Climate tech startup Newtrace raises $5.65 million in funding from Sequoia, others

Climate tech startup Newtrace has raised $5.65 million in a seed funding round led by Sequoia Capital India and Aavishkaar Capital, with participation from existing investors --- Speciale Invest and Micelio Fund, Urban Ladder’s founder-CEO Ashish Goel, and IKP Knowledge Park.

The new funding would help the startup for expansion of its electrolyzer manufacturing and deployment capabilities in India.

Founded in 2021, Newtrace develops and manufactures innovative electrolysers that aim to reduce the cost of green hydrogen production by over 60%.

The startup said it aims to deploy its electrolysers to refineries, fertilisers, chemicals, steel and cement, and transportation sectors. 

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.”

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