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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Business News

Want to Start a Billion-Dollar Business? Look to These Two Industries, Which Have the Most Unicorn Growth

During a tough fundraising year overall last year, the value of cybersecurity and AI unicorns saw double-digit growth.

Leadership

International Security Firm Welcomes Female India Native to an Essential Leadership Position

Yasmin Brar has been appointed as the Operations Strategy Director, a role that underscores the company's commitment to innovation, expansion, and strategic management

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Productivity

Jon Taffer's 10% Rule Is the Productivity Hack That Could Change Your Life

The "Bar Rescue" superhost is back with a new season and a new crop of hospitality businesses in desperate need of tough love.