Cactos, a developer of energy storage systems, has secured over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland.
“Large housing, real estate, and logistics companies need solutions to tackle, for example, large energy consumption peaks caused by simultaneous charging of multiple electric vehicles and to protect themselves from electricity market volatility. An energy storage unit, together with our cloud computing service, Cactos Spine, automatically optimizes these functions,” said Cactos founder and CEO Oskari Jaakkola.
The financing round enables the large-scale deployment of smart energy storage systems. In December 2023, the company owned approximately 50 Cactos One battery energy storage units, and with the help of the funding, that number is expected to grow to more than one thousand units in the coming years.
“The growth in weather-dependent electricity generation has also increased the volatility of the electricity markets and the need for energy storage. We are happy to be able to work together with Cactos to offer solutions that benefit the customers and simultaneously improve the stability of the entire electricity grid,” says Tuomo Urrila from OP Finland Infrastructure.
According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid. Corporate funding in the energy storage sector was down 31% in 9M 2023, with $15.2 billion raised in 94 deals compared to $22 billion in 93 deals in 9M 2022. Corporate funding in Energy Storage increased 67% in Q3 2023 with $8.2 billion in 35 deals compared to $4.9 billion in 32 deals in Q2 2023.
