Cactos closes €12.5M to scale battery storage across Europe
Finnish energy technology company Cactos has closed a €12.5 million early-stage round to fund its growth across Europe.
Union Square Ventures led the round. Returning backers include Juha Hulkko's JTel Oy and Tero Ojanperä's Rando Ventures Oy.
New investors joined too: Tesi, Hyundai Motor Group, Silence VC, and FJ Labs.
Founded in 2021 in Kempele, Finland, Cactos builds end-to-end battery energy storage systems, combining hardware, software, financing, and energy market services.
The cash will accelerate international expansion, fund a next-generation battery, and pay for new hires.
European electricity systems need more flexibility and resilience as renewable energy grows. Cactos lets customers store energy, optimise consumption, and trade on electricity markets.
Lead investor Union Square Ventures, a US fund better known for consumer and software bets, backing an early-stage Nordic battery storage company underscores how grid flexibility has become a magnet for generalist VC money. The presence of corporate strategics such as Hyundai Motor Group alongside Finnish state investor Tesi shows the round straddles both commercial ambition and national resilience priorities.
Read more: Tesi
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