Latvian deeptech Naco Technologies raised €1.2M of seed investment
Latvian developer of nano-coatings for green hydrogen systems Naco Technologies raised €1.2M from lead investors Hungarian Impact Ventures and existing backer a deep tech-oriented fund The Untitled Ventures.
Founded in Riga in 2010 by Aleksandrs Parfinovičs and Raivis Nikitins, Naco Technologies creates specialized nano-coatings and new materials that replace the need for platinum and other expensive materials in the production and usage of hydrogen at a massive scale. According to the company, its technology can improve the performance and reduce the costs of hydrogen systems.
The company will use the investment to start scaling operations internationally, expanding its research in nano-coatings, and increasing the team. Currently, Naco Technologies plans to partner with electrolyzer and fuel cell manufacturers.
In 2023, Naco Technologies opened a pilot plant to produce coating hydrogen system components. In addition, it received €8M of equity investment and a €2,3M grant from the European Innovation Council (EIC) Accelerator.
