Cleantech Startup Newtrace Raises $1 Million In Pre-Seed Funding
The startup plans to utilize the fund to scale up its technology and build large scale electrolyzers to accelerate decarbonization of industries
Newtrace, a new-age cleantech startup, has raised $1 million in a pre-Seed funding round led by Speciale Invest and Micelio Fund to build the next generation of electrolyzers for making affordable green hydrogen a reality. The funding round also witnessed participation from angel investors. Newtrace plans to utilize the fund to scale up its technology and build large scale electrolyzers to accelerate decarbonization of industries.
"We are humbled by the trust of our investors in us and our novel idea. Newtrace aspires to deliver innovative, reliable and five times cheaper electrolyzers around the world. We partner with companies across the sectors with the focus on decarbonization, sustainable energy and climatic action," said Prasanta Sarkar, co-founder and CEO, Newtrace.
As the data says, decarbonizing our planet is one of the primary goals that countries around the world have set for 2050. To achieve this, decarbonizing the element like hydrogen gives rise to green hydrogen, which is one of the keys as this is currently responsible for more than 2 per cent of total global carbon dioxide emission.
"We are exhilarated to partner with Newtrace who are leveraging the technology, expertise and vision to develop affordable green hydrogen for the world. This is our first cleantech investment and we are excited for the future ahead," said Vishesh Rajaram, managing partner, Speciale Invest.
Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace is a highly motivated and focused team of people who envisioned a world where massive adoption of green hydrogen at a cost of $1 per kilogram and contribute towards a better and sustainable environment.
"Green hydrogen will play an important role not only in the industry, but also in the mobility. Newtrace team has the most cutting-edge technology for green hydrogen production across the globe. We are excited to support the team and the future of the hydrogen economy," said Shreyas Shibulal, founder, Micelio Mobility.