A pioneer in climate technology, Newtrace, secured $5.65 million in seed funding. Sequoia Capital India and Aavishkaar Capital took the lead in the round, with ongoing backing from previous backers Speciale Invest and Micelio Fund. IKP Knowledge Park and Urban Ladder’s founder and CEO, Ashish Goel, took part.
The creation of hydrogen relies on electrolyzers. These gadgets use electricity to separate water into hydrogen and oxygen, which is then collected and used for a variety of industrial purposes, as per reported by BW Disrupt.
“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.”
The business asserts that Newtrace’s electrolyzers are a profitable choice for speedy deployment and integration across industries through the usage of sophisticated manufacturing and a real-time analytics platform.
“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.”
It is a Bengaluru-based startup founded in 2021 by Rochan Sinha & Prasanta Sarkar. Newtrace develops electrolyzers for the production of hydrogen that is kind to the environment.