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Finnish startup claims first production solid-state battery

Finnish startup claims first production solid-state battery

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An investigation backed by 20+ experts found the claimed solid-state battery is conventional lithium-ion; Finnish regulators have launched a fraud probe

July 22nd, 2026: QuantumScape Q2 2026: $10.8M Billings, Stock Falls 14%

Overview

A June 2026 investigation backed by more than 20 independent battery experts concluded that Donut Lab's claimed solid-state battery is a conventional lithium-ion cell. Voltage curves at 3.7–3.8V at 50% state of charge and graphite anode expansion signatures matched NMC lithium-ion chemistry — not the sodium-ion solid-state design Donut Lab announced at CES.

The investigation traced the technology to CT Coatings, a German company whose main business is screen-printed paving stones. Lehtimäki admitted in Finnish media that the VTT-tested cells were 'not even the cell that's going to be shipped to customers.' Finnish financial regulators and criminal authorities launched a full investigation; Donut Lab had raised €25 million from more than 1,300 small investors on the debunked claims.

Why it matters

Donut Lab raised €25 million on specs now exposed as fraudulent, and real solid-state batteries remain years from consumer vehicles.

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Key Indicators

400
Wh/kg — energy density claimed
Donut Lab's flagship claim; a June 2026 investigation by 20+ experts confirmed the battery is a conventional lithium-ion cell. CEO Lehtimäki admitted the VTT-tested cells were 'not even the cell that's going to be shipped to customers.'
268-297
Wh/kg — independent test result
Range from testing cited in Lauri Peltola's April 2026 criminal complaint. A June 2026 investigation confirmed NMC lithium-ion chemistry via voltage curves and traced the battery supply chain to CT Coatings.
4.5 min
VTT-confirmed charge to 80% (cell level)
Finland's VTT confirmed 11C fast charging to 80% in 4.5 minutes at cell level. Full pack (18 kWh) took 12 minutes from 10-80% in a Verge TS Pro. The June investigation found the tested cell was not the product being shipped to customers.
100,000
claimed charge cycles
Donut Lab's claim; VTT tests covered only fast-charging and self-discharge. The June 2026 investigation found the battery is conventional lithium-ion, making the cycle life claim unsupported by the tested chemistry.
36
years of industry R&D
Toyota began solid-state research in 1990. QuantumScape signed a Honda deal in June 2026 and reported $10.8M in Q2 billings — still years from mass production.

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People Involved

Marko Lehtimäki
Marko Lehtimäki
Under Finnish financial and criminal investigation after June 2026 battery exposure; admitted to Finnish media that VTT-tested cells were 'not even the cell that's going to be shipped to customers'
 Risto Siilasmaa
Risto Siilasmaa
Active investor and advisor
 Jagdeep Singh
Jagdeep Singh
QuantumScape signed multi-year deal with Honda in June 2026; Q2 2026 customer billings of $10.8M; OEM customer base now spans automotive, defense, and AI data center sectors
 Yang Hongxin
Yang Hongxin
Leading public criticism of Donut Lab claims
 Lauri Peltola
Lauri Peltola
Filed criminal complaint with Finnish authorities against Donut Lab in April 2026

Organizations Involved

Donut Lab
Donut Lab
Technology Startup
Battery confirmed as conventional lithium-ion by June 2026 investigation; Finnish financial regulators and criminal authorities launched formal probe; company stated it 'stands by the information previously provided'

Finnish EV technology company spun off from Verge Motorcycles, developing integrated motor, battery, and control systems.
VM
Verge Motorcycles
Electric Vehicle Manufacturer
Claims TS Pro is world's first commercially delivered vehicle with solid-state battery; delivery slipped past March 31, 2026 deadline; spec claims disputed by Finnish criminal complaint

Finnish electric motorcycle company known for hubless rear-wheel motor design, serving as launch partner for Donut Lab's solid-state battery.
Nordic Nano Group
Nordic Nano Group
Nanotechnology Company
Co-founder Lauri Peltola filed criminal complaint against investor Donut Lab in April 2026 over alleged battery spec misrepresentation

Finnish nanotechnology firm developing energy storage solutions; received investment from Donut Lab and may be involved in battery manufacturing.
Toyota Motor Corporation
Toyota Motor Corporation
Automaker
Targeting 2027-2028 commercialization with Idemitsu

