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Can Newtrace Turbocharge India’s Push For Green Hydrogen Dominance?

Inc42 · 1y ago

Can Newtrace Turbocharge India’s Push For Green Hydrogen Dominance?

Indian startup Newtrace is developing membrane-less electrolyser technology to produce green hydrogen. The company claims that its proprietary technology offers almost 99.9% pure hydrogen at a reduced cost. Newtrace has developed three versions of its electrolysers and has received $5.65m in seed funding. The company aims to complete the development and demonstration cycle in India before expanding to other markets. Green hydrogen is seen as a solution for reducing carbon emissions and decreasing dependence on fossil fuels in various sectors such as transportation and industry.

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Panel moots slashing GST on Green H2 to 5%

Economic Times

Economic Times · 8m ago

Panel moots slashing GST on Green H2 to 5%

A panel has recommended reducing the Goods and Services Tax (GST) on green hydrogen from 18% to 5%, and also on storage batteries and green hydrogen electrolysers, which are crucial for green hydrogen production. These recommendations will be reviewed by the GST Council in July. The industry believes the tax cuts will lower costs, boost the adoption of green hydrogen and energy storage solutions, and support India’s clean energy objectives.

Govt launches Rs 100-crore scheme for startups to aid innovations in green hydrogen - The Economic Times

Economic Times

Economic Times · 5m ago

Govt launches Rs 100-crore scheme for startups to aid innovations in green hydrogen - The Economic Times

Union Minister Pralhad Joshi introduced a Rs 100-crore scheme to support green hydrogen startups, offering up to Rs 5 crore per project for innovations in hydrogen production, storage, transport, and utilization. Launched during the Green Hydrogen R&D Conference, this initiative aims to transform India into a global green hydrogen hub. The plan involves collaboration with leading institutions, fostering thousands of new jobs, enhancing international partnerships, and boosting India’s export competitiveness with dedicated hydrogen hubs.

Hydrogen to play transformative role in India's space missions, transportation, clean energy future: ISRO Chairman

Economic Times

Economic Times · 5m ago

Hydrogen to play transformative role in India's space missions, transportation, clean energy future: ISRO Chairman

Hydrogen is poised to revolutionize India's space missions, transportation, and clean energy landscape, states ISRO Chairman V Narayanan. ISRO's advancements, including the successful launch of the GSLV Mk III rocket, highlight their mastery of hydrogen technology. Additionally, India’s National Green Hydrogen Mission focuses on transitioning to a hydrogen-based economy, aiming for significant green hydrogen production and job creation by 2030. These efforts aim to establish India as a global leader in sustainable energy solutions.

Hero Future Energies launches green hydrogen plant in AP for blending with piped & liquefied natural gas

Livemint

Livemint · 12m ago

Hero Future Energies launches green hydrogen plant in AP for blending with piped & liquefied natural gas

Hero Future Energies has inaugurated a green hydrogen plant in Tirupati, Andhra Pradesh, to supply Rockman Industries with a blend of green hydrogen, piped natural gas, and liquefied petroleum gas. This initiative, praised by Chief Minister N. Chandrababu Naidu, aims to reduce industrial emissions, setting a precedent for India’s energy transition. The state’s renewable resources and industrial demand position it as a potential leader in green hydrogen usage across various sectors.

Venture Catalysts Leads $850K Seed Round in H2 Carbon Zero to Eliminate Diesel Generators with Made-in-India Hydrogen Fuel Cells

StartupTalky

StartupTalky · 4m ago

Venture Catalysts Leads $850K Seed Round in H2 Carbon Zero to Eliminate Diesel Generators with Made-in-India Hydrogen Fuel Cells

Venture Catalysts led a $850K seed round in H2 Carbon Zero, an Indian company producing hydrogen fuel cells to replace diesel generators. The investment supports the development of India’s first gigawatt-scale hydrogen fuel factory. Co-founders Santosh Gurunath and Laxmikant Banjarey aim to deploy affordable, clean power solutions in various sectors. This aligns with India’s National Green Hydrogen Mission to foster local value creation and address a significant domestic and global market opportunity.

