Finnish storage developer Cactos raises €26m in equity investments

January 11, 2024

Finnish energy storage systems developer Cactos has raised more than €26 million worth of equity investments to finance the growth of its battery energy storage system portfolio.

Lead investors in the round are OP Finland Infrastructure LP and the Finnish Climate Fund. Cactos Fleet Finland LP aims to raise a total of €70 million in capital, consisting of €35 million in equity and €35 million in debt. “The company intends to invest all of its capital into smart energy storage units in an investment period of approximately two and a half years and with an expected operational period of approximately ten years,” a Cactos statement said.

Cactos founder and CEO Oskari Jaakkola said: “We established Cactos Fleet Finland LP because the energy transition requires significant investment in infrastructure, especially in assets capable of participating in demand response and grid services. Battery energy storage systems (BESS) are an excellent way to create more flexibility in consumption, as well as balance the grid as a whole. But smart energy storage units can do much more – that’s why Cactos Fleet Finland LP provides best-in-class behind-the-meter smart energy storage systems on a lease basis to clients who can utilise them to optimise local consumption and production, ensure resilience of electricity supply as well as to participate in grid level operations, such a frequency balancing.”

Tuomo Urrila of OP Finland Infrastructure LP, added: “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.”

Toni Mikkonen, interim CEO of the Finnish Climate Fund, said: “The green transition requires the electrification of all sectors of society. As domestic electricity demand and highly weather-dependent renewable energy production increase, local infrastructure supporting clean electricity production will be a critical factor for the success of the future energy system. What’s interesting about Cactos’ investment company is that the energy storage systems are offered to the customers with a service model and can therefore be put into use quickly.”