The Investment Board Nepal (IBN) has signed a memorandum of understanding with South Korea’s G-Philos to prepare a detailed feasibility study report for establishing a green hydrogen and fuel cell plant in Nepal.

The agreement was signed in Kathmandu on Thursday by IBN Chief Executive Officer Sushil Gyewali and G-Philos CEO Gawoo Park.

Under the MoU, the Korean company will conduct the study and submit a detailed feasibility report within 10 months of receiving survey permission from the board.

South Korean Ambassador to Nepal Park Tae-Young, who was present at the signing ceremony, said Nepal has vast potential for renewable clean energy. He said such projects would not only support Nepal’s commitment to sustainable development goals but also strengthen bilateral relations between the two countries.

Speaking at the programme, IBN CEO Gyewali said the project would contribute significantly by bringing technical expertise and investment into Nepal.

He expressed confidence that the proposed company would deliver a high-quality feasibility report and added that the government was committed to ensuring that a green hydrogen plant could be established in Nepal as soon as possible following the study.

G-Philos had submitted its proposal to establish and operate a green hydrogen and fuel cell plant under a public-private partnership model on April 28.

The 63rd board meeting of the IBN, which is headed by the prime minister, decided to partner with the company and provide survey permission for the project.

Officials at the event described the initiative as a stepping stone for Nepal to diversify its energy mix, reduce reliance on traditional energy sources, and attract international investment and technology transfer. They also underlined the importance of hydrogen energy in achieving the country’s long-term energy security and sustainability goals.