Bengaluru, Tuesday, March 10, 2026: Climate-tech startup Newtrace has raised $6.3 million (Rs 56.9 crore) valuing the company at $30 million post-money. The capital injection comes as India pushes to develop a domestic green hydrogen ecosystem under the National Green Hydrogen Mission.
Founded in 2021 by Prasanta Sarkar and Rochan Sinha, both PhD holders with backgrounds in aerospace and applied physics, Newtrace develops advanced electrode technology for electrolysers, machines that split water into hydrogen and oxygen using electricity.
The company’s proprietary electrode system, Voltagen, is designed to boost energy efficiency and extend system lifetime. These electrodes can replace existing components in electrolyser stacks without requiring system redesign, offering manufacturers an immediate performance upgrade.
“Right now, most companies are licensing electrolyser technology from Europe or China and setting up manufacturing plants,” said Sarkar. “But the core materials and components are still not developed locally.”
Newtrace Secure Aims to Strengthen India’s Green Hydrogen Ecosystem
Newtrace has already deployed pilot systems with public sector oil and gas companies such as BPCL and ONGC and is in discussions with major electrolyser manufacturers including Reliance Industries and Larsen & Toubro.
The new funds will support Newtrace’s pilot manufacturing, customer validation in China and Europe, and preparation for commercial deployment. The startup expects to begin commercial deliveries within the next 12 months.
Green hydrogen is increasingly viewed as essential for industrial decarbonisation, powering sectors such as steel, refining, fertilisers, and heavy transport. However, high costs, $4 to $10 per kilogram compared with $2 for conventional hydrogen, remain a barrier. Sarkar noted that long-term demand will be driven by energy security and industrial decarbonisation pressures.
The latest funding round led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital, also saw participation from Peak XV’s Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, and angel investors Manish Prataprai Gandhi and Renu Manish Gandhi, reinforcing confidence in Newtrace’s potential to strengthen India’s domestic green hydrogen capabilities.
