Finnish startup Cactos has recently secured over €26 million in equity funding, marking a significant milestone in its mission to repurpose old Tesla batteries into innovative smart electricity storage units. This recent funding round was led by OP Finland Infrastructure LP and the Finnish Climate Fund.
Cactos has developed a pioneering approach to breathe new life into aging Tesla batteries, capitalizing on their inherent quality and features for applications in battery energy storage systems (BESS). The intricate process involves disassembling the Tesla batteries, extracting the valuable modules, and subjecting them to rigorous quality and safety tests. Once deemed fit for the next phase, these modules find a new home in the cabinets of battery energy storage systems.
The significance of this venture lies in its commitment to sustainable practices and the circular economy. Rather than allowing old Tesla batteries to become environmental burdens, Cactos leverages their remaining potential to create smart energy storage solutions that contribute to optimizing energy consumption.
The latest funding injection is expected to play a crucial role in Cactos’s expansion plans. The startup aims to build a comprehensive portfolio comprising over 1,000 smart energy storage systems. This strategic move aligns with the increasing demand for innovative solutions in the face of a volatile energy market, the surging adoption of electric vehicles, and the rising prominence of solar power production.
Cactos’s approach extends beyond mere hardware provision; the company offers its smart energy storage systems as an all-inclusive service. This service model provides clients with an array of benefits, including protection against price volatility, reduced consumption during demand peaks, backup power capabilities, and the optimal utilization of on-site electricity production.
The upcycling of old Tesla batteries demonstrates Cactos’s commitment to sustainability and technological innovation. By providing a second life to aging batteries, the startup contributes not only to waste reduction but also to the ongoing transformation of the energy sector towards more efficient and environmentally conscious practices.