Cactos

Cactos is a Finnish company developing modular energy storage solutions for applications ranging from small local businesses to large governmental entities and industrial enterprises. The company has developed two energy storage models, the Classic and Cardo. The Cactos One Classic is built from recycled electric vehicle (EV) batteries, while the Cactos One Cardo is constructed from new LiFePo battery cells.

Cactos One Classic has a capacity of 100 kWh and power of 45 kW per unit while the Cactos One Cardo is a 130 kWh energy storage system built from new lithium iron phosphate (LFP) batteries with a peak power of 50 kW. Both batteries are manufactured in-house at the company’s facility in Muhos, Finland. The Cactos Spine platform works hand-in-hand with the Cactos One unit to provide real-time information in real time including grid frequency, cell temperature, and charge status.

Key customers and partnerships

Cactos supplies the Helsinki City Housing Company, which manages over 50,000 properties. It also has formed a partnership with Oomi, one of the largest electricity retailers in Finland, which services over 400,000 customers.

In March 2023, Cactos signed a deal worth over EUR 1 million (~USD 1.1 million) with Finnish logistics company Logitri to install its largest system—a 2.5 MWh system in the logistics center of Logitri.

The company also formed the Cactos Fleet Finland Limited Partnership, a joint venture between Cactos Oy and Fleet Finland Oy. The fund aims to accumulate a principal of EUR 70 million, half being debt and half capital which will then be invested in smart energy storage systems in Finland. The fund will provide Cactos energy storage systems on a lease basis to customers for a ten year period. Cactos owned ~50 battery energy storage units as of December 2023, and the company aims to increase them to over 1,000 units.

Funding and financials

The company’s latest funding round was in January 2024, when it secured EUR 26 million (~USD 28.5 million) from OP Finland Infrastructure LP and the Finnish Climate Fund, to expand Cactos Fleet Finland’s energy storage unit portfolio on a large scale. In November 2022, Cactos raised EUR 2.5 million (~USD 2.8 million) in a seed funding round led by Superhero Capital with participation from the Catos’ founders. The funding was to be used for increasing unit production, production facilities, and international projects.