Donut Lab acquires nanotechnology company Nordic Nano Group
Finnish technology company Donut Lab has acquired nanomaterials company Nordic Nano Group, with the entire team transferring to Donut Lab. The acquisition brings together both companies' intellectual property, technology and staff under one roof.
Nordic Nano Group develops environmentally friendly nanotechnology solutions for solar energy harvesting, energy storage and hydrogen applications. The acquisition complements Donut Lab's existing capabilities in motor, battery, control and software technologies, and builds on a long-standing collaboration between the two companies, according to a press release from Donut Lab.
Nordic Nano Group's founders Esa Parjanen and Jarkko Aro have been elected to Donut Lab's board of directors as part of the transaction. Parjanen, previously CEO of Nordic Nano Group, joins as Head of Business Development. Aro takes on the role of Chief Industrialisation Officer, while the company's Chief Scientist Bela Bhuskute transfers to Donut Lab in the same capacity.
The two companies have worked closely together for some time, and Donut Lab CEO Marko Lehtimäki is positive about the next phase.
"This acquisition brings together our people, expertise and technologies under one company and gives us a strong foundation for the future. Nordic Nano's strong expertise and technology offer new opportunities for developing our product strategy. We believe that solar technology will play an important role in the next phase of Donut Lab, which we have been planning for a long time," said Marko Lehtimäki, CEO of Donut Lab.
No financial terms were disclosed.
Donut Lab has faced sustained scrutiny over the past year regarding its claims to have developed a solid-state battery – a controversy that led the company to commission VTT Technical Research Centre of Finland to independently measure the performance and characteristics of its solid-state battery.
