2024-01-12 18:11:09
Investors have so far poured 26 million euros into a promising project aimed at recycling obsolete Tesla batteries.
With the concept of Cacti running under the name finn startup came up, and its essence is to turn batteries into smart electrical energy storage units that can be used to optimize energy consumption.
Interest in the idea is growing among investors, and Cactos announced yesterday that it has received more than 26 million euros in capital funding from OP Finland Infrastructure LP and the Finnish Climate Protection Fund, which the startup will use to build its unit park.
To recycle Tesla batteries, Cactos first disassembles the cartridges and removes the modules inside. The modules are then subjected to quality and safety tests. If they pass, engineers will integrate them into the Battery Energy Storage Systems (BESS) cabinet. The new task of batteries will eventually be the management of energy use.
“Tesla batteries are of very high quality and have features that make them compatible with BESS applications” added Oskari Jaakkola, CEO and founder of Cactos, in the announcement.
Cactos One is an energy storage unit
Green solutions are becoming more and more popular
Cactos delivers the finished units as a full service. After installation, the system promises customers protection once morest price fluctuations, reduction of consumption in peak periods, provision of backup energy, and optimal use of the property’s electrical energy production.
However, global trends outline additional sales opportunities. The changing energy market, the common use of electric vehicles, and the increase in solar energy production also have a positive effect on the demand for smart energy storage systems.
Cactos investors highlighted the importance of transitioning to green solutions, in which electrification plays a significant role in all sectors of society.
“As demand for household electricity and highly weather-dependent renewable energy generation increases, the role of local infrastructures supporting clean electricity generation will be critical to the success of the future energy system” – said Toni Mikkonen, interim CEO of the Finnish Climate Protection Fund. “What’s interesting regarding Cactos … is that energy storage systems are offered to customers as a service model, so they can be deployed quickly.”
Retirement of Tesla batteries
With the new capital injection, Cactos more than 1000 storage systems plans to build, however, the new craft of retired Tesla batteries is not guaranteed forever.
When Cactos launched in 2021, recycled batteries proved to be the most cost-effective components for BESS applications. Today, however, the new lithium iron phosphate cells have become cheap enough to replace the old Tesla batteries in most new storage units.
Despite this, the role of used batteries is still significant. Cactos continues to use them and these solutions are still in high demand, especially among customers who prefer environmentally friendly solutions. Not all veteran cells are therefore ready for final disposal.
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