Naco Technologies is a Latvian company creating specialised nanocoatings and new materials that replace the need for platinum and other expensive materials in hydrogen production. This member of our Clean Fuels & Hydrogen group is on a mission to transform how the world uses and produces hydrogen.

Naco Technologies provides catalytic and protective coatings for hydrogen system components, such as membranes, anodes, cathodes, and bipolar plates. Its technology allows to create complex, nano-composite coatings with outstanding properties – solutions that are critically needed for sustainably producing green hydrogen. 

To learn more about Naco Technologies and its game-changing solutions, we spoke to its CEO Aleksandrs Parfinovičs, and CFO Andris Krasovskis. 

Reducing costs and waste in hydrogen production

Green hydrogen production and consumption face significant challenges. One pressing issue is the corrosive nature of hydrogen, which can rapidly degrade equipment. Naco Technologies addresses this by providing advanced nanocoatings that protect critical components, extending their lifespan and reducing maintenance costs.

A second, even more critical challenge lies in the high cost and scarcity of catalytic materials. These materials are essential for both hydrogen production and utilisation. Naco Technologies is leading a shift away from traditional chemical coatings and aims to optimize the use of catalytic materials, making green hydrogen production and consumption more sustainable and economically viable.

“Our mission is to switch to careful usage of these rare materials by using nanocoatings, so only a few nanometers is actually needed to produce and use hydrogen.”

In 2023, Naco Technologies received a grant of €2.3 million from the EIC Accelerator to develop their groundbreaking catalytic-coated membrane. This innovation has the potential to revolutionise hydrogen production by enabling the widespread adoption of more efficient and sustainable PEM electrolysers, which could displace the currently dominant alkaline electrolysers. With the support of the EIC Accelerator, the company is finalizing its research and development efforts and plans to start commercialising this innovative technology in 2025.

Building long-term partnerships with customers 

A major challenge facing the hydrogen industry is reducing the cost of green hydrogen. To address this, Naco Technologies is focused on optimizing equipment and minimizing the use of expensive catalytic materials. The company collaborates closely with clients, adapting its solutions to specific needs and industry standards, which are still evolving.

Naco Technologies currently has one patent and three patent applications. Aleksandrs reveals that investments in capital expenditures and rigorous product development cycles may take long, but they ultimately yield a highly protected and valuable technology. Andris adds: 

"As a deep-tech startup in a region with limited venture capital, we must seek funding internationally. While the path to success may be longer compared to software-based businesses, the unique nature of our technology provides a strong foundation for a sustainable and profitable business.“

Until now, the company has worked with more than 30 clients globally – with some of them on multiple projects. The company’s solutions are already used by world-leading companies in the hydrogen industry, such as “Siemens Energy”, “ThyssenKrupp”, “Nucera”, “Volkswagen”, “Toyota”, and “Hyundai”.

When it comes to acquiring new clients, a common challenge is explaining that achieving optimal performance of nano-coating solutions often requires multiple iterations and adjustments. That’s why Naco Technologies works closely with clients to manage expectations and ensure a collaborative approach for long-term partnerships. 

From awards and investment to EIC Scaling Club membership

In September 2024, Naco Technologies received an award at the European Hydrogen Valleys Investment Forum. In January 2025, the company completed a pre-series A funding round, totaling €2.5 million. With this funding, the company plans to scale significantly by 2026 – one step closer to this goal is the opening of a large-scale plant in Poland, close to one of the company’s biggest export markets – Germany.  

Naco Technologies is honored to be selected for the EIC Scaling Club and hopes this membership will help expand its network and connect with potential clients, particularly large corporations seeking innovative coating solutions. Additionally, the Club's impressive list of investors aligns with Naco Technologies' plans for raising a Series A funding round this year to scale operations. 

Aleksandrs highlights the collaborative approach of the EIC Scaling Club: 

“Rather than providing one-size-fits-all lessons and solutions for scaling up, the mentors ask us about our challenges and business needs, and then we work on those together."

Andris tells us that Scale 100 Forum, the Club’s community event in Athens, was an inspiring gathering: “It was very interesting for me personally, to meet deep tech scale-ups from different sectors and avenues and learn of the fascinating stuff they do.” He adds:

"As a growing startup, we encounter various challenges, and we believe that many of those we share with other EIC Scaling Club members. By engaging with experienced mentors and peers, we can learn from their experiences and avoid making the same mistakes ourselves."

About the EIC Scaling Club

The EIC Scaling Club is a curated community where 120+ European deep tech scale-ups with the potential to build world-class businesses and solve major global challenges come together with investors, corporate innovators and other industry stakeholders to spur growth.

The top 120+ European deep tech companies will be carefully selected from a pool of high-growth scale-ups that have benefitted from EIC financial schemes, other European and national innovation programmes, and beyond.

The EIC Scaling Club is an EIC-funded initiative run in partnership by Tech Tour, Bpifrance (EuroQuity), Hello Tomorrow, Tech.eu (Webrazzi), EurA and IESE Business School.

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