Startup
Naco Technologies
Startup · Riga, Latvia
Naco Technologies develops proprietary PVD nano-coatings that replace expensive platinum-group metals in hydrogen electrolysers and fuel cells, reducing the cost of green hydrogen production at scale. Founded in 2010 by Aleksandrs Parfinovičs and Raivis Nikitins, the company secured €8 million in equity plus a €2.3 million EIC Accelerator grant in 2023, followed by a further €2.5 million pre-Series A round in 2025. Naco's coatings target bipolar plates, gas diffusion layers, and membrane electrode assemblies.
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