Japanese automaker with the longest solid-state battery R&D history (since 1990) and most patents in the field.
QuantumScape Corporation
QuantumScape Corporation
Battery Technology Startup
Multi-year Honda deal signed June 2026; Q2 2026 billings of $10.8M; expanding to defense and AI data center customers; stock fell 14% after Q2 report

Silicon Valley solid-state battery startup backed by Volkswagen with over $300 million invested; has repeatedly delayed commercialization targets.
Samsung SDI
Samsung SDI
Battery Manufacturer
Targeting 2027 mass production

South Korean battery manufacturer partnering with BMW and Solid Power on solid-state development.
Heyuan Lithium Innovation (Hylic)
Heyuan Lithium Innovation (Hylic)
Battery Manufacturer
Operating China's first dedicated solid-state production facility

Chinese solid-state battery manufacturer focused on oxide electrolyte pathway, operating first dedicated mass production facility in China.
ProLogium Technology
ProLogium Technology
Battery Manufacturer
Operating GWh-scale production facility in Taiwan

Taiwanese solid-state battery manufacturer with 20 years of development history, operating production facility and expanding globally.
Dongfeng Motor Corporation
Dongfeng Motor Corporation
Automaker
Testing 350 Wh/kg solid-state batteries targeting September 2026 production

Major Chinese state-owned automaker with established manufacturing infrastructure, developing oxide-polymer composite solid-state batteries for mass production.
SE
Svolt Energy Technology
Battery Manufacturer
Publicly challenging Donut Lab's claims

Major Chinese battery manufacturer and Great Wall Motors spin-off; CEO publicly denounced Donut Lab's claims as technically impossible.
Chery Automobile
Chery Automobile
Automaker
Targeting late 2026 solid-state deployment with 600 Wh/kg technology

Chinese automaker developing in-house solid-state batteries claiming 600 Wh/kg energy density, 50% higher than Donut Lab's specifications.
Geely Auto
Geely Auto
Automaker
Completing first 400 Wh/kg solid-state battery pack in 2026 for vehicle testing

Major Chinese automaker and parent company of Volvo, developing in-house solid-state battery technology with similar specifications to Donut Lab's claims.
Idemitsu Kosan
Idemitsu Kosan
Energy Company
Building solid electrolyte pilot plant for Toyota partnership

Japanese oil and petrochemicals company partnering with Toyota to manufacture solid electrolytes for all-solid-state batteries.
BYD Company Limited
BYD Company Limited
Automaker and Battery Manufacturer
Solid-state at 'critical breakthrough stage'; targeting 2027 demo vehicles, mass adoption after 2030

Chinese vertically integrated automaker and the world's largest EV seller by volume, developing in-house solid-state batteries through its FinDreams subsidiary.
Contemporary Amperex Technology Co. Limited (CATL)
Contemporary Amperex Technology Co. Limited (CATL)
Battery Manufacturer
Filed sulfide solid-state patent in March 2026; targeting small-scale production by 2027

World's largest lithium-ion battery manufacturer by market share, headquartered in Ningde, Fujian Province, China.

Timeline

January 1990 July 2026

43 events Latest: July 22nd, 2026 · 3 weeks ago Showing 8 of 43
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  1. QuantumScape Q2 2026: $10.8M Billings, Stock Falls 14%

    Latest Financial

    QuantumScape posted $10.8 million in Q2 2026 customer billings and a $98.2 million net loss. QSE-5 cells shipped to a major US defense prime contractor; stock fell 14% following the report.

  2. QuantumScape Signs Multi-Year Deal with Honda

    Partnership

    QuantumScape announced a multi-year joint research agreement with Honda R&D, following Honda's completed technology evaluation. The deal covers solid-state battery development for Honda's EVs, motorcycles, and power equipment.

  3. Finnish Financial Regulators Launch Formal Investigation

    Regulatory

    Finnish financial regulators and criminal authorities opened a formal investigation into Donut Lab. The company had raised €25 million from more than 1,300 retail investors at a reported €1.25 billion valuation.

  4. Donut Lab Battery Exposed as Conventional Lithium-Ion

    Investigation

    A researcher investigation backed by 20+ independent experts found Donut Lab's battery is a conventional lithium-ion cell. Voltage curves and graphite anode expansion data matched NMC chemistry; the technology was traced to CT Coatings, a German firm that primarily makes screen-printed paving stones.

