Climate technology startup Newtrace has secured $6.3 million (approximately Rs 56.93 crore) in a pre-Series A funding round led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital.
The round also saw participation from investors, including Peak XV Partners’ Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, along with angel investors Manish Prataprai Gandhi and Renu Manish Gandhi.
According to reports, Newtrace had earlier raised over $6.5 million in total funding, including a $5.65 million round in May 2023 led by Peak XV Partners (formerly Sequoia Capital India) and Aavishkaar Capital.
Funding to Scale Manufacturing and Technology Validation
The startup plans to use the newly raised capital to scale pilot manufacturing, validate its technology with customers, and strengthen its engineering and manufacturing capabilities.
Newtrace also expects to begin initial commercial deliveries of its Voltagen electrodes within the next 12 months.
Focus on Green Hydrogen Production
Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops electrode and electrolyzer technologies designed for green hydrogen production.
The company’s proprietary technology, called Voltagen, is developed specifically for alkaline water electrolyzers. It aims to improve energy efficiency, extend the lifetime of electrolyzer systems, and reduce the cost of producing hydrogen.
Supporting Hydrogen Producers
Newtrace primarily works with electrolyzer manufacturers, green hydrogen project developers, and industrial gas companies.
One of the key advantages of its technology is that Voltagen electrodes are designed as a drop-in replacement for existing electrodes, allowing hydrogen producers to upgrade performance without making major changes to their existing systems.
With global interest in clean energy and green hydrogen solutions growing rapidly, Newtrace aims to play a role in improving the efficiency and affordability of hydrogen production technologies.
-By Shivani Solanki
