Funding · Climate, Energy & Sustainability

Newtrace raises $6.3 million for green hydrogen tech

By Startup Enthusiast · 10 March 2026

What they do

Newtrace makes advanced electrode technology for green hydrogen production systems

The company raised ₹56.93 crore led by HDFC Bank and Mitsui Sumitomo Insurance

Pilots with BPCL and ONGC signal early traction in the growing green hydrogen market

Newtrace has raised ₹56.93 crore ($6.3M) in a Pre-Series A funding round.
HDFC Bank Limited and MITSUI SUMITOMO INSURANCE Venture Capital led the investment.
Existing backers Aavishkaar Capital, Speciale Invest, and Micelio Technology Fund participated.
Peak XV’s Surge and angel investors Manish Prataprai Gandhi and Renu Manish Gandhi also invested.
The company achieved a $30M post-money valuation during this financing round.
Newtrace develops Voltagen advanced electrode technology for alkaline water electrolyzers.
This technology improves energy efficiency and extends the lifetime of hydrogen production systems.
The firm plans to use funds for pilot-scale manufacturing and customer validation.

Green hydrogen costs are currently high at $4-$10/kg compared to grey hydrogen.
The National Green Hydrogen Mission targets 5 million metric tonnes of annual production by 2030.
Government incentives under the mission total ₹19,744 crore to support industry growth.
The global green hydrogen market is projected to reach $38.1B by 2029.

Newtrace positions itself as a global supplier of electrolyser components rather than complete systems.
Its Voltagen technology acts as a drop-in replacement for existing electrodes without system redesign.
The patent-pending tech produces ultrapure hydrogen and cuts production costs by up to 60%.
Commercialized membraneless electrolyzer technology reduces complexity in hydrogen generation processes.
Customers include electrolyzer OEMs, green hydrogen project developers, and industrial gas companies.
Pilots have been deployed with major Indian firms BPCL and ONGC.
Discussions are ongoing with Reliance and Larsen & Toubro for future collaborations.
The Bengaluru-based firm operates a 30,000 sq ft technology center.
The team consists of over 45 engineers and scientists focused on R&D.

HDFC Bank Limited (lead) — Major Indian financial services company investing in climate tech.
MITSUI SUMITOMO INSURANCE Venture Capital (lead) — Venture capital arm of a Japanese insurance group.
Peak XV’s Surge (participated) — Growth fund backed by Sequoia Capital focusing on deep tech.
Aavishkaar Capital (existing) — Impact-focused venture capital firm supporting Indian startups.
Speciale Invest (existing) — Investment vehicle backing sustainable technology ventures.
Micelio Technology Fund (existing) — Fund dedicated to funding technology-driven innovations.

Product: Patent-pending electrolyser and electrode technology for producing ultrapure green hydrogen
Customers: Industries and enterprises seeking cost-effective green hydrogen production
How it makes money: Technology developer licensing electrolyser systems to industrial and energy sector customers
What sets it apart: Patent-pending technology achieving up to 60% reduction in hydrogen production costs