  5. QuantumScape Reports First Customer Revenue: $11M in Q1 2026

    Financial

    QuantumScape posted $11 million in Q1 2026 customer billings — its first meaningful revenue — with four of the world's ten largest automakers actively testing QSE-5 cells. A Volkswagen licensing deal allows PowerCo to manufacture up to 80 GWh of solid-state cells annually.

  6. Nordic Nano Co-Founder Files Criminal Complaint Against Donut Lab

    Legal

    Lauri Peltola, co-founder of Nordic Nano — the firm Donut Lab invested in — filed a criminal complaint with Finnish authorities alleging the energy density, cycle endurance, and production-readiness claims are 'simply not true.' Independent testing found actual energy density of 268-297 Wh/kg, 25-33% below Donut Lab's claimed 400 Wh/kg. Donut Lab denied the allegations.

  7. BYD Chief Scientist: Solid-State at 'Critical Breakthrough Stage'

    Announcement

    BYD's chief scientist said solid-state development has hit a 'critical breakthrough stage' but commercialization remains constrained by cost and manufacturing. The company targets 2027 for small-batch demonstration vehicles, with large-scale adoption after 2030.

  8. VTT Tests Full Battery Pack in Verge TS Pro

    Testing

    Donut Lab's 18 kWh battery pack in a Verge TS Pro charged from 10% to 80% in 12 minutes using air cooling at over 100 kW. Fast-charging at pack level confirmed; energy density remained untested.

  9. CATL Files Solid-State Battery Patent, Confirms 2027 Small-Scale Target

    Announcement

    CATL filed a sulfide-based solid-state battery patent targeting automotive-grade 60-Ah cell formats and confirmed progress toward small-scale production by 2027. Current sulfide cells cost three to five times more than conventional lithium-ion.

  10. MIT Technology Review Publishes Critical Investigation

    Media

    MIT Technology Review examined Donut Lab's claims and found none had been independently verified, noting the absence of disclosed battery chemistry and the company's reliance on self-selected tests.

  11. Donut Lab Releases VTT Fast-Charging Test Results

    Testing

    Finland's VTT Technical Research Centre confirmed Donut Lab's battery charges from 10% to 80% at 11C in 4.5 minutes — matching the five-minute claim at cell level. The test did not measure energy density or cycle life.

  12. QuantumScape Eagle Line Inaugurated

    Production

    QuantumScape opens automated pilot production line for QSE-5 cells in San Jose, featuring ceramic separator technology. Represents first commercial-scale facility after 15+ years of development.

  13. Toyota Partner Breaks Ground on Solid Electrolyte Plant

    Production

    Idemitsu Kosan breaks ground on large-scale solid electrolyte pilot plant in Ichihara, Chiba Prefecture, targeting several hundred tonnes annual capacity. Facility expected to complete by end of 2027 to supply Toyota's solid-state battery program.

  14. Geely Announces 400 Wh/kg Solid-State Battery Pack for 2026

    Announcement

    Geely Auto announces it will complete production of its first in-house developed all-solid-state battery pack in 2026 with 400 Wh/kg energy density and conduct vehicle installation verification. Timeline matches Donut Lab's claims but with more conservative deployment expectations.

  15. Svolt Energy CEO Calls Donut Lab Claims 'A Scam'

    Industry Response

    Yang Hongxin, chairman and CEO of Chinese battery manufacturer Svolt Energy, publicly denounced Donut Lab's claims, stating "all the parameters are contradictory" and that the combination of 12C charging, extreme low-temperature performance, and 400 Wh/kg energy density is not technically achievable with current materials. First major industry condemnation from established battery maker.

  16. Chery Announces 600 Wh/kg Solid-State Battery for 2026

    Announcement

    Chinese automaker Chery announces Exeed Liefeng shooting brake will feature Rhino S solid-state battery with 600 Wh/kg energy density (50% higher than Donut Lab's claims) and 1,500 km range at -30°C. Initial fleet deployment in ride-hailing and rental markets in late 2026, with mass production targeted for 2027.

  17. Washington Post Coverage Amplifies Mainstream Attention

    Media

    The Washington Post publishes major feature on Verge Motorcycles' solid-state battery claims, bringing the story to mainstream audiences beyond EV industry publications.

