Climate tech startup Newtrace raises $5.65 M led by Sequoia, Aavishkaar Capital

Bengaluru-headquartered climate tech startup Newtrace has raised USD 5.65 million in seed funding led by Sequoia Capital India and Aavishkaar Capital. Newtrace's existing investors Speciale Invest and Micelio Fund, Urban Ladder's founder-CEO Ashish Goel, and IKP Knowledge Park also participated in the funding round. Founded in 2021, Newtrace manufactures electrolysers that aim to reduce the cost of green hydrogen production by over 60%. The company would sell electrolysers to fertiliser, chemicals, steel and cement plants, refineries and transportation sectors. It is also looking to provide technology for long-term storage and conversion of green hydrogen and ammonia.