Naco Technologies Secures €2.5M to Bolster Green Energy Innovations

Naco Technologies, headquartered in Riga, Latvia, has raised an additional €2.5 million in an extended pre-Series A funding round. The investment was led by Radix Ventures, with continued support from Impact Ventures and Kendris Capital, bringing the company’s total pre-Series A funding to €3.7 million. The funds will be instrumental in advancing the company's nano-coating solutions, which are designed to improve the efficiency and affordability of green energy technologies, including electrolyzers and fuel cells.

Naco Technologies Secures €2.5M to Bolster Green Energy Innovations
Aleksandrs Parfinovics, CEO and Co-founder of Naco Technologies

Naco Technologies, headquartered in Riga, Latvia, has raised an additional €2.5 million in an extended pre-Series A funding round. The investment was led by Radix Ventures, with continued support from Impact Ventures and Kendris Capital, bringing the company’s total pre-Series A funding to €3.7 million. The funds will be instrumental in advancing the company's nano-coating solutions, which are designed to improve the efficiency and affordability of green energy technologies, including electrolyzers and fuel cells.

The company plans to allocate a significant portion of the funding to establish a high-capacity manufacturing facility in Poland. This expansion is part of Naco Technologies' strategy to scale production and address the growing global demand for innovative materials used in green energy systems. Alongside this, the company intends to strengthen its research and development capabilities to enhance the performance and durability of its nano-coatings.

Naco Technologies

Speaking on the investment, Paweł Bochniarz, General Partner at Radix Ventures, highlighted the company’s potential: “Naco Technologies exemplifies the high-impact, growth-oriented companies that Radix is committed to supporting. We are highly impressed by the expertise and vision of the Naco team, and we firmly believe that their innovative nano-coatings can play a pivotal role in the sustainable growth of the emerging hydrogen economy. We are proud to support them on this exciting journey.”

The newly raised capital will also aid in expanding Naco Technologies’ presence in international markets, enabling collaborations with leading global manufacturers of electrolyzers and fuel cells. As part of its growth strategy, the company aims to develop strategic partnerships that will further integrate its advanced nano-coating technology into sustainable energy solutions worldwide.

In addition to scaling production, the investment will be used to enhance the company’s team and infrastructure to support its rapid growth in the green energy sector. This step is critical for meeting the increasing demand for reliable, cost-efficient materials in the renewable energy industry, which continues to expand at a significant pace.

Aleksandrs Parfinovics, CEO and Co-founder of Naco Technologies, expressed his optimism about the company’s future: “Radix Ventures’ investment strengthens our mission to provide advanced materials for the green energy economy. With our extended funding, we’re moving forward to build a production facility in Poland and meet the demands of a global market. Our team is energized by the support from Impact Ventures, The Untitled Ventures, and Radix Ventures as we continue to scale and innovate.”

As the world shifts towards sustainable energy sources, Naco Technologies is positioning itself as a key player in driving this transition. By focusing on cutting-edge solutions and increasing production capacity, the company aims to contribute significantly to the global green energy landscape while addressing the challenges of cost and efficiency in renewable energy systems.