Bengaluru startup Newtrace raises $6.3 million to expand green hydrogen technology
In India, BioEnergy Times reported that Bengaluru-based clean energy startup Newtrace has raised $6.3 million in a Pre-Series A funding round to expand its green hydrogen technology and move towards commercial production.
The report noted that the funding round was led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital. Existing investors, including Aavishkaar Capital, Speciale Invest, Micelio Technology Fund and Peak XV’s Surge, also participated in the round. Angel investors Manish Prataprai Gandhi and Renu Manish Gandhi joined as well.
The company plans to use the new funds to begin commercializing its technology and expects to start delivering its products within a year. As part of this plan, it will focus on pilot-scale manufacturing, testing its technology with customers and strengthening supply agreements, while also expanding its engineering and production capacity, the report said.
Newtrace currently operates from a 30,000 square foot facility in Bengaluru and has a team of more than 45 engineers and scientists, it added.
Category: Hydrogen
