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Newtrace raised ₹56.93 crore ($6.3 million) in Pre-Series A funding led by HDFC Bank and Mitsui Sumitomo Insurance to scale its Voltagen electrodes, which enhance green hydrogen production efficiency. The funding will support pilot-scale manufacturing, customer validation, and engineering capabilities, with initial deliveries expected within 12 months.

Currently, green hydrogen costs between $4 to $10 per kilogram, posing a significant barrier to adoption. Newtrace's technology aims to reduce these costs by improving the performance of electrolyzer electrodes, addressing a critical aspect of hydrogen production.