Newtrace Raises $5.65 Million in Seed Funding to Advance Ultrapure Hydrogen Production
- ByStartupStory | June 1, 2023
In a significant boost to the climate technology sector, Newtrace, a pioneering startup, has secured $5.65 million in seed funding. The funding round was led by Sequoia Capital India and Aavishkaar Capital, with participation from existing investors Speciale Invest and Micelio Fund. Notable investors, including Ashish Goel, Founder and CEO of Urban Ladder, and IKP Knowledge Park, also joined the round.
Newtrace specializes in cutting-edge electrolyzer technology, utilizing a proprietary patent-pending process. This innovative technology is designed to produce ultrapure hydrogen while simultaneously reducing overall production costs by up to 60%. One of the standout features of Newtrace’s approach is its reliance on a combination of fluid engineering technology and an enhanced electrocatalyst, eliminating the need for rare earth metals.
Rochan Sinha, CTO and Co-founder of Newtrace, emphasized the urgency of addressing climate change and the critical role that sustainable hydrogen production plays in achieving decarbonization goals. “The threat of climate change looms large, and there is an urgent need to make concentrated efforts towards decarbonization,” Sinha stated. “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.”
The growing demand for sustainable hydrogen technology presents a massive market opportunity for Newtrace and the electrolyzer industry as a whole. To achieve net-zero emissions, investments in hydrogen technology deployment need to reach $1.2 trillion by 2030. Newtrace aims to leverage its cutting-edge technology to contribute to this ambitious goal.
Shreyas Shibulal, Founder of Micelio Mobility, expressed excitement about Newtrace’s progress in developing foundational technology for green hydrogen. “Newtrace is one of the most exciting companies in our Micelio fund portfolio. It is great to see the amazing progress they have made in validating such a foundational technology to make green hydrogen a reality,” said Shibulal.
During a recent event, the G20 Sherpa and former Chairperson of NITI Ayog stressed the importance of India becoming a heavyweight in green hydrogen production. The target is to produce the cheapest green hydrogen in the world, priced at $1 per kilogram by 2030. Newtrace’s advancements in ultrapure hydrogen production align with this vision and reinforce their position as a key player in India’s journey toward sustainable energy.
The latest seed funding will empower Newtrace to further enhance its electrolyzer technology and expand its operations. With the support of prominent investors and industry experts, Newtrace is poised to make significant contributions to India’s green hydrogen landscape and global efforts to combat climate change.
Follow Startup Story
Related Posts