  18. Stanford Announces Silver Coating Breakthrough

    Research

    Stanford researchers demonstrate that heat-treating thin silver layers on solid electrolyte surfaces prevents cracking, making surfaces five times more crack-resistant and addressing a key durability challenge.

  19. Dongfeng Begins Extreme Cold Battery Testing

    Testing

    Dongfeng Motor initiates winter testing of 350 Wh/kg solid-state battery prototypes in -40°C to -30°C conditions in Mohe, China. Vehicles claim 1,000 km range with 72% energy retention at -30°C. Mass production targeted for September 2026.

  20. Critical Analysis of Donut Lab Claims Published

    Analysis

    Electrek publishes detailed skeptical analysis titled 'This battery is about to change the world in 3 months, or make this guy a fool,' noting absence of physical battery at CES, lack of independent verification, and CEO's reputation at stake with Q1 delivery commitment.

  21. Chinese Researchers Solve Manufacturing Pressure Challenge

    Research

    Chinese team publishes breakthrough in Nature Communications demonstrating new solid electrolyte enabling stable cycling at 5 MPa external pressure, down from previously required 100+ MPa. Peer reviewers note this could bridge laboratory research and large-scale commercial deployment by eliminating impractical high-pressure requirements.

  22. China Opens First Dedicated Solid-State Production Facility

    Production

    Heyuan Lithium Innovation's Huaian base, China's first dedicated solid-state battery mass production facility, officially commences operations with 10 GWh capacity. Company launches 'Liuhe Battery' product line covering 250-600 Wh/kg energy density range for drones and unmanned vehicles, with 20 GWh Xiantao facility under construction.

  23. Industry Skepticism Emerges Over Missing Verification

    Analysis

    Battery industry publications note absence of third-party testing data, peer-reviewed research, or detailed chemistry information. Critics question supercapacitor hybrid speculation and note company showed only empty battery case at CES.

  24. South Korean Researchers Demonstrate 4x Performance Boost

    Research

    Scientists in South Korea publish research showing internal battery structure redesign using inexpensive materials can boost solid-state battery performance up to four times while improving safety.

  25. Donut Lab Announces Production Solid-State Battery

    Announcement

    At CES 2026, Donut Lab claims world's first production-ready all-solid-state battery with 400 Wh/kg, 5-minute charging, and 100,000-cycle life. Verge motorcycles with the battery available for order, Q1 2026 delivery.

  26. Brown University Solves Dendrite Growth Challenge

    Research

    Brown University engineers demonstrate that applying temperature gradients across solid-state electrolytes blocks destructive dendrite growth, enabling dramatic improvements in dendrite-free charging performance.

  27. ProLogium Unveils 'Superfluidized' Solid-State Technology

    Announcement

    At CES 2026, ProLogium announces proprietary all-inorganic solid-state lithium ceramic battery with 57 mS/cm ionic conductivity (5× conventional electrolytes), claiming first lithium system globally with no thermal runaway in ARC testing. Partnership with FEV Group targets 1,000 km range with 4-6 minute charging to 60-80%.

  28. China Releases World's First National Solid-State Battery Standard

    Regulatory

    China's National Automotive Standardization Technical Committee releases draft standard defining solid-state batteries with stricter 0.5% weight-loss threshold (vs. 1% industry standard). Document classifies batteries into liquid, hybrid solid-liquid, and solid-state categories, establishing first regulatory framework globally.

  29. QuantumScape Announces Cobra Process Standardization

    Production

    QuantumScape reports manufacturing breakthrough making Cobra ceramic separator process the new production standard, enabling faster throughput with smaller equipment footprint. Eagle Line inauguration scheduled for February 2026.

  30. Donut Lab Invests in Nordic Nano

    Investment

    Donut Lab makes strategic investment in Nordic Nano Group; CEO Lehtimäki joins Nordic Nano board.

  31. Donut Lab Raises €25M

    Investment

    Donut Lab closes seed round with Risto Siilasmaa as anchor investor; former Nokia chairman joins board.

  32. Donut Motor Unveiled at CES 2025

    Announcement

    Donut Lab debuts in-wheel motor technology at CES, engaging over 200 OEMs in development discussions.

  33. Donut Lab Founded

    Corporate

    Marko Lehtimäki and team spin off from Verge Motorcycles to form Donut Lab, focusing on integrated EV technology.

