The production of affordable and sustainable hydrogen has received significant attention due to the urgent nature of climate change and the need for focused decarbonization initiatives. With the help of a $5.6 million seed funding round, the climate technology startup Newtrace has established itself as a significant figure in developing India’s Green Hydrogen story.
Founded in 2021 and headquartered in Bengaluru, Newtrace was created to use green hydrogen technology to achieve sustainable development goals and combat climate change. The business designs and produces cutting-edge electrolyzers intending to lower the price of producing green hydrogen by more than 60%.
Due to capital injection, Newtrace now has the financial means to hasten the creation and application of its ground-breaking green hydrogen solution. This cash will be essential to scale up the business and satisfy the rising demand for its electrolyzer technology.
Aavishkaar Capital and Sequoia Capital India, two renowned investors, led the round. In this funding round, Ashish Goel, the creator and CEO of Urban Ladder, and IKP Knowledge Park and Speciale Invest, two previous investors, participated. It comes after a $1 million pre-seed round from Speciale Invest and Micelio Fund in June 2022 that was intended for a comparable endeavor.