Global Infrastructure SherpaNewtrace secures $6.3 million Pre-Series A funding to advance green hydrogen electrolyser technology
USD6.3M
Deal Value
Bengaluru-based Newtrace secured $6.3 million in Pre-Series A funding, led by HDFC Bank and Mitsui Sumitomo Insurance, to enhance its green hydrogen production technology. The startup, founded in 2021, focuses on developing high-performance electrolyser components to improve efficiency and reduce costs within the green hydrogen sector.
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Counterparts (3)
Investor
Mitsui Sumitomo Insurance
Mitsui Sumitomo Insurance Co., Ltd. is a major Japanese non-life insurance company and a core subsidiary of MS&AD Insurance Group Holdings. It invests globally in various asset classes, including infrastructure funds, seeking stable, long-term returns to match its liabilities.
HDFC Bank
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HDFC Bank and Mitsui Sumitomo Insurance are making an early bet on green hydrogen's foundational technology, leading a $6.3 million Pre-Series A round for Bengaluru-based Newtrace. This capital injection targets the critical bottleneck of electrolyser efficiency and cost reduction, essential for making green hydrogen economically viable. For a bank and an insurance giant to back a 2021-founded startup in India, it suggests a calculated move into the underlying tech that will drive future energy transitions. This deal shows investors are looking beyond large-scale project financing to the core components needed to scale the sector.
- $6.3 million Pre-Series A funding
- HDFC Bank and Mitsui Sumitomo Insurance lead investors
- Bengaluru-based Newtrace, founded 2021
- Focus on green hydrogen electrolyser components
Timeline
Announced
Mar 11, 2026
Signed
Closed
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