Donut Lab has completed its acquisition of Nordic Nano Group, resulting in the nanotechnology company’s entire team transferring to Donut Lab. At the same time, Esa Parjanen and Jarkko Aro from Nordic Nano Group have been elected to the board of directors of Donut Lab.
Technology company Donut Lab has acquired the entire shareholding of Finnish nanotechnology company Nordic Nano Group. The acquisition deepens the long-standing collaboration between the companies and combines the expertise of both teams under one roof.
Nordic Nano Group is a nanomaterials pioneer developing environmentally friendly nanotechnology solutions for solar energy harvesting, energy storage and hydrogen applications. The company has been developing its groundbreaking solar technology for years. With the acquisition, all related intellectual property rights and expertise are now in the same business group as Donut Lab’s motor, battery, control and software technologies.
“We have worked in close cooperation with Nordic Nano for a long time. 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,” says Marko Lehtimäki, CEO of Donut Lab.
“We at Nordic Nano Group have been involved in the long-term development of solar technology for years. It is great that we can continue this development work as part of Donut Lab. Together we have excellent opportunities to accelerate the testing and development of the technology,” continues Donut Lab’s new Business Development Director Esa Parjanen, who served as CEO of Nordic Nano Group.
Founders of Nordic Nano Group elected to board of Donut Lab
As a result of the acquisition, Nordic Nano Group’s founders Esa Parjanen and Jarkko Aro have been elected to the board of directors of Donut Lab. At the same time, Risto Siilasmaa, who previously served on the board, has transitioned to an observer role at board meetings and will continue in this role as an advisor to Donut Lab.
“The change in the composition of the board reflects the direction of Donut Lab as the company continues to expand into new technology areas and new markets. Aro and Parjanen bring a strong technical and entrepreneurial background to the board, as well as expertise in the technology areas of Nordic Nano Group. We are grateful that Siilasmaa’s experience and advice are still available to our company,” Lehtimäki summarises.
The founders of Nordic Nano Group have started operational positions at Donut Lab. Jarkko Aro serves as Donut Lab’s Chief Industrialization Officer and Esa Parjanen as Head of Business Development. Nordic Nano Group’s Chief Scientist Bela Bhuskute in turn transfers to Donut Lab as Chief Scientist.
The parties have agreed not to disclose the total value of the acquisition publicly.
