks or blackouts.
Cactos has operational units across Finland.
The company expects to more than double its factory size in early 2023, allowing for nearly a 10-fold increase in unit production.
Customers include Oomi, one of the largest electricity retailers in Finland, with over 400,000 customers, and Helsinki City Housing Company – Finland’s largest residential property owner with over 50,000 apartments.
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