Climate tech startup Newtrace on Wednesday announced that it has raised $5.65 million in seed funding led by Sequoia Capital India and Aavishkaar Capital. Newtrace’s existing investors Speciale Invest and Micelio Fund, Urban Ladder’s founder-CEO Ashish Goel, and IKP Knowledge Park also participated in the funding round.
Newtrace CEO and co-founder Prasanta Sarkar said, “We are thrilled to secure this round of funding, which will enable us to scale our operations and meet the growing demand for our innovative electrolyzer.”
“With this investment, we can further accelerate the global transition to green hydrogen, making sustainability an industry-scale mindset,” Sarkar added.
Founded in 2021, Newtrace develops and manufactures innovative electrolysers that aim to reduce the cost of green hydrogen production by over 60 per cent. The company aims to deploy its electrolysers to refineries, fertilisers, chemicals, steel and cement, and transportation sectors. It is also looking to expand its solution into providing technology for long-term storage and conversion of green hydrogen and ammonia.
Anurag Agrawal, partner at Aavishkaar Capital, said, “The threat of climate change looms large and there is an urgent need to make concentrated efforts towards de-carbonization. Production of cost- effective and sustainable hydrogen has been identified as an enabler in the energy transition of hard-to-abate industries and we see Newtrace as a critical player in shaping India’s emerging Green Hydrogen story. We are thrilled to partner with the passionate team of Newtrace in this exciting journey to solve for climate change.”