Latvian startup Naco Technologies secures €10M in a grant and investment from EIC Accelerator

Latvian nanotech startup Naco Technologies has secured €10 million from the European Innovation Council Accelerator. The company develops a project of breakthrough high-speed nano-coating process that doesn’t require rare catalytic metals.

• Naco Technologies was first established in 2009 and is based in Riga, Latvia. The company develops, manufactures, and supplies nano-coating technologies to customers worldwide. Naco Tech provides a range of high-performance multilayer and multicomponent coatings for equipment used in the tooling, automotive, aerospace, and microchip industry.
• The company is currently developing a method of creating 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.

“We developed a breakthrough high-speed nano-coating process that can reduce consumption of scarce metals used in traditional catalytic coatings by 10 times. It also provides an opportunity to develop new materials, to potentially substitute these rear earth elements. We already work with 20 customers, some of them are leading players in the hydrogen space,”

Aleksandrs Parfinovics, CEO at Naco Technologies, comments.

• For this project Naco Technologies secured fresh funding from EIC Accelerator. It usually supports individual Small and Medium Enterprises (SMEs) with grants of up to €2.5 million and investments of up to €15 million. The total of €10 million in current funding consists of a €2.3 million grant, further topped with an investment capital.

“We are very thankful for this opportunity and look forward to the challenges that lay ahead of us, in order to make the difference and empower the green hydrogen revolution,”

Naco Technologies team says.