Newtrace Company Profile

Background

Overview

Founded in 2021, Newtrace is a Bengaluru-based climate-tech startup specializing in the development of innovative electrolyzer technologies for green hydrogen production. The company's mission is to decarbonize the world through innovation, enabling the widespread adoption of green hydrogen to combat climate change.

Mission and Vision

• Mission: Enabling the wide-scale adoption of green hydrogen to help fight climate change.

• Vision: To decarbonize the world through innovation.

Industry Significance

Newtrace's proprietary, patent-pending electrolyzer technology is designed to produce ultrapure hydrogen with up to a 60% reduction in overall production costs. This advancement positions the company as a significant player in the green hydrogen sector, addressing the global need for sustainable and cost-effective energy solutions.

Key Strategic Focus

Core Objectives

• Develop and deploy cost-effective, scalable electrolyzer technologies for green hydrogen production.

• Facilitate the decarbonization of industries such as refineries, fertilizers, chemicals, steel, cement, and transportation.

Areas of Specialization

• Design and manufacturing of advanced electrolyzers.

• Integration of green hydrogen solutions across various industrial sectors.

Key Technologies Utilized

• Patent-pending membrane-less electrolyzer technology.

• Advanced electrocatalysts utilizing abundant earth metals.

Primary Markets Targeted

• Oil refineries.

• Chemical industry (ammonia and methanol production).

• Steel and cement industries.

• Renewable energy storage.

• Mobility sectors, including freight, shipping, and aviation.

Financials and Funding

Funding History

• June 2022: Raised $1 million in a seed funding round co-led by Speciale Invest and Micelio Fund.

• May 2023: Secured $5.65 million in a seed funding round led by Sequoia Capital India and Aavishkaar Capital, with participation from existing investors Speciale Invest and Micelio Fund, as well as Ashish Goel, founder-CEO of Urban Ladder, and IKP Knowledge Park.

Utilization of Capital

The funds are intended to expand Newtrace's electrolyzer manufacturing and deployment capabilities in India and internationally. The company aims to develop electrolyzers up to 10 MW by 2027 to support the decarbonization of various industries.

Pipeline Development

Product Development Stages

• MARK 2: 1 kW stack electrolyzer.

• MARK 3: 10-100 kW fully automated system.

• MARK 4: 100-500 kW system, with a 10 kW stack scalable up to 500 kW as per requirement.

Pilot Deployments

• MARK 4 is being piloted by Bharat Petroleum Corporation Ltd. (BPCL).

• Upcoming commercial deployment with ONGC Energy Center.

Target Conditions and Timelines

• Focus on refineries, steel, and cement industries.

• Plans to build a 1 MW electrolyzer system for deployment in early next year, followed by 5 MW and 10 MW systems.

• Aims to set up a new manufacturing facility in Bengaluru next year to enable large-scale production.

Technological Platform and Innovation

Proprietary Technologies

• Membrane-less Electrolyzer Technology: Utilizes precision fluid engineering for gas separation, achieving ultrapure hydrogen production with minimal processing.

Significant Scientific Methods

• Advanced Electrocatalysts: Employs abundant earth metal-based electrocatalysts, achieving performance comparable to Proton Exchange Membrane (PEM) electrolyzers at or below the cost of alkaline electrolyzers.

Leadership Team

Prasanta Sarkar – Co-founder & CEO

• Background: PhD in Fluid Mechanics & Energy from University Grenoble Alpes, France; former aerospace engineer with experience at Leonardo Helicopters.

• Role: Oversees company strategy, operations, and product development.

Rochan Sinha – Co-founder & CTO

• Background: PhD in Applied Physics from Eindhoven University of Technology, Netherlands; expertise in renewable energy storage and generation technologies.

• Role: Leads technological innovation and development of electrolyzer technologies.

Competitor Profile

Market Insights and Dynamics

• Market Size and Growth Potential: The global green hydrogen market was valued at approximately $1 billion in 2021 and is projected to grow at a CAGR of 57.7% from 2022 to 2030, reaching around $33 billion by 2030.

• Industry Trends: Increasing demand for clean energy solutions and governmental green initiatives are driving rapid growth in the green hydrogen sector.

Competitor Analysis

• Ohmium: A venture capital-backed company based in Newark, CA, specializing in electrolyzer technology.

• Log9 Materials: A Bengaluru-based venture capital-backed company focusing on alternative energy equipment.

Strategic Collaborations and Partnerships

• Bharat Petroleum Corporation Ltd. (BPCL): Piloting Newtrace's MARK 4 electrolyzer system.

• ONGC Energy Center: Upcoming commercial deployment of Newtrace's electrolyzer technology.

Operational Insights

Strategic Considerations

• Market Position: Newtrace's innovative technology and cost-effective solutions position it as a competitive player in the green hydrogen market.

• Competitive Advantages: Proprietary membrane-less electrolyzer technology, reduced production costs, and focus on scalability.

Strategic Opportunities and Future Directions

Strategic Roadmap

• Develop and deploy larger electrolyzer systems (1 MW, 5 MW, and 10 MW) to meet industrial demands.

• Establish a new manufacturing facility in Bengaluru to scale production capabilities.

Opportunities for Expansion

• Explore global markets, particularly in the Middle East and Japan, for electrolyzer deployment.

• Expand solutions to include long-term storage and conversion of green hydrogen and ammonia.

Positioning for Future Objectives

• Leverage technological innovations and strategic partnerships to drive the adoption of green hydrogen across various industries.

• Continue to focus on reducing production costs and enhancing the scalability of electrolyzer technologies.

Contact Information

• Website: www.newtrace.io

• Headquarters: Bengaluru, India.