Cactos Oy

Cactos was born from the desire to find concrete solutions to the challenges of an increasingly electrified society. CEO Oskari Jaakkola emphasises that good ideas alone are not enough – success requires hard work and a sustainable business model. 

–  Things that used to work on oil and gas nowadays operate to an increasing extent on electricity, including heavy transport. We aim to bring more balance to this transition, Jaakkola says.  

From the outset, the company has kept almost the entire value chain in its own hands: the battery energy storage systems, including the battery modules, are manufactured in Kempele. Cactos is also itself responsible for operating the systems, trading in the electricity market, financing and customer service. 

–  When the customer has signed the documents, we take care of everything else. We make making the decision to buy our solution as easy as possible for them.

Battery energy storage systems support Ukraine’s recovery from the crisis and the transition to renewable energy 

Cactos has already been exporting its energy storage solutions to other countries, including Ukraine, where the power grid has suffered significant damage. The storage systems delivered with the support of Finnpartnership assist the country’s transition to renewable energy. 

–  Approximately 80% of Ukraine's earlier energy production capacity has been destroyed or damaged. Energy storage systems are of critical importance to enable the new system, largely based on renewable energy sources, to function, says Jaakkola. 

The company also seeks entry to the open European electricity market, such as in the Netherlands and Sweden, where the volatility of electricity and network vulnerability create demand for efficient storage solutions. Germany must not be ignored either; according to Jaakkola, it has a very interesting energy market. 

Things that used to work on oil and gas nowadays operate to an increasing extent on electricity, including heavy transport. We aim to bring more balance to this transition.

Financing path from a start-up to a scalable energy company 

Cactos’ growth has not been based only on developing technology but also on determined financial planning. The company has won the support of the reputed American venture capital firm Union Square Ventures, but to internationalise its operations it also needed public partners. Finnvera, the Ministry for Foreign Affairs and Business Finland have been involved in supporting Cactos’ journey from an idea to a scalable energy company. 

–  Innovation requires courage, but growth requires a partner. Finnvera’s task is to carry the company over critical stages and to help build a bridge towards market-based financing. Finnvera’s Digitalisation and Innovation Loan is an excellent solution for this purpose in particular, says Miira Vihlman, Finance Manager at Finnvera’s Innovation & Growth Finance team.  

Vihlman also emphasises the need for a long-term approach to financial planning: 

–  It’s important to identify at what stage of development the company is and select the financial instruments accordingly. Good planning helps to ensure that growth is not dependent on access to finance. 

In the case of Cactos, this cooperation made it possible for the innovation to grow from the level of an idea into international business.  

Miira Vihlman, Finance Manager, Innovation & Growth Finance, Finnvera

Energy company for a new era 

Cactos is not only a technology supplier, but a new-era energy company that builds resilience in an electrifying world. The company’s self-reliant operating model, strong customer orientation and the ability to respond to global crises make it an exceptional actor in its field. 

–  From October onwards, it will also be possible to buy energy from us, Jaakkola says. When asked where to next, the answer is clear: “In Europe, we must not overlook Germany and Poland.”  

Cactos Oy

• A new-era energy company developing intelligent battery energy storage systems to bring resilience to an electrifying world. Founded in 2021.
• Privately owned Finnish company with headquarters and manufacturing located in Kempele. Employs over 110 people.
• Revenue of €12.2 million for the fiscal year ending in April 2025.
• Energy storage systems support the transition to renewable energy in crisis regions such as Ukraine. Actively expanding into European electricity markets – key target countries include the Netherlands, Sweden, Germany and Poland.