Newtrace
Newtrace develops PGM-free VoltaGen coated cathodes, complete alkaline electrolyser stacks, and vertically integrated balance-of-plant systems for cost-competitive green hydrogen production, serving electrolyser manufacturers, project developers, and industrial gas and energy-intensive industry customers primarily in India.
- Company typePrivate
- Founded2021
- HeadquartersBengaluru, India
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Newtrace does
Newtrace is a Bengaluru-based climate-tech startup founded in 2021 that develops and commercialises advanced electrode and electrolyser technologies for green hydrogen production. The company is built around its proprietary VoltaGen coated cathode, a PGM-free and CRM-free high-performance electrode for alkaline water electrolysers that delivers up to 9.5 kWh/kg reduction in specific energy consumption and up to ₹60/kg savings in the levelised cost of hydrogen, with a rated current density of 0.5 A/cm2 and >99.9% hydrogen purity. The product is dimensionally compatible with existing alkaline stacks, enabling direct cathode replacement in both new builds and retrofits without modifications to cell geometry, balance-of-plant, or control systems. All manufacturing is conducted domestically in India at a 30,000 sq ft technology facility with in-house catalyst coating, assembly, and hydrogen testing capabilities.
The company's portfolio extends from the VoltaGen electrode component to complete alkaline electrolyser stacks (10-100 kW, 250-500 kW, and >1 MW configurations) and a vertically integrated balance-of-plant platform combining power electronics, fluid management, and real-time control. Newtrace operates a sales-led B2B go-to-market targeting electrolyser manufacturers, green hydrogen project developers, industrial gas companies, and energy-intensive industries (steel, cement, fertilisers, chemicals). The revenue model is hardware sales of components and systems on a quote-based, project-by-project basis, with pricing not publicly disclosed and commercial deliveries expected within 12 months of the March 2026 $6.3M pre-Series A round. Named deployment customers include BPCL and ONGC, both public-sector oil and gas companies, providing early reference validation in industrial hydrogen environments. The company has raised approximately $12.8 million cumulatively and was valued at $30 million post-money in its most recent round led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital.
Newtrace firmographics
Firmographics- Name
- Newtrace
- Legal name
- Newtrace Private Limited
- Website
- https://newtrace.io
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Newtrace develops PGM-free VoltaGen coated cathodes, complete alkaline electrolyser stacks, and vertically integrated balance-of-plant systems for cost-competitive green hydrogen production, serving electrolyser manufacturers, project developers, and industrial gas and energy-intensive industry customers primarily in India.
- Ownership category
- akta.pro rank
Newtrace industry classification
Industry- Product category
- Hydrogen Electrolyzers
- NAICS
- Battery Manufacturing (33591)
- akta.pro primary industry
- Cell Manufacturing (Cylindrical, Prismatic, Pouch) (EUAFABAG)
- akta.pro secondary industry
- Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB)
Keywords
Where Newtrace is headquartered
LocationHeadquarters
- HQ city
- Bengaluru
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Newtrace business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales
Revenue model
- VoltaGen Electrode Sales: Sale of proprietary VoltaGen coated cathodes to electrolyser manufacturers, project developers, and industrial gas companies. Electrodes are sold as replacement components compatible with existing alkaline electrolyser stacks, enabling both new build and retrofit revenue streams.
- Alkaline Electrolyser Systems: Sale of complete alkaline electrolyser stacks (10–100 kW, 250–500 kW, >1 MW) built around the VoltaGen cathode. Modular systems scalable from pilot to industrial capacity, sold as turnkey solutions to industrial hydrogen producers.
- Balance of Plant Systems: Sale of vertically integrated balance-of-plant systems (power electronics, fluid management, real-time control) as standalone or bundled offerings alongside electrolyser stacks, targeting customers seeking complete system solutions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | VoltaGen Coated Cathode — Enterprise Quote-Based |
| Other | Multi-year contract | Electrolyser Systems (10–100 kW, 250–500 kW, >1 MW) — Project-Based |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Newtrace product offering
Product offeringCore offering
Newtrace develops and manufactures advanced electrode and electrolyser technology for alkaline water electrolysis used in green hydrogen production. Its flagship VoltaGen is a high-performance PGM-free coated cathode engineered for retrofit compatibility with existing alkaline stacks, delivered alongside complete alkaline electrolyser systems (10–100 kW, 250–500 kW, >1 MW) and vertically integrated balance-of-plant (BOP) platforms combining power electronics, fluid management, and real-time control. The portfolio is offered as component-to-system hardware manufactured in India.
Product overview
Newtrace offers three integrated product lines for green hydrogen production, spanning from components to complete systems: VoltaGen (high-performance coated cathode for alkaline electrolysers) as the core electrode technology; complete Alkaline Electrolyser stacks built around the VoltaGen cathode; and Vertically Integrated Balance of Plant systems combining power electronics, fluid management, and real-time control. The portfolio is designed as a component-to-system offering where VoltaGen serves as the flagship proprietary electrode that can be deployed either as a standalone component or integrated into complete electrolyser systems with BOP.
Differentiator
Problem solved
Functional benefit
Brands
- VoltaGen: High-performance coated cathode product line for alkaline water electrolysers, reducing specific energy consumption by up to 9.5 kWh/kg H2, PGM-free and fully manufactured in India.
Products and services
- VoltaGen Coated Cathode High-performance coated cathode for alkaline water electrolysers engineered through systematic screening of 1,000+ catalyst-substrate combinations. Reduces specific energy consumption by up to 9.5 kWh/kg H2 (up to Rs 60/kg H2 cost saving). PGM-free and CRM-free, 100% domestically manufactured in India, rated current density of 0.5 A/cm2, and dimensionally compatible with existing alkaline electrolyser stacks for direct cathode replacement without modifications.
