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Ventures Spotlight Series: Naco Technologies

Oct 29, 2024 11:27:13 AM

Spotlight Series 1200 x 200 (5)

We are pleased to interview Aleksandrs Parfinovics, Co-Founder at Naco Technologies, a company that creates specialized nano-coatings and new materials aiming to replace the need for platinum and other expensive materials, as well as to promote usage of hydrogen at a massive scale.

The company's solutions improve performance of hydrogen systems and reduce significantly hydrogen system costs.

Naco Technoloies is one of the 50 selected companies in Cohort 1 and part of the Sustainable Freight Transportation group.

What’s the biggest industry problem that you’re tackling and how? 

The biggest challenge we’re tackling in the green hydrogen industry is the cost and efficiency of hydrogen production, particularly in water electrolyzers. Currently, the reliance on expensive, rare materials like iridium for catalysts is a significant bottleneck, making hydrogen production less cost-effective and scalable. At Naco Technologies, we’re solving this by developing advanced nano-coatings that significantly reduce or replace the need for platinum group metals in electrolyzers. We use our proprietary High-speed magnetron sputtering (HMS) technology to create specialized coatings that improve the performance of components like bipolar plates, electrodes and membranes. This reduces material costs and enhances the overall efficiency of the electrolysis process. By doing this, we’re not only lowering the cost of green hydrogen production but also enabling the industry to scale sustainably, making hydrogen a more viable alternative to fossil fuels.

What keeps you awake at night about your startup?

We racing against time to scale our technology fast enough to meet the rapidly growing demand for green hydrogen. While we’ve made significant breakthroughs with our nano-coatings, the challenge lies in commercializing these innovations on a large scale quickly enough to have a meaningful impact on global hydrogen production. The pressure to accelerate both production and development is intense. We are working tirelessly to ensure that our pilot factory can scale from 500,000 coated components annually to meet the needs of millions, while maintaining the same high quality and efficiency. Additionally, ensuring a smooth supply chain and developing partnerships to bring our technology to market keeps my focus sharp. Ultimately, it’s about balancing innovation and speed to make sure we stay ahead of the competition, but also contribute significantly to the global energy transition in time.

In your wildest dreams, what would success look like for your company?

In my wildest dreams, success for Naco Technologies would mean that we’ve become a prefered supplier for electrolyzer and fuel cell manufacturers, playing a critical role in replacing fossil fuels worldwide. Our nano-coatings and materials would be the industry standard for hydrogen systems, used in every major electrolyzer, fuel cell, and hydrogen infrastructure project. We envision our technology being recognized as the key breakthrough that made green hydrogen not only affordable but also accessible at scale. We would have fully eliminated the need for expensive materials like iridium and paltinium, drastically reducing production costs and making hydrogen a mainstream energy source. In this future, Naco wouldn’t just be a technology provider; we’d be a driving force behind the global energy transition, enabling a zero-emission economy powered by hydrogen.


Our Open Call 2 is now live. We invite ventures operating in Supply Chain, Mobility, Energy, Circular Models, and Smart Cities to apply here.

Potential network stakeholders (investors, lead customers, mentors and supporting partners) are welcome to apply here.

This project has received funding from the European Union under grant agreement Nº101121100. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Innovation Council and SMEs Executive Agency (EISMEA). Neither the European Union nor the granting authority can be held responsible for them.