Cleantech player Newtrace raises $1-M from Speciale Invest, Micelio Fund, others

Bengaluru-based cleantech company Newtrace is raising USD 1 million in a pre-seed round from Speciale Invest and Micelio Fund. The round also saw participation from angel investors. The startup will use the funds to scale technology and build large scale electrolyzers to accelerate decarbonisation of industries such as petrochemical, ammonia, mobility, energy, and steel. Newtrace develops electrolyzers to produce affordable and green Hydrogen at scale helping various industries with their decarbonisation efforts. It also offers an electrolyzer management system to integrate the data from the plant's equipment onto a single platform.