Greece – European Union Innovation Fund has chosen to co-finance the ambitious “Olympus” CO2 capture project led by Heracles Group.
This transformative initiative aims to turn Heracles Group’s plant in Milaki, Evia, into a Zero Carbon cement plant, utilizing innovative carbon capture and storage (CCS) technologies. The EU Innovation Fund, one of the world’s largest funding programs for large-scale decarbonization technologies, is set to grant EUR 124.5 million of the total investment exceeding EUR 300 million.
The primary goal of the “Olympus” project is to revolutionize cement production by achieving a “net-zero carbon” future for Heracles Group and the broader building materials industry in Greece and Europe. By capturing 1,000,000 tons of CO2 per year, the Milaki transformation project aims to contribute to the company’s carbon footprint reduction and align with the decarbonization and climate neutrality targets outlined in the United Nations 2030 Agenda for Sustainable Development and the European Green Deal.
Green transition catalyst
The impact of the “Olympus” project extends beyond Heracles Group, influencing the broader industry landscape in Greece and Europe. By successfully implementing a large-scale CCS initiative, the project not only reduces the environmental footprint of cement production but also serves as a catalyst for the green transition in the region.
