Latvian deeptech Naco Technologies raises €2.5M

Latvian developer of nano-coatings for green hydrogen systems Naco Technologies has raised €2.5M in the expanded pre-Series A from new investor Polish Radix Ventures and existing investors Hungarian Impact Ventures, Zurich-based Kendris Capital, and deep tech-focused fund The Untitled Ventures. Radix Ventures invested €1,5M.

Founded in Riga in 2010 by Aleksandrs Parfinovičs and Raivis Nikitins, Naco Technologies develops specialized nano-coatings and new materials that replace the need for platinum and other expensive materials in the large-scale production and use of hydrogen. Naco's magnetron sputtering technology uses ultra-thin coatings at high speeds, improving energy efficiency and component durability for producers of fuel cells, electrolyzers, exhaust systems, and battery electrodes.                                           

The company will use the investment to expand internationally to create strong partnerships with global electrolyzer and fuel cell manufacturers, accelerate research into nano-coating solutions, and begin building a high-capacity production facility in Poland. In addition, it will hire a top-tier talent and invest in advanced facilities.

In 2023, Naco Technologies raised €1.2M from Impact Ventures and The Untitled Ventures. It also received €8M of equity investment and a €2,3M grant from the European Innovation Council (EIC) Accelerator in the same year.