Monday, September 26, 2022
HomeInsightFunding Alert Cleantech firm NewTrace raises $1 mn in Seed funding

[Funding alert] Cleantech firm NewTrace raises $1 mn in Seed funding

[Funding alert] Cleantech firm NewTrace raises $1 mn in Seed funding

Cleantech platform Newtrace Pvt. Limited has raised $1 million in a seed funding round led by Speciale Invest, Micelio Fund, and others.

The company plans to use this fund to develop electrolysers up to 10 MW by 2027 to grow its technology vertical and promote decarbonisation of industries.

Also read – [Funding alert] D2C skincare brand Foxtale raises $4 mn funding

NewTrace was founded in 2021 by Prasanta Sarkar and Rochan Sinha, It was launched with a vision to meet the Sustainable Development Goals and mitigating climate change by enabling economical green hydrogen production on a large scale.

The clean-tech startup claims to have demonstrated a working prototype of its electrolyzer technology for hydrogen production at IIT Madras.

“NewTrace aspires to deliver innovative, reliable and 5 times cheaper electrolyzers around the world. The electrolyzers have been redesigned to reduce capital and operating costs while delivering higher efficiency and performance. Our modular design approach and technology architecture allows us to scale and meet growing demand in months, rather than years,” said, Prasanta Sarkar, co-founder and CEO of NewTrace. 

“We are exhilarated to partner with the founders of NewTrace, who are leveraging 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 cleantech investments,” said, Vishesh Rajaram, managing partner, Speciale Invest.  

Speciale Invest was established in 2017, It is a venture capital firm focused on deep technology and software-as-a-service (SaaS) investments.

Also read – [Funding alert] Infra.Market raises $50 mn in funding

The company’s portfolio firms include aerial mobility platform ePlane, space tech firm Agnikul, VR and AR startup Scapic Innovations and Frontdesk AI.

About NewTrace

Their journey started in 2020 when the founders met and hit off instantly with the passion to build businesses that would address sustainable development goals, mitigate climate change and have the potential to touch human lives.

NewTrace is on a mission to enable cost effective and reliable access to green hydrogen at $1/kg through their massively scalable electrolyzer technology in order to accelerate decarbonisation of mobility, industrial, energy and chemical sectors.

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