Filipino tech firm CostPlus Inc. has signed a letter of intent (LOI) with Indian investors to explore the introduction of advanced hydrogen fuel cell technology in the Philippines, the company announced following a high-level business roundtable in New Delhi.
The agreement was formalized during President Ferdinand Marcos Jr. ‘s state visit to India, where CostPlus CEO Anand Mahtani participated in the CEO Roundtable on 6 August. The LOI outlines a strategic collaboration to deploy clean energy technologies, targeting off-grid communities and aligning with both nations’ renewable energy goals.
“This partnership marks an exciting opportunity to accelerate the Philippines’ transition to green energy while creating local jobs,” said Mahtani.
CostPlus aims to deploy hydrogen fuel cells, a step forward in diversifying its energy portfolio, which already includes LED carbon battery manufacturing.
The company plans to develop local manufacturing capabilities, reinforcing its role as a domestic renewable energy innovator.
The collaboration is expected to stimulate investments, create green jobs, and boost technology transfer between India and the Philippines.
The initiative supports the Philippine government’s push for energy independence and carbon emissions reduction, aligning with its long-term sustainable development goals.
It reinforces the Marcos administration’s commitment to deepening bilateral ties with India, especially in technology and clean energy sectors.
Invest India, India’s national investment promotion agency, is expected to play a facilitative role in ensuring continued dialogue and investment flow.
By fostering this cross-border partnership, CostPlus is positioning the Philippines as a key player in the global clean energy transition, while advancing its national energy resilience and innovation agenda.
