Renowned U.S. fund invests in Finland for the first time: "We believe Cactos is poised to lead the energy storage market"
Summary
With this new funding, the company aims to expand its operations beyond Finland to the Nordic region and other parts of Europe.According to Brad Burnham, partner and co-founder of USV, the firm has been actively investing in technologies and services to help integrate renewable energy sources into todays electrical infrastructure.We are excited to add Cactos energy storage solution to our portfolio.Brad Burnham noted that Cactos impressed Union Square Ventures with the comprehensiveness of its service. The company doesnt just develop, manufacture, and install energy storage systemsit also operates, optimizes, maintains, and finances them. "We believe Cactos is poised to lead the energy storage market", Burnham said.Cactos CEO Oskari Jaakkola said the timing for additional funding was ideal. He added that the companys goal in Sweden is to achieve revenue levels comparable to Finland.Our objective is to build a strong brand and stand out from the competition as a modern player offering comprehensive services. Energy storage plays a critical role in ensuring the sustainability of industrial operations, transportation, and economic growth as a whole, Jaakkola said.In total, Cactos raised a little over 7 million euros in this funding round.Cactos Oy is a Finnish company that designs, manufactures, and operates intelligent energy storage systems.