Naco Technologies
Naco Technologies is a Riga, Latvia-based nanotechnology firm developing proprietary nanocoatings that replace or reduce platinum and iridium in electrolyzers for green hydrogen production, serving electrolyzer OEMs and hydrogen producers across the Baltic States and Poland.
- Company typePrivate
- Founded2023
- HeadquartersRiga, Latvia
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Naco Technologies does
Naco Technologies is a Riga, Latvia-based nanotechnology firm founded in 2009 that develops, manufactures, and supplies nano-coating technologies to customers worldwide. The company's stated core technology comprises proprietary nanocoating formulations designed to replace or substantially reduce the use of platinum and iridium in electrolyzer catalysts used for green hydrogen production, addressing both the cost and supply-chain constraints of scarce precious metals in PEM electrolyzers. Naco positions its offering as a cost-reductive, environmentally differentiated input for electrolyzer OEMs and green hydrogen producers, targeting the Baltic States and Poland as initial demonstration and deployment geographies.
The company's commercial model is anchored by non-dilutive public funding and early-stage equity. In April 2023 it secured a €2.3 million EIC Accelerator grant from the European Innovation Council to develop and demonstrate its green hydrogen nanocoating technology, followed by a $1.32 million equity round in December 2023 (Impact Ventures, Untitled Ventures) and a $2.58 million round in January 2025 led by Radix Ventures with participation from Impact Ventures and KENDRIS Capital. Distribution is conducted through direct enterprise engagement with electrolyzer manufacturers and green hydrogen project developers, supported by grant-funded demonstration programs; no publicly disclosed pricing, customer logos, or commercial product channel are present in the available sources. The company operates with 1-10 employees and is led by co-founder and CEO Alexander Parfinovich, with co-founder Eduard Parfinovich as CTO and Valery Mitin as Chief Technical Advisor.
Note: the website domain nacotechnologies.com appears to host unrelated consumer-technology blog content (gaming PCs, dash cams, IPTV), which conflicts with the firm's stated nanocoating identity across firmographic, funding, and news sources; the analytical view above is grounded in the firmographic, EIC grant, and investor reporting, which are internally consistent.
Naco Technologies firmographics
Firmographics- Name
- Naco Technologies
- Legal name
- Naco Technologies
- Website
- https://nacotechnologies.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Naco Technologies is a Riga, Latvia-based nanotechnology firm developing proprietary nanocoatings that replace or reduce platinum and iridium in electrolyzers for green hydrogen production, serving electrolyzer OEMs and hydrogen producers across the Baltic States and Poland.
- Ownership category
- akta.pro rank
Naco Technologies industry classification
Industry- Product category
- Nanocoatings for Green Hydrogen Electrolyzers
- NAICS
- Electroplating, Plating, Polishing, Anodizing, and Coloring (332813), Other Basic Organic Chemical Manufacturing (32519)
- SIC
- Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Electroplating & Metallization Chemicals (Cu/Ni/Au plating, additives) (IMAEAKAK)
Keywords
Where Naco Technologies is headquartered
LocationHeadquarters
- HQ city
- Riga
- HQ country
- Latvia
- HQ region
- Europe
Markets served
Naco Technologies business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Naco Technologies product offering
Product offeringCore offering
Naco Technologies develops, manufactures, and supplies proprietary nanocoating formulations designed to replace or substantially reduce platinum and iridium in catalyst layers of PEM electrolyzers used for green hydrogen production. The company supplies these nanocoatings directly to electrolyzer manufacturers and green hydrogen producers, enabling lower-cost and lower-environmental-impact hydrogen output. Commercial deployment is supported by a €2.3 million EIC Accelerator grant and targeted at electrolyzer OEMs in the Baltic States and Poland.
Product overview
Naco Technologies operates nacotechnologies.com as a technology blog covering consumer technology topics including gaming hardware, home entertainment, security devices, software applications, and general technology guides. The site publishes informational articles and product advice but does not offer proprietary products, services, or technology solutions.
Differentiator
Problem solved
Functional benefit
Products and services
- Precious Metal Reduction Nanocoatings for PEM Electrolyzers Proprietary nanocoating formulations designed to replace or substantially reduce platinum and iridium in the catalyst layers of proton exchange membrane (PEM) electrolyzers used for green hydrogen production. Sold to electrolyzer manufacturers and green hydrogen producers to lower the per-unit cost and environmental impact of hydrogen output while maintaining or improving electrolyzer performance.
