Costplus eyes hydrogen fuel cell venture

Energy company CostPlus Inc. is eyeing to introduce advanced hydrogen fuel cell technology into the Philippine market through a partnership with Indian business leaders.

The company disclosed on Monday that its CEO, Anand Mahtani, signed a Letter of Intent early this month in New Delhi, as it seeks to collaborate with Indian partners in providing energy solutions to meet the country’s growing demand for clean and renewable power, particularly in off-grid communities.

“CostPlus has always been at the forefront of technological innovation, particularly in the field of renewable energy,” Mahtani said.

“This partnership marks an exciting opportunity to accelerate the Philippines’ transition to green energy while creating local jobs and contributing to a more sustainable future for our country.”

Under the tie-up, CostPlus said it would provide access to hydrogen fuel cell systems and pursue further investments in renewable energy infrastructure and technology development.

The company also started building LED carbon battery manufacturing facilities in the country to strengthen the local supply chain.

CostPlus added that it will continue working with Invest India to encourage open dialogue and expand collaboration opportunities between the two countries.