The government has appointed South Korean company G-Philos Company Limited to prepare a detailed feasibility study report for establishing a green hydrogen plant and fuel cell - the first of its kind in Nepal.

According to a press release issued by Investment Board Nepal (IBN), the board and the South Korean company signed an agreement on Thursday. Chief Executive Officer of IBN, Sushil Gyawali, and Chief Executive Officer of G-Philos, Gawoo Park, formalized the agreement.

Under the agreement, G-Philos will prepare a detailed feasibility study report and submit it to IBN within approximately 10 months after obtaining the survey permit from the board.

Speaking at a program organized in Kathmandu on Thursday, South Korean Ambassador to Nepal Park Tae-Yong highlighted Nepal’s immense potential for this type of renewable clean energy. “Such projects would be a milestone in achieving the sustainable development goals that Nepal has prioritized, while also adding a new dimension to bilateral relations between Nepal and South Korea,” he said.

G-Philos submitted a proposal to IBN on March 28 for the establishment, development, and operation of a green hydrogen and fuel cell plant in Nepal under a public-private partnership format. The proposal was approved at the 63rd board meeting of IBN.

CEO Gyawali said projects of this kind will play an important role in the exchange of capital and technology in a country like Nepal. He expressed his commitment to establishing a green hydrogen plant in Nepal as soon as possible after the feasibility study is finalized.

During the program, several officials and experts - including Chairman of the Electricity Regulatory Commission Ram Prasad Dhital, Director General of the Department of Electricity Development Jeebachh Mandal, Joint Secretary of the Ministry of Energy, Water Resources and Irrigation Chiranjivi Chataut, Executive Director of the Nepal Electricity Authority Hitendra Dev Shakya, and researcher Biraj Singh Thapa of Kathmandu University - shared their views on the existing policy and legal arrangements regarding green hydrogen in Nepal, its multifaceted benefits, and the future use of this type of energy, according to IBN’s press statement.