Finnish start-up Cactos has raised €2.5 million (£2.2m) in equity and debt to give old Tesla batteries new life by turning them into smart energy storage units.
The company operates a fleet of distributed energy storage systems – made from reused Tesla electric vehicle (EV) batteries – and a cloud computing service.
The EV battery modules are disassembled, inspected and tested at the Cactos factory in Muhos, Finland and are converted into 100kWh energy storage units.
Cactos claims they are one of the market’s “most environmentally-friendly” energy storage units and provide an end-of-life solution for the electrification of transport and supports a circular economy.
Its cloud computing service, Cactos Spine, controls and optimises the fleet of energy storage units, enabling consistent energy supply through usage peaks and blackouts, as well as optimisation that maximises the benefit of lower electricity prices.
In addition, they can provide stability to the transmission grid by helping balance supply and demand.
Oskari Jaakkola, CEO and founder of Cactos said: “Our first year of operation is coming to a close. In the first semester, we brought to the market one of the world’s most advanced energy storage systems. Following the roll-out, market demand for our product has been exceptionally strong and the funding we raised will help us to fully respond to this demand.
“On the ground, companies are concerned about electricity supply and market volatility. The coming winter will clearly be a very difficult one but the longer-term outlook with energy transition and temporal imbalance in supply and demand means there is a huge need for demand response and different ways to store energy. To service the market at large, our target was to create an energy storage solution that is carefree for the user and easily accessible. I believe we have succeeded in doing that – the Cactos One requires no upfront investment and operates independently.”