With the EU looking at building its global leadership in manufacturing green hydrogen, companies here are rapidly switching to renewable energy. To generate hydrogen, they are now building electrolyzers using noble metals and other materials.
The procedure is extremely expensive and difficult. Add to it the two problems of insufficient robustness due to high corrosion, and a limited amount of resources.
Attempting to solve this problem, Riga-based Naco has raised €1.5 million funding to empower a green hydrogen revolution. The seed round saw the participation of London-based Untitled Ventures and Latvia’s Buildit Accelerator. The fresh capital will be used for building a manufacturing station to provide its clients with ready-to-use coated parts.
The Latvian startup is on a mission to empower a shift towards hassle-free hydrogen production. It is doing so by providing a full spectrum from nano-coating solutions to the manufacturing of coated components for electrolyzers and fuel cells. The company claims its solutions are using fewer amounts of materials, hence decreasing the electrolyzer and fuel cell stack cost.
Oskar Stachowiak, managing partner, Untitled Ventures said: “As the world looks to move towards a low-carbon future, hydrogen is now seeing increasing interest from companies and governments alike.”
Konstantin Siniushin, managing partner, Untitled Ventures added: “The startup focuses on precision plasma spraying. It has developed a unique technological installation and is creating a catalytic layer of platinum on electrodes for hydrogen energy.”
The platform has already developed new material solutions for global players in the green hydrogen market, including Siemens Energy, Hyundai, and Plug Power. Going forward, it plans to attract further investments for building stations closer to the clients’ factories.