Bengaluru, Mar 10: Newtrace, a deeptech startup developing high-performance electrode and electrolyzer technologies for green hydrogen production, has successfully raised funding in its Pre-Series A round led by HDFC Bank Limited and Mitsui Sumitomo Insurance Venture Capital, with participation from Peak XV Partners’ Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, and angel investors Manish Prataprai Gandhi and Renu Manish Gandhi.
Green hydrogen is increasingly recognised as a critical pillar in the global transition toward decarbonisation. It represents one of the few scalable clean fuels capable of replacing fossil fuels across energy-intensive sectors such as steel, refining, fertilisers, chemicals, and heavy transport. However, the high cost of producing green hydrogen remains one of the biggest barriers to widespread adoption.
A large portion of these costs stems from inefficiencies within the electrolyzer stack—particularly the electrode—where much of the system’s performance loss occurs. At the same time, India’s National Green Hydrogen Mission has set an ambitious target of producing 5 million metric tonnes of green hydrogen annually by 2030, highlighting the need for domestic innovation in electrolyzer components.
Founded in 2021 and headquartered in Bengaluru, Newtrace has developed Voltagen, a proprietary advanced electrode technology designed for alkaline water electrolyzers. The technology enhances energy efficiency, extends system lifetime, and helps reduce the overall cost of hydrogen production. As a drop-in replacement for existing electrodes, Voltagen allows electrolyzer manufacturers and hydrogen producers to upgrade system performance without requiring significant design changes.
Newtrace also offers membraneless electrolyzer technology as part of its broader innovation platform. The company primarily serves electrolyzer OEMs, green hydrogen project developers, and industrial gas companies, supporting India’s rapidly expanding electrolyzer manufacturing ecosystem as well as global customers seeking higher efficiency and more resilient supply chains.
Voltagen is built on three key technology pillars:
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High-performance catalytic architecture engineered at micro and nanoscale levels to improve efficiency
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Durable coating systems designed to ensure long operating life under industrial conditions
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Scalable manufacturing processes enabling commercial-scale production
These innovations help reduce energy consumption per kilogram of hydrogen produced while extending electrode life and providing a domestic alternative to imported components.
Newtrace was founded by Prasanta Sarkar and Rochan Sinha, who bring deep expertise in electrochemistry, materials science, and industrial scale-up. The company operates from a 30,000 square-foot technology centre in Bengaluru and is supported by a multidisciplinary team of more than 45 engineers and scientists. It has filed multiple patent applications and has received recognition under India’s National Green Hydrogen Mission.
Newtrace has also showcased its technology on global platforms, including a presentation before Narendra Modi during National Startup Day 2026.
“Green hydrogen’s cost problem is fundamentally a materials and manufacturing challenge,” said Prasanta Sarkar, CEO and Co-Founder of Newtrace. “Voltagen represents a new materials foundation that enables the efficiency and durability required to make green hydrogen cost-competitive. This funding will allow us to transition from proving the science to scaling manufacturing.”
Rochan Sinha, CTO and Co-Founder, added, “We built Newtrace to address one of the most critical yet underinvested components of the electrolyzer stack. Our focus now is on translating this technology into reliable and scalable manufacturing capable of serving the global hydrogen economy.”
The newly raised capital will be used to support pilot-scale manufacturing, customer validation, supply agreements, and the expansion of engineering and manufacturing capabilities. Newtrace expects to begin initial commercial deliveries of Voltagen electrodes within the next 12 months, positioning the company to play a key role in the evolving global hydrogen ecosystem.