  34. Samsung SDI Confirms 2027 Target

    Announcement

    Samsung SDI outlines production roadmap at InterBattery trade show, confirming 2027 mass production goal.

  35. Toyota-Idemitsu Partnership Announced

    Partnership

    Toyota and Idemitsu Kosan announce collaboration on sulfide solid electrolytes, targeting 2027-2028 commercialization.

  36. Samsung SDI Opens Pilot Line

    Production

    Samsung SDI starts Korea's first all-solid-state battery pilot line in Suwon.

  37. Fisker Abandons Solid-State Effort

    Corporate

    Henrik Fisker announces company has completely dropped solid-state battery development, calling commercial viability at least seven years away.

  38. QuantumScape Goes Public

    Corporate

    QuantumScape completes SPAC merger, reaching $20 billion valuation with no commercial product or revenue.

  39. VW Invests $100M in QuantumScape

    Investment

    Volkswagen makes major investment, with partnership targeting solid-state VWs by 2025.

  40. Verge Motorcycles Founded

    Corporate

    Finnish electric motorcycle company RMK Vehicle Corporation (later Verge) founded in Turku.

  41. Fisker Claims Solid-State Breakthrough

    Announcement

    Fisker files patents claiming solid-state batteries with 500-mile range and one-minute charging, targeting 2023 automotive readiness.

  42. QuantumScape Founded

    Corporate

    Stanford University scientists establish QuantumScape in San Jose to develop solid-state lithium-metal batteries.

  43. Toyota Begins Solid-State Research

    Research

    Toyota Motor Corporation initiates solid-state battery research program, beginning what would become the industry's longest development effort.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

November 2017 - March 2021

Fisker Solid-State Claims (2017-2021)

Henrik Fisker announced a breakthrough solid-state battery with 500-mile range and one-minute charging, filing patents and projecting automotive readiness by 2023. The claims generated significant media coverage and investor interest. Co-founder Fabio Albano had previously co-founded Sakti3, a solid-state startup acquired by Dyson.

Then

Fisker attracted investment and launched EV development based on conventional lithium-ion batteries instead.

Now

By March 2021, Fisker publicly abandoned solid-state development entirely, with Henrik Fisker stating commercialization was 'at least seven years out.' Fisker Inc. later filed for bankruptcy in June 2024.

Why this matters now

Donut Lab's claims parallel Fisker's almost exactly: breakthrough energy density, ultra-fast charging, imminent commercialization. The key difference is Donut Lab claims production vehicles will ship within weeks, creating an immediate verification point that Fisker never reached.

November 2020 - Present

QuantumScape SPAC and Delays (2020-2026)

QuantumScape went public via SPAC at a $20 billion valuation despite having no commercial product or revenue. Volkswagen invested over $300 million based on 2018 partnership targeting solid-state VWs by 2025. CEO Jagdeep Singh presented ceramic separator technology with impressive lab results.

Then

Stock price surged then collapsed as commercialization deadlines slipped. VW milestone payments were missed.

Now

By 2026, QuantumScape is opening a pilot facility and beginning field tests—still years from mass production. The company reported $105 million quarterly losses while the 2025 VW target passed without commercial deployment.

Why this matters now

QuantumScape illustrates how solid-state development often extends far beyond initial projections. The contrast with Donut Lab is stark: QuantumScape has raised billions and worked for 15+ years without commercial deployment; Donut Lab claims commercial production from a startup founded 18 months ago.

1990 - Present

Toyota's Four-Decade Quest (1990-Present)

Toyota began solid-state battery research in 1990 and accumulated over 8,000 patents—more than any competitor. The company announced plans for solid-state vehicles by 2020 (missed due to COVID), then partnered with Idemitsu Kosan in 2023 targeting 2027-2028 commercialization. Claims of 450-500 Wh/kg energy density and 40-year battery life.

Then

Toyota became the patent leader but failed to commercialize ahead of lithium-ion improvements.

Now

After 36 years, Toyota's solid-state batteries remain in development. The company now targets limited initial production in 2027-2028 with mass production around 2030.

Why this matters now

Toyota's timeline illustrates the technical difficulty: 36 years of research, thousands of engineers, and the world's largest patent portfolio have not yet produced a commercial product. Donut Lab claims to have solved these challenges with 20 engineers and 18 months of existence.

Sources

(67)
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