ClimateTech Startup Newtrace Raises $5.65 Mn In Seed Funding
Newtrace, a climate technology startup, has raised $5.65 million in a seed funding round led by Sequoia Capital India and Aavishkaar Capital.
Existing investors Speciale Invest and Micelio Fund, along with new investors Ashish Goel (Founder and CEO of Urban Ladder) and IKP Knowledge Park, also participated in the funding round.
As per the startup, the freshly raised funds will be used to expand manufacturing of its proprietary technology as well as its deployment across India and overseas.
Newtrace | Tracing A Greener Tomorrow
Founded by Prasanta Sarkar and Rochan Sinha in 2021, Newtrace is a Bengaluru-based climatetech startup enabling the wide-scale adoption of affordable green hydrogen as a fuel to help fight climate change and build a sustainable future for all.
The Bengaluru-based climatetech startup develops and manufactures innovative electrolysers that aim to reduce the cost of green hydrogen production by over 60 per cent.
Speaking about the development, Prasanta Sarkar, CEO and co-founder of Newtrace, said,
“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 electrolyzer. With this investment, we can further accelerate the global transition to green hydrogen, making sustainability an industry-scale mindset.”
The Bengaluru-based climatetech startup aims to make green hydrogen production cheaper, scalable and efficient by way of its proprietary, patent-pending electrolyzer technology.
Newtrace aims to deploy its technology to sectors such as refineries, fertilisers, chemicals, steel and cement, and transportation. The startup is also looking to expand its solution into providing technology for long-term storage and conversion of green hydrogen and ammonia.
Commenting on the development, Anurag Agrawal, partner at 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.”
Last month, Ossus Biorenewables, a Bengaluru-based green energy startup, raised $ 2.4 million in a pre-Series A round from Gruhas and Rainmatter Climate. Also, Aerem, a solartech platform, raised $5 million (Rs 41 crore) in a pre-Series A round led by climatetech investor Avaana Capital.
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