Newtrace

HardwareBengaluru, IndiaFounded 2021· One of 1779 Hardware companies tracked by AMPulse

A climate-tech startup developing affordable green hydrogen electrolyzers using proprietary additive manufacturing and membrane-less technology to significantly reduce production costs.

CEO / Founder: Dr. Prasanta Sarkar
Team Size: 11-50
Stage: Growth Stage
Total Funding: $13.0M
Latest Round: Pre-Series A
Key Investors: Peak XV Partners, HDFC Bank, Mitsui Sumitomo Insurance Venture Capital, Speciale Invest, Aavishkaar Capital, Micelio Fund, Manish Prataprai Gandhi, Renu Manish Gandhi

Technology & Products

Key Products

Three product lines: VoltaGen high-performance PGM-free coated cathodes for alkaline electrolysers (flagship drop-in); complete alkaline electrolyser stacks modular from pilot to industrial; vertically integrated balance-of-plant (BOP). Also deployed membrane-less electrolyzers with industrial partners.

Technological Advantage

The 'Voltagen' electrodes serve as a drop-in replacement for existing alkaline electrolyzers, allowing for immediate efficiency upgrades without equipment redesign, while the modular stack design allows for rapid, decentralized scaling.

Differentiation

Value Proposition

Reduces green hydrogen production costs by up to 60% and capital expenditure (CapEx) by 5x through a modular, membrane-less design that eliminates the need for expensive rare earth metals.

How They Differentiate

Newtrace utilizes proprietary additive manufacturing (3D printing) to create a membrane-less electrolyzer architecture. This design eliminates the need for expensive membranes and rare earth metals (like Iridium and Platinum), reducing capital expenditure (CapEx) by up to 5x and hydrogen production costs by 60%.

Market & Competition

Target Customers

Electrolyzer OEMs, green hydrogen project developers, industrial gas companies, and heavy industries (refineries, steel, ammonia, and methanol plants).

Industry Verticals

Green Hydrogen Production, Industrial Decarbonization (Steel & Chemicals), Energy Storage, Heavy Mobility & Transport, Refineries

Competitors

Ohmium, Advanced Ionics, Enapter, EvolOH

Growth & Milestones

Growth Metrics

40+ team members, 4 PhD researchers, 30,000 sq ft technology facility in Bengaluru; VoltaGen claims up to 9.5 kWh/kg H₂ specific energy reduction and up to ₹60/kg LCOH saving; pilots with BPCL and ONGC.

Major Milestones

Successfully deployed pilot stacks with Bharat Petroleum (BPCL) and ONGC, Developed VoltaGen proprietary electrode technology as a drop-in replacement for alkaline electrolyzer cathodes, Secured $6.3M Pre-Series A funding in March 2026 (HDFC Bank, MSIVC, Peak XV, others) to scale manufacturing, Commercial deliveries of VoltaGen electrodes targeted within 12 months of Pre-Series A

Notable Customers

Bharat Petroleum Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC)

https://www.newtrace.io

Why this company matters

AMPulse analysis, not a company disclosure

Newtrace is a Bengaluru-based climate-tech startup developing green hydrogen electrolyzers that replace conventional membrane-based architectures with a proprietary membrane-less design enabled by additive manufacturing. The company's approach targets the two dominant cost drivers in electrolysis: expensive membranes and rare earth metal catalysts such as iridium and platinum. By printing electrolyzer components via additive manufacturing, Newtrace simplifies the supply chain and enables the use of transition metal catalysts instead of scarce materials.

The core product is a modular electrolyzer stack built around the company's 'Voltagen' electrode technology. Voltagen electrodes are designed as a drop-in replacement for existing alkaline electrolyzers, allowing industrial operators to upgrade efficiency without redesigning their balance of plant. Newtrace's membrane-less architecture also reduces capital expenditure by up to 5x and claims a 60% reduction in green hydrogen production cost. The company has established a 20 MW pilot manufacturing facility in Bengaluru and deployed MARK 4 (10 kW) pilot stacks with Bharat Petroleum Corporation Ltd (BPCL) in 2024.

Target customers include electrolyzer OEMs, green hydrogen project developers, industrial gas companies, and heavy industries such as refineries, steel, ammonia, and methanol plants. Newtrace has secured $13 million in total funding from investors including Peak XV Partners, HDFC Bank, Mitsui Sumitomo Insurance Venture Capital, Speciale Invest, and Aavishkaar Capital. The company competes with Ohmium, Advanced Ionics, Enapter, and EvolOH, but differentiates through its additive-manufactured, membrane-less architecture that eliminates both membrane supply chain dependencies and rare earth material costs.

The key open question for Newtrace is whether its membrane-less design can match the durability and efficiency of PEM and alkaline electrolyzers at scale. While the drop-in Voltagen electrode provides a low-risk entry point, the long-term viability of the full membrane-less stack in continuous industrial operation has yet to be proven across multi-megawatt deployments. The company's partnerships with two undisclosed large-scale energy utility pilot operators will be critical in validating its technology against incumbent solutions.