Newtrace, a innovator in climate technology, has raised USD 5.65 million in seed funding. The round was led by Sequoia Capital India and Aavishkaar Capital, along with continued support from existing investors Speciale Invest and Micelio Fund. Ashish Goel, Founder-CEO of Urban Ladder, and IKP Knowledge Park also participated.
Electrolyzers are devices that are key to the production of hydrogen. These devices use electricity to split water into hydrogen and oxygen, after which hydrogen gas is collected and used for various industrial applications. It is estimated that investments for hydrogen technology deployment must hit USD 1.2 trillion by 2030 in order to achieve net zero emissions, representing a huge market opportunity for electrolyzers, given its pivotal role in pioneering the energy transition from fossil-fuel-derived hydrogen to its cleaner counterpart.
The company claims that the use of advanced manufacturing and a real-time analytics platform have made Newtrace’s electrolyzers a lucrative option for quick deployment and integration across industries.
"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 electrolyzers," said Prasanta Sarkar, CEO and Co-founder, Newtrace. "With this investment, we can further accelerate the global transition to green hydrogen, making sustainability an industry-scale mindset."
“Newtrace has one of the fastest development and deployment of electrolyzers in the world. Our amazing team has pulled off this extraordinary technology which will bring exceptional value to our industrial partners,” said Rochan Sinha, CTO and Co-founder, Newtrace.
Anurag Agrawal, Partner, 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.”
The company is also looking to expand its solution into providing technology for long-term storage and conversion of green hydrogen and ammonia.