1 The EIC Accelerator Project

EIC Accelerator Program Overview

The European Innovation Council (EIC) Accelerator program is a flagship funding initiative designed to support small and medium-sized enterprises (SMEs) and startups within the European Union. Targeting innovative companies, particularly those in the deep tech sector, the program aims to foster the development and scaling of groundbreaking technologies that can address significant societal challenges. The EIC Accelerator provides access to both grant funding and equity investments, facilitating a blended finance approach that enhances financial flexibility for emerging companies.

Funding Structure

The EIC Accelerator offers two primary types of funding:

Purpose and Impact

The EIC Accelerator plays a crucial role in the European startup ecosystem by bridging the funding gap that often exists between early-stage development and market entry. By providing substantial financial support, the program enables companies to scale their innovations, attract further private investment, and enhance their competitiveness on a global scale. The EIC Accelerator aims to nurture deep tech innovations that can lead to significant advancements in various fields, including climate change, healthcare, and digital transformation.

Support for Scaling Companies

The EIC Accelerator not only provides financial resources but also offers tailored business coaching and access to a network of investors and industry experts. This support is instrumental for startups seeking to refine their business models, optimize operations, and attract further investment from private sectors. By enhancing their visibility and credibility, companies that succeed in the EIC Accelerator program are better positioned to secure additional funding and partnerships.

Case Study: Naco Technologies and the Naco Tech Project

Company Overview: Naco Technologies, based in Latvia, is an innovative SME that has recently been awarded funding through the EIC Accelerator program for its project titled Naco Tech. The project focuses on developing a novel nano coating process aimed at empowering the green hydrogen revolution.

Project Description: Naco Tech seeks to revolutionize the production and storage of green hydrogen by introducing advanced nano-coating technologies that enhance the efficiency and longevity of hydrogen storage materials. This initiative is timely, given the increasing global emphasis on sustainable energy solutions and the urgent need for scalable technologies in the hydrogen sector.

Technology Background

The technology underpinning Naco Tech involves the application of novel nano-coatings that improve the performance of hydrogen storage systems. Traditional hydrogen storage solutions face challenges such as low efficiency, high costs, and limited durability. The innovative coatings developed by Naco Technologies are designed to address these issues by:

• Enhancing Material Properties: The nano-coatings significantly improve the surface properties of storage materials, increasing their hydrogen absorption capabilities and thermal stability.
• Reducing Costs: By utilizing more abundant and cost-effective materials, Naco's process can lower the overall production costs associated with hydrogen storage.
• Sustainability: The focus on green hydrogen aligns with global efforts to transition towards cleaner energy sources, making Naco Tech a pivotal player in the shift towards sustainable energy.

Naco Technologies submitted its Step 2 proposal on January 11, 2023, and subsequently excelled in the Step 3 interview, securing funding that will enable the company to accelerate its research and development efforts.

Conclusion

The EIC Accelerator program represents a significant opportunity for innovative companies like Naco Technologies to access crucial funding and support. By facilitating the development of groundbreaking technologies such as the Naco Tech project, the EIC Accelerator is instrumental in shaping the future of the European deep tech landscape and addressing pressing global challenges, particularly in the realm of sustainable energy solutions.

2 The Funding Rounds

# Naco Technologies: EIC Accelerator Winner and Funding Journey

Naco Technologies, a Latvian deep tech startup specializing in advanced nano-coating solutions for green hydrogen production, has secured significant funding through the European Innovation Council (EIC) Accelerator program and other investment rounds. The company focuses on developing specialized nano-coatings and materials that can replace platinum and other expensive materials in hydrogen production and usage.

EIC Accelerator Funding

In January 2023, Naco Technologies won the prestigious EIC Accelerator grant after successfully submitting their Step 2 proposal at the January 11, 2023 cut-off and later winning in the Step 3 interview. The funding package included:

• €2.3 million in grant funding
• Additional investment capital to reach a total of €10 million in combined funding and investment

This significant financial support was aimed at furthering the company's development of specialized nano-coatings and new materials that can replace the need for platinum and other expensive materials in hydrogen production at scale.

Funding History and Rounds

According to available data, Naco Technologies has raised a total of approximately $13.87 million across multiple funding rounds. Their funding journey includes:

• Seed VC - II Stage: The company has reached this funding stage according to CB Insights data
• Pre-Series A Round: In December 2023, Naco Technologies secured €1.2 million ($1.32 million) from Impact Ventures and The Untitled Ventures to further develop their green hydrogen nano-coatings technology
• EIC Accelerator Funding: €10 million total package (€2.3 million grant plus investment) awarded in early 2023

Company Valuation

While the exact post-money valuation of Naco Technologies is not explicitly stated in the available information, the company has shown positive momentum with its Mosaic Score (an algorithm that measures overall financial health and market potential) increasing by 10 points in the 30 days prior to the report date.

