Tesi (officially Finnish Industry Investment) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses. tesi.fi | X (Twitter) | LinkedIn | Instagram | Bluesky | Threads | Newsletter
Cactos raises EUR 12.5 million to scale its energy solutions in Europe
Finnish energy technology company Cactos has closed a EUR 12.5 million funding round to support its growth. The round was led by Union Square Ventures and other returning investors include Juha Hulkko’s JTel Oy and Tero Ojanperä’s Rando Ventures Oy. New investors include Tesi, Hyundai Motor Group, Silence VC and FJ Labs.
The financing will allow the company to accelerate its international expansion, develop its software and next-generation battery solution, and strengthen its organisation through new hires.
Founded in 2021 and operating in Kempele, Finland, Cactos offers end-to-end solutions based on battery energy storage systems, combining hardware, software, financing and energy market services. The company’s solutions enable energy storage, optimisation of electricity consumption, and trading on electricity markets, supporting the effective utilisation of renewable energy.
“Cactos represents a new generation of Nordic energy tech companies, combining strong technical capabilities with an innovative, vertically integrated business model. The company is well positioned to benefit from the growing need for flexibility and resilience in European electricity systems. Tesi’s goal is to enable the renewal of Finland’s economy and support the scalable growth of Finnish tech companies, such as Cactos,” says Heli Kerminen, Director in Tesi’s Venture and Growth Investments team.
Tesi’s investment reflects its focus on strategic areas for Finland, including innovations that advance clean economy and strengthen self-sufficiency and resilience. Through its investments, Tesi aims to develop expertise clusters and support high-potential Finnish companies in scaling internationally. However, Tesi can also invest in other high-potential companies outside its strategic investment themes.
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Additional information:
Heli Kerminen, Director, Venture & Growth Investments
heli.kerminen@tesi.fi
+358 40 077 2833