The EU Innovation Fund has chosen to co-finance Heracles Group’s (Holcim) Olympus CO2 capture project. The Olympus project aims to transform Heracles Group’s plant in Milaki, Greece, into a zero carbon cement plant through the use of innovative carbon capture and storage (CCS) technologies. The project marks an investment of over EUR300m, of which the EU Innovation Fund will grant EUR124.5m.
Dimitris Chanis, Heracles Group CEO, said, “With the Olympus project, we make another strategic investment in Greece, with the support of EU's Innovation Fund, that will drastically reduce our environmental footprint and yield multiple economic and environmental benefits for the country, accelerating its green transition. The implementation of this investment will contribute to both the minimisation of the company’s carbon footprint and the achievement of the decarbonisation and climate neutrality targets set by the United Nations 2030 Agenda for Sustainable Development and the European Green Deal."
This transformation project in Milaki is expected to have a capture capacity of 1Mta of CO2, paving the way for a net-zero carbon future for the company and the building materials industry in Greece and Europe at large. In 2029 Heracles Group hopes to market ECOPlanet ZERO cement with zero carbon footprint.
The Olympus project is one of 17 projects selected for funding, among the 139 proposals submitted to the EU Innovation second fund in 2022 claiming EUR1.8bn.
Heracles Group’s Olympus CO2 capture project receives EU Innovation Funding