Investor Information

The identified investors in Naco Technologies include:

• European Innovation Council (EIC): Provided the €10 million funding package through the EIC Accelerator program
• Impact Ventures: Participated in the December 2023 €1.2 million pre-Series A funding round
• The Untitled Ventures: Co-investor in the December 2023 pre-Series A round

Company Background and Structure

Naco Technologies was established in 2020 according to its registration information, though some sources suggest the company's origins date back to 2009 or 2010. The company is based in Riga, Latvia, with its registered address at Ganību dambis 24A - 52, LV-1005.

The company operates as a limited liability company (SIA) under Latvian law with a paid capital of 4,079.00 EUR as registered in February 2025. According to some sources, Naco Technologies operates as a subsidiary of Schaeffler Group, though the exact relationship and ownership structure is not fully detailed in the available information.

Strategic Developments

In late 2024, Naco Technologies joined the EIC Scaling Club, an exclusive group of 120 scale-ups selected based on their potential to revolutionize industries and address global challenges. This membership indicates the company's continued growth trajectory and recognition from the European Innovation Council.

Naco Technologies' innovative approach to green hydrogen production has positioned it as a significant player in the sustainable energy sector, with its technology potentially reducing consumption of scarce metals used in traditional catalytic coatings by up to 10 times.

Sources: - https://www.naco.tech/post/naco-eic-grant

• https://en.ain.ua/2023/04/04/naco-technologies-secures-10m-from-eic-accelerator/
• https://h2lv.eu/naco-technologies-wins-prestigious-eic-accelerator-grant-to-revolutionize-green-hydrogen-production/
• https://www.cbinsights.com/company/naco-1
• https://labsoflatvia.com/en/news/naco-technologies-scales-hydrogen-innovation-and-joins-forces-with-the-eic-scaling-club/
• https://company.lursoft.lv/en/naco-technologies/44103139724

3 The Press Releases

Naco Technologies: Advancements and Updates Post EIC Accelerator Funding

Naco Technologies, a Latvia-based company, made significant strides in early 2023 by securing the prestigious European Innovation Council (EIC) Accelerator grant. This funding marked a crucial milestone for the company, which specializes in developing nano-coating solutions for the hydrogen energy sector.

Technology and Innovation

Naco Technologies focuses on creating specialized nano-coatings and new materials aimed at replacing expensive materials like platinum in hydrogen production. These advancements are crucial for reducing the cost of green hydrogen, making it a more viable and sustainable energy source. The company's innovations are primarily targeted at industrial hydrogen producers, aligning with global efforts towards decarbonization.

Funding and Investments

In January 2023, Naco Technologies received a significant investment of €2.3 million from the EIC Accelerator, with a total funding package valued at €10 million. This financial support has been instrumental in driving the company's research and development efforts. Additionally, Naco Technologies secured a pre-Series A round of €1.2 million in December 2023 from notable investors, including Impact Ventures and The Untitled Ventures.

Partnerships and Recognition

Naco Technologies has been recognized for its contributions to the green hydrogen sector. In September 2024, the company received an award at the European Hydrogen Valleys Investment Forum, further solidifying its position as a leader in hydrogen innovation. Naco Technologies also joined the EIC Scaling Club, which provides additional support and resources to help scale its operations.

Press Releases and Updates

Naco Technologies does not currently host press releases on its website, naco.tech. However, updates and announcements about the company's achievements, such as the EIC Accelerator grant, are typically featured in industry publications and news outlets. The company's advancements and funding successes are often highlighted in specialized forums and events related to hydrogen energy and innovation.

Team and Operations

Naco Technologies operates as a subsidiary of the Schaeffler Group, with its headquarters located in Riga, Latvia. The company was founded in 2020 and has since established itself as a key player in the development of nano-coatings for electrolyzers and fuel cells. While specific team updates are not widely available, the company's success in securing significant funding and recognition indicates a strong operational foundation.

