Naco Technologies and the EIC Accelerator: Cutting Iridium Use

Naco Technologies, founded in Riga in 2009, uses high-speed magnetron sputtering to apply nanometre-thin catalytic and protective coatings to the membranes, electrodes and plates inside hydrogen electrolysers and fuel cells, so that far less platinum and iridium is needed. It was selected in the EIC Accelerator's January 2023 cut-off for blended finance, and received an EU grant of €2.33 million for Naco Tech, a €3.33 million project that ran from August 2023 to January 2026, according to CORDIS. In April 2023 the Ukrainian tech outlet AIN reported that the grant and an investment added up to €10 million.

The project is closed, but CORDIS holds only its first periodic report, covering the year to July 2024. It states that Naco cut the iridium content of its catalysts tenfold "without sacrificing performance", a result "confirmed through independent validation", set up a new electrochemical laboratory and secured new contracts, according to the CORDIS reporting page. The company told the EIC Scaling Club it planned to start commercialising its catalyst-coated membrane in 2025. No launch has been announced.

Where Naco Stands Now

In January 2025 Naco raised €1.5 million, co-led by the Warsaw fund Radix Ventures with Impact Ventures and Kendris Capital, to "build a production facility in Poland", chief executive Aleksandrs Parfinovičs said, according to Vestbee. The company is also running a project, to December 2026, funded through Latvia's MASOC competence centre, to develop coated metal bipolar plates for fuel cells with Dinex Latvia, according to its website. It filed its 2025 annual report in July 2026, the Lursoft register shows; the figures sit behind a paywall.

The Technology: Nanometres of Precious Metal

Proton exchange membrane electrolysers, which split water into hydrogen, rely on iridium and platinum catalysts; iridium in particular is scarce and expensive. Naco sprays these metals as ultra-thin layers at high speed so that only a few nanometres are needed, the company says, and has worked with more than 30 clients. It holds one patent and three applications, it told the EIC Scaling Club.

What the EIC Award Promised, and What the Record Shows

The award promised a "novel nano coating process to empower the green hydrogen revolution". Halfway through, the company reported its key technical result. Since then, the public record is thin: no final report, no named customers for the coated membrane, and no announcement that the Polish plant has been built. The iridium claim rests on validation the company does not identify.

1. Lower iridium catalystReportedTenfold cut, unnamed validator.
2. Test laboratoryDeliveredOpened in first year.
3. Commercial launch 2025UnverifiedNot announced.
4. Final reportingMissingOnly period 1 public.

The Money

Beyond the EU grant, Naco raised €1.2 million in a pre-Series A round in December 2023, according to AIN.Capital, and €1.5 million in January 2025. How much of the reported €10 million EIC package was paid as equity is not public. Naco's revenue and profit could not be checked from free sources.

What Cannot Be Checked

Why Europe Should Care

The first periodic report ties Naco's work to the EU Green Deal and to cutting the iridium and platinum that hold back hydrogen production. AIN reported €10 million of EU backing for a Latvian company to do that. The public can see the promise, but not yet the result.

The Verdict

Naco Technologies and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.