Latvian deep tech Naco Technologies can receive €8M from the EIC Accelerator

Latvian deep tech Naco Technologies can receive €8M of equity investment from the European Innovation Council (EIC) Accelerator. The decision to commit investment will be made in about two months. To date, the startup has allocated a €2,3M grant from EIC Accelerator. 

Naco Technologies creates specialized nano-coatings and new materials that replace the need for platinum and other expensive materials in the production and usage of hydrogen at a massive scale. According to the company, its technologies can improve the performance of hydrogen systems, and reduce hydrogen system costs.

The company was founded in Riga in 2010 by Aleksandrs Parfinovičs and Raivis Nikitins. The previous backers of the Naco are fund The Untitled VC and Latvian accelerator Buildit.

The first 2023 cut-off of the EIC Accelerator consists of 32 deep-tech companies from 14 countries with a total requested budget of €195,8M. Selected companies of the second cut-off and financing decisions will be announced in the second half of June 2023. 

EIC Accelerator offers startups grants of up to €2,5M, which can be combined with equity investments from €0,5M to €15M. The equity investments are provided by EIC Fund. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to expertise, corporates, investors, and ecosystem actors. The application and evaluation process in the accelerator program is managed by EIC and SMEs Executive Agency (EISMEA).