Quantifiable outcome
- Reduces the use of platinum and iridium in electrolyzers, lowering both cost and environmental impact of green hydrogen production
Companies that use Naco Technologies
Customer profileSegments1 record
Ideal customer profiles1 record
Naco Technologies technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Naco Technologies partnerships and signals
Strategic signalScale indicators3 records
Recent moves5 records
Expansion highlights4 records
Naco Technologies competitors and assessment
Company assessmentBroad incumbents
- Nel ASA: Nel ASA is one of the world's largest PEM electrolyzer manufacturers. Highly relevant as a potential customer and broad incumbent in the same hydrogen value chain Naco targets, with parallel interest in reducing PGM catalyst loading.
- ITM Power: ITM Power is a leading PEM electrolyzer manufacturer focused on green hydrogen production. Directly addresses the same cost-reduction pressure from platinum-group metals that Naco's nanocoatings aim to solve.
- Plug Power: Plug Power is a major hydrogen ecosystem player with in-house electrolyzer development. Represents both a potential large-scale customer for catalyst cost-reduction technology and an incumbent developing competing internal solutions.
- Topsoe: Topsoe develops advanced catalysts and electrolyzer technology including SOEC. Comparable because it operates at the catalyst/electrolyzer interface with proprietary surface chemistry IP, a domain overlapping with Naco's nanocoating expertise.
- De Nora: De Nora is a leading supplier of electrodes and catalysts for electrochemical applications, including hydrogen production. Direct comparability through electrode/coating technology serving the same electrolyzer OEMs.
- John Cockerill (Hydrogen): John Cockerill is an established industrial group with a hydrogen electrolyzer business. Comparable as both a potential customer for nanocoating technology and as a broad incumbent with deep manufacturing and commercial reach into the same end-market.
- Cummins (Accelera): Cummins' Accelera segment develops PEM electrolyzers and fuel cell technology. Relevant as a potential enterprise customer and broad incumbent pursuing PGM reduction internally, creating both partnership and competitive overlap.
Direct peers
- Sunfire: Sunfire is a German electrolyzer company developing high-temperature electrolysis. Operates in the same green hydrogen equipment ecosystem where PGM cost-reduction coatings could be a critical enabler, and shares deep-tech European roots with Naco.
Regional players
- Hydrogenious LOHC Technologies: Hydrogenious is a German deep-tech startup in hydrogen logistics and storage, complementing Naco's hydrogen-production focus. Regional comparability with overlapping EU cleantech investor base and similar EIC-supported profile.
Emerging players
- Hyzon Motors: Hyzon develops hydrogen fuel cell powertrains for heavy-duty mobility. While mobility-focused, it shares the hydrogen ecosystem value chain where PGM-reducing catalyst technology has downstream relevance and similar early-stage commercialization dynamics.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Naco Technologies social profiles
Digital presenceNaco Technologies financial estimates
Financial estimateRevenue estimate
Valuation estimate
Naco Technologies leadership team
Management profileNumber of profiles
Profiles3 records
Naco Technologies funding detail
Funding detailFunding overview
Funding rounds9 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Naco Technologies M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Naco Technologies
What does Naco Technologies do?
Naco Technologies develops, manufactures, and supplies proprietary nanocoating formulations designed to replace or substantially reduce platinum and iridium in catalyst layers of PEM electrolyzers used for green hydrogen production. The company supplies these nanocoatings directly to electrolyzer manufacturers and green hydrogen producers, enabling lower-cost and lower-environmental-impact hydrogen output. Commercial deployment is supported by a €2.3 million EIC Accelerator grant and targeted at electrolyzer OEMs in the Baltic States and Poland.
Is Naco Technologies a public or private company?
Naco Technologies is a private company. It is classified as venture growth investor backed and is currently operating.
When was Naco Technologies founded?
Naco Technologies was founded in 2023. It employs 1 to 10 people.
Where is Naco Technologies based?
Naco Technologies is headquartered in Riga, Latvia, in the Europe region.
Who are Naco Technologies's main competitors?
Broad incumbents on record are Nel ASA, ITM Power, Plug Power, Topsoe, De Nora, John Cockerill (Hydrogen) and Cummins (Accelera). Sunfire is listed as a direct peer. Hydrogenious LOHC Technologies is listed as a regional player. Hyzon Motors is listed as an emerging player.
Does Naco Technologies have an API?
No public API is recorded for Naco Technologies.
What industry is Naco Technologies in?
Naco Technologies's product category is Nanocoatings for Green Hydrogen Electrolyzers. Its primary akta.pro industry code is IMAEAKAK, Electroplating & Metallization Chemicals (Cu/Ni/Au plating, additives). Its NAICS code is 332813 and its SIC code is 3330.