European Innovation Council
Established in 2020, the European Innovation Council supports innovative startups and researchers with promising ideas, focusing on early-stage companies with positive environmental, social, or governance impacts. It co-invests alongside private investors.
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Past deals in Latvia
Naco
Grant in 2023
Naco Technologies Ltd is a manufacturer and supplier of advanced nano-coating technologies, specializing in high-performance coatings for various industries including tooling, automotive, aerospace, and microchip production. Founded in 2009 and headquartered in Riga, Latvia, Naco develops multilayer and multicomponent coatings that enhance equipment performance by providing oil-enhanced, wear-protective, thermal barrier, and liquid-repellent properties. The company plays a significant role in the hydrogen sector by creating specialized coatings for Green Hydrogen systems, such as electrolyzers and fuel cells, which improve the reliability of these systems while minimizing the use of costly and scarce materials. In 2015, Naco Technologies was acquired by the Schaeffler Group, a Germany-based company, further strengthening its capabilities and market reach.
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