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Newtrace has completed a pre-Series A funding round, raising $6.3 million led by HDFC Bank and Mitsui Sumitomo Insurance. The funding will support scaling pilot manufacturing, technology validation, and expanding engineering capabilities for its Voltagen electrodes.

Founded in 2021, Newtrace develops technologies for green hydrogen production and targets electrolyzer manufacturers and hydrogen project developers. The company anticipates initial commercial deliveries within 12 months. The green hydrogen market is projected to grow significantly, yet high costs remain a barrier, with current hydrogen prices being more than double that of conventional options.