Sources

• EIC Accelerator winners and statistics January 2023
• Naco Technologies wins prestigious EIC Accelerator grant to revolutionize green hydrogen production
• Naco Technologies scales hydrogen innovation and joins forces with the EIC Scaling Club
• Naco Technologies - CB Insights
• Naco Technologies, SIA

4 The Technology Advancements

Naco Technologies: Advancements Since EIC Accelerator Funding

Naco Technologies, a Latvian company specializing in nano-coating solutions, received significant funding from the European Innovation Council (EIC) Accelerator in early 2023. This funding, totaling €10 million, included a grant of €2.3 million to develop specialized nanocoatings that replace expensive materials like platinum in hydrogen production.

Current Capabilities

Naco Technologies is renowned for its advanced nanocoating solutions, which improve the durability and efficiency of hydrogen technologies by protecting components from corrosion and reducing the need for rare precious metals. The company offers a range of services from material development to delivery of nano-coated components, catering to industries like tooling, automotive, aerospace, and microchip manufacturing.

Advancements Since EIC Funding

Since receiving the EIC funding, Naco Technologies has made notable advancements. The company has expanded its operations and secured additional investments, such as a €2.5 million pre-Series A round led by Radix Ventures, alongside Impact Ventures and The Untitled Ventures. This funding has been crucial for accelerating international growth and establishing a high-capacity production facility in Poland.

Naco Technologies has also continued to develop groundbreaking technologies. Their proprietary magnetron sputtering technology allows for ultra-thin coatings at high speeds, significantly enhancing energy efficiency and component durability while reducing the use of expensive materials like platinum and iridium by up to 90%.

Demonstration and Commercialization

The company has demonstrated its technology with various clients, including global giants like Siemens Energy, ThyssenKrupp Nucera, Toyota, Ballard, and Hyundai. Naco Technologies plans to start commercializing its catalytic-coated membrane technology in 2025, aiming to revolutionize hydrogen production by making it more efficient and sustainable.

Patents and Scientific Contributions

Naco Technologies currently holds one patent and has three patent applications in progress. The company's focus on rigorous product development cycles indicates a strong commitment to protecting its innovative technology. However, there is no recent information on new scientific studies or whitepapers published by the company.

Conclusion

Naco Technologies has made significant strides since receiving the EIC Accelerator funding by advancing its technology, securing additional investments, and expanding its operations. The company's commitment to sustainable hydrogen production technologies positions it as a leader in the green energy sector.

Sources

• Naco Technologies secures €2.5M to develop hydrogen production
• Naco Technologies announces closing pre-Series A funding round
• Latvia wants to become the European hub for hydrogen innovation
• Naco Technologies has attracted 1.5 million in investments
• Empowering the green revolution, Naco Technologies gets €1.5M
• Naco Technologies: Making green hydrogen a reality
• Latvian startup Naco Technologies secures €10M from EIC Accelerator
• Radix Venture invests in Latvian advanced nano-coating solutions leader Naco Technologies
• Naco Technologies wins prestigious EIC Accelerator grant

5 The Partnerships and Customers

Naco Technologies: Advancements and Partnerships Since EIC Accelerator Funding

Naco Technologies, a Latvia-based company, received the prestigious EIC Accelerator grant in January 2023 to revolutionize green hydrogen production. The company secured a total of €10 million in funding, comprising a €2.3 million grant and additional investment capital.

Partnerships and Customers

Naco Technologies has established partnerships with several entities to enhance its green hydrogen solutions. One notable collaboration is with Dinex Latvia, focusing on emission reduction innovations for the automotive industry. The company works closely with leading players in the hydrogen sector and has over 20 customers.

New Partners and Customers

While specific new partners or customers have not been detailed in recent reports, Naco Technologies' involvement in co-funded projects like "PilotSOEL" indicates its expanding network within the hydrogen industry. The company's recent funding rounds and strategic collaborations suggest an increasing presence in the market, particularly among electrolyzer and fuel cell manufacturers.

Nature of New Relationships

Naco Technologies' partnerships are centered around advancing green hydrogen technology. Collaborations like the one with Dinex aim to drive innovation in emission reduction, reflecting the company's commitment to sustainable energy solutions. Participation in projects such as "PilotSOEL" further underscores its role in enhancing the hydrogen energy value chain.

Market Positioning and Technology Advancements

The partnerships and funding secured by Naco Technologies will position the company as a leader in the green hydrogen sector. Its high-speed magnetron sputtering technology allows for the creation of nanostructured coatings that reduce the need for precious metals like platinum, making hydrogen production more cost-effective. This technological advancement, combined with strategic partnerships, will help Naco Technologies scale internationally and strengthen its research and development capabilities.

