Newtrace secures $5.65 million in seed funding

Newtrace, a Bengaluru-based climate technology business that makes electrolysers has raised $5.65 million in a seed round sponsored by Sequoia Capital India and Aavishkaar Capital. Speciale Invest and Micelio Fund also participated in the round and Ashish Goel, Founder-CEO of Urban Ladder and IKP Knowledge Park also participated in the round. The funds will be deployed to expand Newtrace’s electrolyser manufacturing and deployment capabilities.

Newtrace, founded in 2021 develops and manufactures electrolysers that reduces the cost of green hydrogen production by more than 60 per cent. The company claims to lower the cost of green hydrogen production by combining their groundbreaking fluid engineering technique with an improved electrocatalyst that does not use rare earth metals.

In April 2023, Ohmium International  announced the closing of a $250 million Series C growth equity financing. The round was led by TPG Rise Climate, a dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. It also included participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.