The main investors of this project are Untitled Ventures and Buildit Accelerator.

According to tech.eu, European companies are switching to renewable energy to enable Europe to become the main manufacturers of green hydrogen.

In order to generate hydrogen, they must first build electrolyzers -devices used for water electrolysis (editor's note)-, which require noble metals and other materials in order to be built.

Beside the fact that the manufacturing process is complicated and expensive, there is also the fact that electrolyzers don't hold up very well against corrosion, and the resources required to build them are limited.

Naco, a Riga-based startup, raised 1.5 million euro which the company will use to try and revolutionize the process of generating green hydrogen, thus helping companies who want to create this type of fuel.

The way Naco wants to improve the production of hydrogen is through using ceramic coating for some electrolyzer and fuel cell components.

Ceramic coating is a layer that is being applied to certain components to make the repel water, oil or dirt, which in return helps mitigate the corrosion problem.

Naco claims that their solution uses less materials, which enables electrolyzers and fuel cells to be cheaper.

Oskar Stachowiak, managing partner, Untitled Ventures stated that “as the world looks to move towards a low-carbon future, hydrogen is now seeing increasing interest from companies and governments alike.”

The startup managed to create new material solutions for companies working in the green hydrogen market, such as Siemens Energy and Hyundai.

In the future, Naco wants to invest into building stations closer to the factories of its clients.