Finnish maker of smart energy storage units, Cactos has raised €2.5 million in a combination of equity and debt funding. With its current production operating at maximum capacity, the capital is slated to help the company more than double its factory size in early 2023, allowing for nearly a 10-fold increase in unit production.
Sourcing its primary material from spent Tesla EV batteries, Cactos uses proprietary technology to restore these power cells to a fully operational and safe condition. Given a new lease on life, these batteries are then converted into 100kWh energy storage units at Cactos’ factory in Muhos, Finland.
While a battery is just a battery, the “other” side of Cactos’ business involves a cloud computing service layered atop the energy storage unit that controls and optimises a growing fleet of power savers.
In addition to providing clients with a…
Breathing new life into spent Tesla EV batteries, Cactos raises €2.5 million to meet growing customer demand
