Naco Technologies has attracted 1.5 million in investments and is planning to open a factory in Poland

Latvian company Naco Technologies, a leader in developing innovative nano-coating solutions for green energy systems, has successfully secured a EUR 1.5 million investment from Radix Ventures, a venture capital fund based in Poland. This investment constitutes a major part of the latest round of attraction of funds, which brought in a total of EUR 2.5 million.

Naco Technologies plans to use these moneys to implement an ambitious development strategy. One of the main goals is to prepare for the creation of a new high-capacity factory in Poland to considerably expand production capacity and be able to satisfy growing demand for nano-coating solutions in Europe and other markets around the world. This factory will be an important step forward in the company’s international growth as it will allow for products to be supplied to the market more efficiently, which, in turn, will raise the efficiency and profitability of green technologies.

At the same time, the company is committed to enhancing its presence in global markets through strategic partnerships with leading manufacturers of electrolysers and fuel cell technologies. To ensure constant progress in innovation, part of the funds will be used for research and tweaking new nano-coating technologies to align them with the highest industry standards and attain maximum durability and performance.

The company also plans to invest in attracting talent and updating infrastructure. Integration of new specialists and state-of-the-art technologies will be at the heart of Naco Technologies’ ability to respond to rapidly evolving requirements in the green energy sector.

“Today, Naco Technologies holds a strategically important position in the nanotechnology and clean energy industry and demonstrates immense potential to become the leading supplier of coating solutions whilst also improving the efficiency and profitability of renewable energy technologies. We are proud to be part of their journey,” Paweł Bochniarz, leading partner at Radix Ventures, says about the investment.

In turn, Aleksandrs Parfinovičs, co-founder and CEO of Naco Technologies, emphasises that demand for innovative materials in green energy is steadily on the rise. He points out that the factory to be opened in Poland is a strategic step that will allow the company to satisfy this demand.

Naco Technologies develops unique nano-coatings which significantly improve the durability and efficiency of hydrogen technologies. These coatings protect the components of hydrogen systems from corrosion, thus considerably extending their service life and reducing the need for using rare precious metals, such as platinum and iridium. As a result, the company’s innovations not only facilitate a reduction of the price of green technologies but also make them more readily available to a wider range of industrial sectors.

At the end of 2023, Naco Technologies moved forward from the researching phase into active production by opening a modern pilot production facility in Riga. The company’s customer portfolio already includes such global giants as Siemens Energy, ThyssenKrupp Nucera, Toyota, Ballard and Hyundai.

Naco Technologies offers a full range of services: from the development of new materials to delivery of finished nano-coated components. The key to the company’s success is its team of highly qualified specialists in the areas of materials science, vacuum coating technologies and engineering, as well as experienced entrepreneurs.