Investigator claims Donut Lab’s solid-state battery is standard lithium-ion design
Independent experts and a whistleblower challenge the company’s mass-production claims, citing electrochemical evidence and a network of shell companies.
An investigation led by independent researcher Ryan Inis Hughes has concluded that Donut Lab’s purported solid-state battery technology is, in fact, a standard lithium-ion design. Operating under the online alias Ziroth, Hughes published findings asserting that the company engaged in deliberate deception regarding the readiness of its technology for mass production. The analysis suggests the battery behaves identically to a standard nickel manganese cobalt (NMC) cell, contradicting the firm’s high-profile claims.
The inquiry was supported by Lauri Peltola, the former Chief Commercial Officer of Nordic Nano Group, which was reportedly partnered with Donut Lab for manufacturing. Hughes consulted more than 20 independent battery experts, including Julian Zahnow from the Fraunhofer Research Institute. These experts analysed voltage curves, cell expansion data, and electrochemical signatures to demonstrate that the technology lacked the characteristics of solid-state chemistry.
Central to the allegations is the claim that Donut Lab CEO Marko Lehtimäki employed a strategy of “authority laundering.” Hughes argues that Lehtimäki selectively commissioned tests from the VTT Technical Research Centre in Finland to create an illusion of legitimacy. While the VTT is a highly reputable institution, it did not directly address the two critical performance metrics claimed by Donut Lab: an energy density of 400Wh/kg and a cycle life of 100,000 charges.
Beyond the technical analysis, the investigation exposes a convoluted network of shell companies used by Lehtimäki. Hughes contends these entities obscure the origins of the technology and Donut Lab’s internal operations. The report further details financial dealings and fundraising techniques that investigators suggest could constitute fraudulent misconduct, raising significant concerns for investors.
The implications for Donut Lab and its retail investors remain uncertain as the investigation gains traction. Hughes’ 45-minute video presentation provides a detailed breakdown of the evidence, challenging the narrative of a breakthrough in battery technology. The case highlights the risks associated with unverified claims in the capital markets, particularly where complex corporate structures and selective testing are involved.
