Donut Lab acquires Nordic Nano Group in undisclosed deal

Finnish battery technology company Donut Lab has acquired Nordic Nano Group in full, the companies said in a statement reported by Yle. The total value of the transaction has not been disclosed.

The companies have previously worked together. Nordic Nano operates a closely guarded factory in Imatra, where it plans to begin mass production of battery cells.

Fences were built around the factory in Imatra’s Teppanala district this spring to protect against industrial espionage. Nordic Nano chief executive Esa Parjanen said in the spring that the factory’s first test products were not Donut Lab batteries.

As part of the deal, Nordic Nano Group founders Esa Parjanen and Jarkko Aro will join Donut Lab’s board. The companies said the transaction would deepen their long-running cooperation and bring their teams’ expertise under the same roof.

Controversial battery claims

Donut Lab’s battery technology has sparked vigorous public debate. The company has said it has developed a battery that charges in five minutes and lasts for the lifetime of a car. A professor at Aalto University, for example, has described some of the claims as impossible.

The battery’s charging speed has been a particular source of confusion in the scientific community.

Siilasmaa remains as adviser

Helsingin Sanomat reported last week that Risto Siilasmaa, former chairman of Nokia’s board and a major investor, had left the board of Donut Lab’s parent company.

In their statement, Donut Lab and Nordic Nano said Siilasmaa had moved to a role as board observer and adviser. Donut Lab chief executive Marko Lehtimäki said the company remained grateful for Siilasmaa’s experience and advice.

Lehtimäki said solar technology would play a significant role in Donut Lab’s future. Parjanen said Nordic Nano had developed solar technology over many years and would continue that work as part of Donut Lab.