Cleantech startup Newtrace raises $1 million in the pre-seed funding from Speciale Invest and Micelio Fund
- ByStartupStory | June 17, 2022
Newtrace, a cleantech firm founded by Speciale Invest and Micelio Fund, has secured $1 million in a pre-Seed round sponsored by Speciale Invest and Micelio Fund to develop the next generation of electrolyzers that will make inexpensive green hydrogen a reality. Angel investors were also present at the investment round. Newtrace intends to use the money to expand its technology and create large-scale electrolyzers to help companies decarbonize faster.
Prasanta Sarkar, co-founder and CEO of Newtrace said that the firm is humbled by the investors’ faith in the firm and the original concept. Newtrace strives to provide electrolyzers that are innovative, trustworthy, and five times less expensive all around the world. He also said that the company engages with enterprises across industries with a focus on decarbonization, sustainable energy, and climate action.
Vishesh Rajaram, managing partner said that the firm is ecstatic to work with Newtrace, a company that is utilising technology, skill, and ambition to generate inexpensive green hydrogen for the entire globe. This is Speciale Invest’s first cleantech investment, and we’re thrilled about the future.
Newtrace is a highly driven and dedicated team of people that envisioned a world where huge adoption of green hydrogen at a cost of $1 per kilogramme would contribute to a better and sustainable environment. It was founded in 2021 by Prasanta Sarkar and Rochan Sinha.
Micelio Mobility’s founder Shreyas Shibulal stated that Green hydrogen will be crucial not just in the industry, but also in transportation. The Newtrace team has the most cutting-edge technology for producing green hydrogen anywhere on the planet. We’re pleased to be a part of the team and the hydrogen economy’s future.
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