Naco Technologies secures €2.5M to develop hydrogen production with nano-coatings

Latvian nano-coating company Naco Technologies has secured a total of €2.5 million in a pre-Series A investment round led by Radix Ventures, a Warsaw-based deep tech fund with the investment of €1.5 million. The round was also backed by Impact Ventures and The Untitled Ventures. Naco Technologies shared the news on their website.

About Naco Technologies

Founded in 2009 and based in Riga, Naco Technologies specializes in developing, manufacturing, and supplying nano-coating solutions for equipment used in the tooling, automotive, aerospace, and microchip industries. Its product range includes oil-enhanced, wear-protective, thermal-barrier, and liquid-repellent coatings.
Naco Technologies develops specialized nano-coatings and innovative materials that eliminate the need for platinum and other costly materials in large-scale hydrogen production and utilization.
The company enhances the performance of hydrogen systems, offers advanced material recipes and coating solutions, and significantly reduces hydrogen system costs.

“We believe that Naco Technologies, positioned at the intersection of nanotechnology and clean energy, can become a leading supplier of coating solutions that can make the global transition to renewable energy more efficient and profitable. We are proud to join them on their journey,” said Paweł Bochniarz, General Partner at Radix Ventures.

Investment details

The new pre-Series A round is led by Radix Ventures with participation from Impact Ventures and The Untitled Ventures.

Radix Ventures is a new VC fund established in 2024 by experienced investors and technology entrepreneurs based in Central and Eastern Europe with the mission to empower radical innovations in the region.
It focuses on identifying, investing in, and nurturing Early Growth startups (Late Seed and Series A) that are poised to transform technology and society, particularly those contributing to environmental sustainability. Its ticket size ranges from €1 million to €3 million.
Impact Ventures focuses on investing in companies that combine strong financial returns with a measurable positive impact on society and the environment, driving sustainable and meaningful change across various industries.
The Untitled Ventures is dedicated to supporting innovative startups in emerging markets, particularly those leveraging cutting-edge technology to disrupt traditional industries and create new opportunities for growth and development.

Naco Technologies will use new funding to prepare for large-scale production with a new manufacturing facility in Poland and advancing R&D to enhance and expand nano-coating solutions for green energy systems.