- Alkaline Electrolyser Systems
Quantifiable outcome
- Reduces specific energy consumption by up to 9.5 kWh/kg H₂
- +4 more outcomes
Companies that use Newtrace
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
Newtrace technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Newtrace partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered flagship.
- BPCL (Bharat Petroleum Corporation Ltd.)flagshipBPCL, a public sector undertaking (PSU) oil refiner, is a deployment partner for Newtrace's membrane-less electrolyzers. This represents Newtrace's first commercial deployment at a major Indian energy company's refinery, validating the technology in a real industrial environment.
- ONGC (Oil & Natural Gas Corporation)flagshipONGC, India's largest oil and gas exploration PSU, has partnered with Newtrace on hydrogen projects in the upstream sector. This deployment validates Newtrace's electrolyser technology in ONGC's operations and provides reference customer credibility for future enterprise sales.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Newtrace competitors and assessment
Company assessmentDirect peers
- Nel ASA: Norwegian-based global leader in alkaline and PEM electrolyzer manufacturing, offering both electrode/stack components and complete systems. Directly comparable to Newtrace across product portfolio, technology focus, and target industrial hydrogen customers.
- thyssenkrupp nucera: German electrolyzer technology company focused on alkaline water electrolysis for green hydrogen production at industrial scale. Directly comparable in technology roadmap, customer segments, and large-scale project delivery model.
- John Cockerill Hydrogen: Belgian industrial group with dedicated hydrogen business manufacturing alkaline electrolyzer stacks for industrial-scale green hydrogen projects. Closely comparable in alkaline technology focus, stack-level offerings, and industrial customer targeting.
- Ohmium International: India-headquartered PEM electrolyzer company targeting similar customers — industrial hydrogen producers and project developers in India. The closest direct competitor in the Indian market and a key benchmark for Newtrace's domestic go-to-market execution.
- ITM Power: UK-based electrolyzer manufacturer focused on PEM technology for green hydrogen production. Comparable product category (hydrogen electrolyzers) and target customers (industrial offtakers, project developers) despite different underlying technology.
- Electric Hydrogen: US-based PEM electrolyzer company focused on large-scale green hydrogen production for industrial customers. Comparable in offering complete electrolyzer systems, targeting industrial offtakers, and competing for the same project developer and industrial customer segments as Newtrace.
- SunGreenH2: Singapore-based manufacturer of alkaline electrolyzer components and stacks targeting industrial green hydrogen production. Directly comparable in alkaline technology focus, emerging-market expansion model, and component-to-system product architecture.
Broad incumbents
- Cummins Accelera: US-based industrial conglomerate with an electrolyzer business (formerly Hydrogenics) offering both PEM and alkaline systems. Overlaps with Newtrace in electrolyzer manufacturing but as part of a much broader industrial portfolio spanning engines, power systems, and components.
- Plug Power: US-based broad hydrogen ecosystem player spanning PEM electrolyzers, fuel cells, and hydrogen production. Overlaps with Newtrace in electrolyzer systems for green hydrogen but operates across a much wider hydrogen value chain.
- Adani New Industries: Indian conglomerate with significant green hydrogen ambitions spanning production, electrolyzer deployment, and offtake. Represents a potential competitor and offtake partner for Newtrace in India, but operates across the entire hydrogen value chain rather than as a pure electrolyzer manufacturer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Newtrace social profiles
Digital presenceNewtrace financial estimates
Financial estimateRevenue estimate
Valuation estimate
Newtrace leadership team
Management profileNumber of profiles
Profiles2 records
Newtrace funding detail
Funding detailFunding overview
Funding rounds3 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Newtrace M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Newtrace
What does Newtrace do?
Newtrace develops and manufactures advanced electrode and electrolyser technology for alkaline water electrolysis used in green hydrogen production. Its flagship VoltaGen is a high-performance PGM-free coated cathode engineered for retrofit compatibility with existing alkaline stacks, delivered alongside complete alkaline electrolyser systems (10–100 kW, 250–500 kW, >1 MW) and vertically integrated balance-of-plant (BOP) platforms combining power electronics, fluid management, and real-time control. The portfolio is offered as component-to-system hardware manufactured in India.
Is Newtrace a public or private company?
Newtrace is a private company. It is classified as venture growth investor backed and is currently operating.
When was Newtrace founded?
Newtrace was founded in 2021. It employs 11 to 50 people.
Where is Newtrace based?
Newtrace is headquartered in Bengaluru, India, in the Asia region.
How does Newtrace make money?
Three revenue lines are on record. VoltaGen Electrode Sales are the primary driver. The others are alkaline Electrolyser Systems and balance of Plant Systems.
Who are Newtrace's main competitors?
Direct peers on record are Nel ASA, thyssenkrupp nucera, John Cockerill Hydrogen, Ohmium International, ITM Power, Electric Hydrogen and SunGreenH2. Broad incumbents are Cummins Accelera, Plug Power and Adani New Industries.
Does Newtrace have an API?
No public API is recorded for Newtrace.
What industry is Newtrace in?
Newtrace's product category is Hydrogen Electrolyzers. Its primary akta.pro industry code is EUAFABAG, Cell Manufacturing (Cylindrical, Prismatic, Pouch), with a secondary code of IMAGAHAB, Battery Modules & Packs (Industrial/Commercial pack assembly). Its NAICS code is 33591.