Cactos raises €7M to boost its battery energy storage system portfolio

Cactos, a Finnish developer of smart energy storage systems, has secured €7 million in a round led by the US-based Union Square Ventures and joined by Superhero Capital, Cactos’ previous investor. Superhero Capital announced the news on its LinkedIn page.

About Cactos

Founded in 2021, Kempele-based Cactos installs smart energy storage systems on client premises to optimize energy use and hedge against price volatility.
The systems are aggregated through Cactos Spine software to create a virtual battery that supports grid stability and renewable energy growth, while providing revenue for both the company and clients.
The company's customers include logistics companies, vehicle charging stations, and solar power producers, who are interested in smart energy storage systems due to the electrification of transportation and the fluctuation of electricity market prices.
As shared by Oskari Jaakkola, Cactos' fleet is present in more than 150 locations and has delivered about €15 million worth of battery energy storage systems.

“Our goal is to create a strong brand in our target market and stand out from our competitors as a modern operator offering a comprehensive service. There are no others like that in this industry,” says Oskari Jaakkola, the CEO of Cactos.

Investment details

The funding round was led by Union Square Ventures, a New York-based VC firm that manages over $1 billion across seven funds, and Superhero Capital, a Helsinki-based VC firm which recently secured €50 million for its fourth fund to back founders in Finland and the Baltic region.

"At Superhero Capital, we spotted Cactos’ superpowers early on: a fully integrated energy storage solution that doesn’t just sit around — it works, optimizes, and leaps into action when the grid needs a sidekick! Now, with this power boost, they’re ready to take on Sweden, the Nordics, and beyond," Superhero Capital's team said.

Cactos will use the new investment to expand its energy storage technology and business operations on a global scale, starting with expansion beyond Finland.