Donut Lab to invest in electrical storage specialist Nordic Nano

In-wheel Donut Motor (Photo: Donut Defence)

Electrical power specialist Donut Lab has made a ‘significant strategic investment’ in Nordic Nano Group, with the goal of expanding its product range.

Nordic Nano Group is a company which develops nanotechnology solutions for solar energy, storage and hydrogen production. It will now be part of the Donut Lab-led tech cluster working on electric transportation, which already includes Cova Power, a ‘smart’ trailer venture with Ahola Group.

Donut Lab founding partner and CEO Marko Lehtimäki will join Nordic Nano’s board of directors. He commented: “As a long-standing backer of Nordic Nano, this significant new strategic investment will further deepen our cooperation and accelerate the scaling of Nordic Nano’s operations.

“The potential of the company’s unique technology solutions in international markets is tremendous. We are excited by the strong expertise and technology within Nordic Nano and the contribution it will make to the next steps in developing our own product strategy in electrified mobility and in particular innovative and sustainable battery technology.”

Helsinki-based Donut Lab develops and manufactures a modular technology platform intended to improve the speed and performance of electric vehicles on land, sea and air.

Together with Nordic Nano, the aim is to deliver sustainable electrical storage solutions which do away with rare earth metals and other environmentally harmful materials.

Donut Lab CTO Ville Piipo, added: “For a decade, the energy industry has been trying to develop smarter ways to collect solar energy and store large amounts of energy more affordably without rare earth metals or expensive production processes. The majority of these projects have failed due to too many compromises on important features or because the technologies have not worked outside the laboratory.

“Nordic Nano’s advanced technology has been proven to work in practice, and the company has a clear plan for scaling production sustainably. These significant competitive advantages sealed our decision to invest in the company, with which we share the same vision of building a more sustainable future.”