# SIA Naco Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/sia-naco-technologies

- Industry: Energy Storage & Batteries
- Headquarters: Riga, Latvia
- Website: www.naco.tech
- Total disclosed funding: $3M
- Latest round: Seed (Dec 20, 2023)
- Investors on record: 3

## About

Based in Latvia, Naco Technologies specializes in advanced nano-coatings for electrolyzers and fuel cells, enhancing efficiency and durability in green energy components. Their innovative products cater to the renewable energy sector.Naco Technologies, founded in 2020, is located in Riga, Latvia, where it focuses on manufacturing advanced nano-coatings. The company has successfully completed 4 deals and, as of January 14, 2025, raised EUR 2.5 million in pre-Series A funding, co-led by Impact Ventures, KENDRIS Capital, and Radix Venture Partners. The founder, Raivis Nikitins, has a background in entrepreneurship, contributing to the establishment of this innovative firm.SIA "Naco Technologies" specializes in advanced nano-coatings designed for applications in electrolyzers and fuel cells, aiming to enhance efficiency and durability in critical green energy components. Their core product offerings include proprietary coatings that provide electrical stability, anti-corrosion properties, prevention of hydrogen embrittlement, and reduced reliance on noble materials. These coatings are specifically engineered for components like Bipolar Plates (BPP), Porous Transport Layers (PTL)/Gas Diffusion Layers (GDL), and catalytic coatings for Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) technologies. The company's products are primarily targeted at manufacturers and developers within the renewable energy sector, particularly those involved in hydrogen technologies. While the company is based in Riga, Latvia, its products are marketed and sold in various international markets, focusing on regions actively investing in green energy solutions, such as Western Europe and North America.SIA "Naco Technologies" generates revenue through business-to-business (B2B) transactions, supplying its specialized nano-coatings to manufacturers in the green energy sector. The company typically engages in direct partnerships with clients, offering its coating solutions as part of larger production contracts or ongoing supply agreements. These contracts may involve bulk orders for specific coating applications tailored to the clients' manufacturing processes. Pricing structures are determined based on the specific needs of each project, with potential variations based on volume and custom specifications. The company’s innovative PVD High-speed Magnetron Sputtering technology serves as a key differentiator in the market, allowing for a diverse range of coatings that cater to the unique requirements of each client, thereby enhancing the value proposition in their commercial relationships.In January 2025, Naco Technologies raised EUR 2.5 million in pre-Series A funding, which will be utilized to accelerate international growth and enhance its production facility in Poland. The company aims to launch new coating products specifically designed for evolving hydrogen technologies, targeting markets in Western Europe and North America for expansion by the end of 2026.

## Funding rounds

- Seed, Dec 20, 2023, $1.3M — The Untitled Ventures, Impact Ventures
- Seed, Mar 14, 2022, $1.6M — The Untitled Ventures, Buildit Accelerator

## Investors

- The Untitled Ventures — Seed
- Buildit Accelerator (https://capitalatlas.ai/funds/buildit-accelerator) — Seed
- Impact Ventures — Seed