Finnish inventor suspected of fraud suddenly receives funding worth millions from USA

Rainer Partanen

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An unexpected twist has taken place in the case of the Finnish inventor Rainer Partanen, who is being charged at the Helsinki District Court with aggravated fraud and accounting offences in the period from 2001 to 2007.
      Engineer Denis Palmer from Millenial Technology confirmed to Helsingin Sanomat on Monday that the small Utah-based company has signed a contract, according to which it will invest a total of 4.5 million in the innovative battery project of Europositron, a company controlled by Rainer Partanen.
      However, Palmer did not have a clear recollection of whether the millions were denominated in euros or dollars.
      ”The aim is to connect the battery with our motor, and to market the combination jointly”, Palmer reported.
     
Millenial Technology is in the process of developing an novel electromagnetic motor, while Partanen’s Europositron claims that it is developing an aluminum battery that will be unparalleled in efficiency.
      Palmer regretted that the financial crisis had slowed down their raising of funds.
      ”In three months the funds should be collected at the latest”, Palmer promised.
     
The financial commitment had a certain impact on the court proceedings which began on Monday, as Licenciate of Technology Bo Lindfors, who had initially reported an offence concerning fraud at Europositron, now wished to withdraw his claims for damages.
      The former President of Fortum Gas said that it now lies in the investors’ interests to ”see whether or not the battery invention will actually work”.
     
The prosecutor at the Helsinki District Court is demanding that Partanen be given a minimum prison sentence of two years and be disqualified from carrying on business for six years, as according to the indictment, the EUR 1.3 million collected for the battery project has mostly been used for Partanen’s personal livelihood - not for the research and development of the project.
      The District Court is to hand down its decision by mid-February.


Previously in HS International Edition:
  Finnish inventor suspected of fraud (12.1.2009)

Helsingin Sanomat