Newtrace, a leading innovator in climate technology, has announced US$5.65 million in seed funding. The round was led by Sequoia Capital India and Aavishkaar Capital, along with continued support from existing investors Speciale Invest and Micelio Fund. Ashish Goel, Founder-CEO of Urban Ladder, and IKP Knowledge Park also participated.
Every year, the world produces 94 million tonnes1 of hydrogen (Mt H2) through methods that rely on fossil fuels, which results in over 900 Mt of CO2 emissions. In contrast, “green hydrogen” production makes use of renewable energy sources, such as solar or wind power.
Electrolyzers are devices that are key to the production of hydrogen. These devices use electricity to split water into hydrogen and oxygen, after which hydrogen gas is collected and used for various industrial applications. It is estimated2 that investments for hydrogen technology deployment must hit US$1.2 trillion by 2030 in order to achieve net zero emissions, representing a huge market opportunity for electrolyzers, given its pivotal role in pioneering the energy transition from fossil-fuel-derived hydrogen to its cleaner counterpart.
This is where Newtrace comes in – making green hydrogen production cheaper, scalable and more efficient. The company’s proprietary, patent-pending electrolyzer technology is designed to obtain ultrapure hydrogen, with up to 60% reduction in overall production costs.
This is achieved by combining their pioneering fluid engineering technology with an enhanced electrocatalyst that utilizes no rare earth metals. The use of advanced manufacturing and a real-time analytics platform have made Newtrace’s electrolyzers a lucrative option for quick deployment and integration across industries.
“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.”
“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.
“We at Speciale Invest are thrilled to be backing Newtrace’s exceptional endeavor to transform the hydrogen industry”, said Vishesh Rajaram, Managing Partner, Speciale Invest. “Their unique, electrolyzer technology holds the potential to redefine conventional hydrogen production by offering a sustainable and cost-effective solution. We look forward to continuing our journey with Newtrace as they spearhead the global shift towards cleaner, green energy and a carbon-neutral future.”
“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 Shreyas Shibulal, Founder, Micelio Mobility.
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.”
Since Newtrace’s launch in 2021, it has scaled rapidly and aims to deploy its innovative electrolyzers to sectors such as refineries, fertilisers, chemicals, steel and cement, and transportation. The company is also looking to expand its solution into providing technology for long-term storage and conversion of green hydrogen and ammonia.
Founders Prasanta Sarkar and Rochan Sinha collectively have deep expertise in engineering, applied physics and renewable energy technologies.
Prasanta Sarkar is a two-time awardee of the Marie Curie fellowship with a PhD in Fluid Mechanics and Energy Engineering from University Grenoble Alpes, France. He is an aerospace engineer turned entrepreneur with industrial and research experience on product development, multiphase flows and computational mechanics.
Rochan Sinha is a material scientist with a PhD in Applied Physics from Eindhoven University of Technology, Netherlands. He has been instrumental in developing technologies and materials for renewable energy conversion and storage around the world. Rochan specialises in the areas of solid- state batteries, electrolyzers and solar fuel devices.
