Speciale, Micelio Fund Invest In Cleantech Startup Newtrace
The company also saw participation from angel investors in this round. With the fresh infusion of funds, Newtrace plans to scale up its technology and build large scale electrolyzers
Newtrace, a new age cleantech startup from Bengaluru, has today announced raising a pre seed round of USD 1M in funding from Speciale Invest and Micelio Fund to build the next generation of electrolyzers for making affordable green hydrogen a reality. The company also saw participation from angel investors in this round. With the fresh infusion of funds, Newtrace plans to scale up its technology and build large scale electrolyzers starting with 1MW electrolyzers by 2025 and much larger 10MW electrolyzers by 2027, to accelerate decarbonisation of industries such as petrochemical, ammonia, mobility, energy and steel.
Founded by Prasanta Sarkar, an expert in fluid mechanics and Rochan Sinha, who has worked on developing technologies for green hydrogen generation, came together to build a prototype of an electrolyzer from first principles to reduce dependency on various critical and expensive components, membranes and materials. Newtrace was launched in 2021 with the vision to address sustainable development goals and mitigate climate change by enabling affordable green hydrogen production at scale. The founders have envisioned a world where massive adoption of green hydrogen will be possible at a cost of $1/kg and are working relentlessly with their team to translate this into reality. Newtrace has successfully demonstrated a working prototype of its electrolyzer technology for hydrogen production at National Centre for Combustion R&D - IIT Madras.
Commenting on the new investment, Prasanta Sarkar, Co-founder & CEO, Newtrace said, “We are humbled by the trust of our investors in us and our novel idea. Newtrace aspires to deliver innovative, reliable and 5x cheaper electrolyzers around the world. The electrolyzers have been redesigned to reduce capital and operating cost while delivering higher efficiency and performance. Our unique modular design approach and technology architecture allows us to scale massively to meet growing demand in months, rather than years. We partner with companies across sectors with focus on decarbonisation, sustainable energy and climate action. We are changing the way the world thinks about Hydrogen.”
“The need of the hour is availability of sustainable H2 sources for decarbonisation to meet Environmental, Social and Governance (ESG) targets. The combination of technological improvement in stack electrochemistry, efficiency, increased hydrogen production per stack and scaling up of manufacturing every year would significantly reduce the CAPEX per kW of electrolyzer, thereby supporting massive adoption of green hydrogen at a targeted cost of $1/kg by 2027. We are signing early partnerships for pilot and commercial deployments and we are certain of success as we move ahead,”said Rochan Sinha, Co-founder & CTO, Newtrace.
“We are exhilarated to partner with the founders of Newtrace, who are leveraging the technology, expertise and vision to develop affordable green hydrogen for the world, thus contributing to a better, greener and sustainable existence for everyone. This is our first of many to come cleantech investments and we are excited for the future ahead. I am keenly watching out for both Prasanta and Rochan to change the world”, said Vishesh Rajaram, Managing Partner, Speciale Invest.
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