The EU rushes to be a global leader in green hydrogen. To achieve this, several companies are rapidly switching to renewable energy. One such company that is on a mission to empower this shift is Naco Technologies from Latvia. Now, the deeptech startup has received €1.5 million in seed funding.
The investment round was led by deeptech-focused The Untitled Ventures. The investment round involved participation from Buildit Accelerator and others. The fresh funding will be used to build a manufacturing station in Latvia to provide its clients with ready-to-use coated parts. Also, Naco plans to attract further investments and public money for building stations closer to clients’ factories.
Oskar Stachowiak, MP at the Untitled Ventures said “As the world looks to move towards a low-carbon future, hydrogen is now seeing increasing interest from companies and governments alike. Naco is an incredible example of a startup company that has a unique deeptech solution for a growing industry, a working prototype, leading companies in its clients’ list – all those indicators we are looking for as a deeptech early-stage VC.”
Konstantin Siniushin, MP at the Untitled Ventures said, “Today we are announcing an investment in the Riga-based startup Naco, the world champion in precision plasma spraying, which has not only developed a unique technological installation, but also found for it a unique scope for creating a catalytic layer of platinum on electrodes for hydrogen energy, as well as a unique business model for the supply of finished products under a subscription. We believe in the rapid development of hydrogen energy and the place of the Naco startup in the emerging global market.”
Revolutionises manufacturing solutions
Founded by Aleksandrs Parfinovics in 2020 in Riga, Nano develops, manufactures, and supplies nanocoating technologies to customers worldwide. It creates specialised 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.
While the EU focuses on switching to renewable energy, several companies are building electrolysers that use noble metals and extremely expensive materials to generate hydrogen. Besides the cost, there are two problems such as insufficient robustness due to high corrosion, and a limited amount of resources.
This is where Nano Technologies comes to play. It empowers the shift to renewable energy by providing a full spectrum from nano-coating solutions to the manufacturing of coated components for electrolysers and fuel cells. It has a unique and hard-to-copy solution that is designed in a way that it uses 10 times fewer materials. Apparently, it decreases the electrolyzer and fuel cell stack cost by 30-50%.
Furthermore, the equipment based on the Naco-designed magnetron system is more compact and productive as compared to similar competitive solutions.
Unlike other R&D entities, Naco Technologies provides solutions with secure IP and industrialisation ready. Its users can immediately proceed with hydrogen system production scaling without material or competition constrain.
Already, Naco Technologies has developed new material solutions for 12 corporations from the EU, Asia and North America, with key players of the Green Hydrogen market like Siemens Energy, Hyundai and Plug Power among them. The companies report higher productivity due to high coating process speed and lower coating cost per unit and lower equipment investment cost.