Indian cleantech startup Newtrace raises $5.6 million
With the pressing challenge of climate change and the necessity for concentrated efforts in decarbonization, the production of cost-effective and sustainable hydrogen has gained significant recognition. In this context, Newtrace, a climate tech startup, has positioned itself as a key player in shaping India's emerging Green Hydrogen narrative with a $5.6 million seed funding round.
Established in 2021, Newtrace is based in Bengaluru and operates with the vision of addressing sustainable development goals and mitigating climate change through its green hydrogen technology. The company develops and manufactures innovative electrolysers that aim to reduce the cost of green hydrogen production by over 60%.
The infusion of capital provides Newtrace with the financial resources to accelerate the development and deployment of its innovative green hydrogen solution. This funding will play a crucial role in scaling up the company's operations and meeting the increasing demand for its electrolyzer technology.
The round was led by prominent investors Sequoia Capital India and Aavishkaar Capital. Existing investors Speciale Invest and Micelio Fund, as well as Ashish Goel (founder-CEO of Urban Ladder) and IKP Knowledge Park, also participated in this funding round.
It follows a pre-seed round of $1 million in June 2022 from Speciale Invest and Micelio Fund geared towards a similar effort. To date, the company has raised a total of $6.65 million over two rounds, according to Crunchbase.