Hydrogen Electrolyzer Development in India: Sterling Generators Partners with Tecnicas Reunidas

Thehindubusinessline

Thehindubusinessline · 1y ago

Hydrogen Electrolyzer Development in India: Sterling Generators Partners with Tecnicas Reunidas

Sterling Generators, a subsidiary of Sterling & Wilson, has partnered with Spanish firm Tecnicas Reunidas to develop a 1 MW hydrogen electrolyser in India. The electrolyser, which is a key component in the production of green hydrogen, is expected to be commissioned in late 2024 and can be scaled up to 10 MW. The partnership aims to support India's renewable energy targets and leverage the country's solar and wind resources for green hydrogen production. Electrolysis, the process of splitting water into hydrogen and oxygen using electricity, offers a promising avenue for carbon-free hydrogen production from renewable sources.

Indian Oil draws up green hydrogen fuel retail network plan

Livemint

Livemint · 7m ago

Indian Oil draws up green hydrogen fuel retail network plan

Indian Oil Corp. (IOC) plans to establish a nationwide green hydrogen fuel retail network as part of a $30 billion investment to achieve net zero emissions by 2046. The initiative will replace grey hydrogen with green hydrogen for internal use in refineries and cater to growing mobility demand for green hydrogen fuel cells in India. The strategy underscores Indian Oil's commitment to sustainable energy solutions and expanding its role in the green hydrogen market.

Sarbananda Sonowal flags off India's first indigenous hydrogen fuel-cell vessel in Varanasi

Economic Times

Economic Times · 2m ago

Sarbananda Sonowal flags off India's first indigenous hydrogen fuel-cell vessel in Varanasi

Union Minister Sarbananda Sonowal inaugurated India’s first indigenous hydrogen fuel-cell vessel in Varanasi, highlighting progress in clean and sustainable inland water transport. The vessel reflects India’s technological growth and commitment to green energy. Sonowal emphasized India’s move towards green energy, aligning with initiatives like the Jal Marg Vikas Project and strategic frameworks such as Maritime India Vision 2030. India's waterways modernisation includes navigation channel expansion, modern terminals, and an increased focus on alternative fuels.

TKIL Industries ties up with Switzerland-based SoHHytec, plans green hydrogen plant in India next year

Economic Times

Economic Times · 5m ago

TKIL Industries ties up with Switzerland-based SoHHytec, plans green hydrogen plant in India next year

TKIL Industries has partnered with Swiss company SoHHytec to set up a green hydrogen plant in India next year using innovative artificial photosynthesis technology. This collaboration aims to provide cost-efficient green hydrogen solutions for industrial applications. TKIL, an EPC contractor, is engaging with sectors like steel and oil marketing companies to establish green hydrogen plants. The move aligns with India's National Hydrogen Mission to boost green hydrogen production and reduce fossil fuel dependence.

Exclusive: Newtrace to raise pre Series A funding led by HDFC Bank

Entrackr

Entrackr · 3d ago

Exclusive: Newtrace to raise pre Series A funding led by HDFC Bank

Newtrace is set to raise Rs 28 crore (approximately $3.12 million) in a pre-Series A round from HDFC Bank and Japan-based Mitsui Sumitomo Insurance. Existing investors Aavishkaar Capital, Peak XV Partners, Speciale Invest, and Micelio Fund also participated in the new round. The board at Newtrace approved the issue of 2,541 pre-Series A CCCPS at an issue price of Rs 111,694 each to raise the funds, according to a filing with the Registrar of Companies (RoC). HDFC Bank will lead the new round with Rs 4.9 crore, followed by Peak XV, Aavishkaar Capital, and Mitsui Sumitomo Insurance, which will invest Rs 4.35 crore each. Speciale Invest, Micelio Technology Fund, and other existing investors will contribute the remaining amount. Newtrace's valuation post-money is estimated to be Rs 237 crore (approximately $26 million). The proceeds will be used for product development, expansion, infrastructure and delivery capabilities, and overall growth. Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops cost-efficient electrolyzer technology for green hydrogen production. Prior to this round, Newtrace raised over $6.5 million, including a $5.65 million round in May 2023 led by Peak XV and Aavishkaar Capital. Speciale Invest will hold a 12.88% stake after the allotment of the new round, followed by Peak XV (12.88%), Micelio Technology Fund (11.65%), Aavishkaar Capital (5.80%), HDFC Bank (2.11%), and Mitsui Sumitomo (1.84%). For the fiscal year ended March 2025, Newtrace reported Rs 1.8 crore in operating revenue, with losses widening 73% to Rs 15.6 crore.

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