HELSINKI – Cactos, a Finnish startup, is pioneering a transformative approach to repurpose aging Tesla batteries, giving them a new lease on life as smart electricity storage units. The innovative concept has garnered significant support, with Cactos recently announcing the successful raising of over €26mn in equity funding. OP Finland Infrastructure LP and the Finnish Climate Fund lead the investment round.
Cactos’ process involves disassembling Tesla batteries’ cassettes and extracting their modules. Following rigorous quality and safety tests, approved modules are integrated into the cabinet of battery energy storage systems (BESS). Once installed, these repurposed batteries serve as intelligent managers of electricity consumption.
Oskari Jaakkola, CEO and founder of Cactos, emphasized the high quality of Tesla batteries, stating, “Tesla batteries are of very good quality and include features that make them suitable for BESS applications.”
The startup provides a comprehensive service, delivering finished units that offer clients various benefits, including protection against price volatility, reduced consumption during peak demand, backup power, and optimal utilization of on-site electricity production.
Global trends, such as a volatile energy market, increased electric vehicle adoption, and the rise of solar power, have elevated the demand for intelligent energy storage systems. Investors in Cactos recognize the significance of supporting the green transition, emphasizing the need for clean electricity production infrastructure.
Toni Mikkonen, interim CEO of the Finnish Climate Fund, highlighted the crucial role of local infrastructure in supporting clean electricity production, especially with the growing demand and weather-dependent renewable energy production.
With the recent funding infusion, Cactos aims to build a portfolio exceeding 1,000 storage systems. While new lithium iron phosphate cells have become more cost-effective, potentially replacing the old Tesla batteries in various applications, Cactos continues to find demand for the repurposed batteries, particularly from environmentally conscious clients.