Scaling and Technology Advancements

The EIC Accelerator funding and additional investments will facilitate Naco Technologies' expansion of its operations globally and enhance its R&D facilities. This will enable the company to foster stronger relationships with electrolyzer and fuel cell manufacturers, further solidifying its position in the green hydrogen market. The company's recent opening of a state-of-the-art production plant for hydrogen system components also marks a significant step in scaling its manufacturing capabilities.

Sources

• Naco Technologies scales hydrogen innovation and joins forces with the EIC Scaling Club
• Naco Technologies wins prestigious EIC Accelerator grant to revolutionize green hydrogen production
• Blog | Naco Technologies
• Naco Technologies secures €1.2M in a pre-Series A round co-led by Impact Ventures and The Untitled Ventures
• Naco Technologies secures prestigious EIC Accelerator grant to revolutionize green hydrogen production

6 The Hiring and Company Growth

Naco Technologies' Team Expansion and Growth Post-EIC Accelerator Funding

Since securing EIC Accelerator funding and completing a €2.5M pre-Series A round in early 2025, Naco Technologies has prioritized scaling operations to meet rising demand for its nano-coating solutions in green energy systems. While exact current headcount figures are not publicly disclosed, the company’s growth trajectory emphasizes team expansion and infrastructure development.

Hiring and Team Growth

Naco Technologies has outlined plans to grow its team alongside establishing a high-capacity manufacturing facility in Poland, indicating active recruitment efforts. The company’s Riga-based team includes specialists in materials science, vacuum coating technologies, and engineering, with leadership emphasizing the need to strengthen operational capacity for international market expansion.

Strategic Hiring Priorities

Key roles likely include:

• Production engineers: To support new facility setup in Poland.
• R&D specialists: For refining nano-coating formulations targeting hydrogen systems.
• Business development professionals: To foster partnerships with global electrolyzer/fuel cell manufacturers like Siemens Energy and ThyssenKrupp.

Impact of New Hires on Scaling Efforts

Expanding the workforce enables Naco to:

Management Stability*

The founding team—CEO Aleksandrs Parfinovičs, Eduard Parfinovich, and Valery Mitin—remains intact post-funding, with no reported leadership changes. Their continued oversight aligns with investor confidence in executing growth plans outlined during the pre-Series A raise.

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Sources

• Latvia's Naco Technologies Raises €2.5M
• Naco Technologies Interview: Green Hydrogen Innovations
• €2.5M Funding Announcement
• Radix Ventures Invests €1.5M
• Pre-Series A Round Expansion Details (Note: Indirect reference; specific hiring methodology)*
• Manufacturing Facility Plans

7 The Media Features and Publications

Naco Technologies' Media Presence and Industry Engagement Since securing EIC Accelerator funding in early 2023, Naco Technologies has emerged as a key player in advancing green hydrogen solutions through its nano-coating innovations. Below is a synthesis of their public engagements and media coverage:

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Media Features & Publications

• CB Insights lists Naco Technologies as a developer of nano-coatings for electrolyzers and fuel cells, highlighting its $13.87M total funding and status as a Schaeffler Group subsidiary. A December 2023 article notes its €1.2M pre-Series A raise from Impact Ventures and The Untitled Ventures.
• Net Zero Insights details commercial agreements with Toyota Motor Corporation (LOI), Enrich (service agreement), and Powerup Energy Technologies (strategic partnership).

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Podcasts & Interviews

No direct references to podcasts or interviews were identified in available sources. However, the company’s collaborations with entities like Toyota suggest potential industry dialogue not yet publicly documented.

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Conferences & Fairs

While specific events are unnamed:

• The EU-Japan Centre for Industrial Cooperation lists Naco as a nano-coating provider for hydrogen systems, implying participation in cross-regional green energy forums.
• Recent partnerships (e.g., March 2025 LOI with Toyota) likely involve presentations at cleantech or hydrogen-focused exhibitions.

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Event Involvement

Naco’s focus on space-compatible hydrogen tech ([Latvian Technology in Space directory]) positions it for aerospace or sustainability summits. Its March 2025 agreement with Enrich further signals activity in technical conferences related to material science.

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Sources Used:

• Naco Technologies - CB Insights [Dec 2023 funding news] [Schaeffler subsidiary status] [Funding totals]
• Net Zero Insights Profile [Toyota LOI] [Enrich/Powerup agreements] [$18.4M total funding figure]
• EU-Japan Centre Collaboration
• Latvian Technology in Space Directory