The Olympus carbon capture project, led by Heracles Group, is one of the first of its kind in Greece and carries a price tag of €380 million (~$431 million).
The future of cement manufacturing hinges on carbon capture technologies, according to Greek Prime Minister Kyriakos Mitsotakis, who spoke at the groundbreaking of the initiative.
Located at the company’s Milaki cement plant on the island of Evia, the Olympus facility is designed to capture up to one million metric tons of carbon dioxide annually. Heracles aims to achieve net-zero emissions at the site by 2029.
Heracles isn’t alone in embracing carbon capture, utilization, and storage (CCUS) technology. Titan Group, another major cement manufacturer, is advancing its own €583 million (~662 million) project named Ifestos in Boeotia.
Once operational in December 2029, it is expected to cut carbon emissions by 1.9 million tons per year.
In the energy sector, Motor Oil Hellas plans to integrate a CCUS system into its Agioi Theodoroi refinery. The project, known as IRIS (Innovative low caRbon hydrogen and methanol productIon by large Scale carbon capture), is estimated to cost between €300 million and €400 million (between ~$340 million and ~$454 million).
It will combine carbon capture with the production of low-carbon hydrogen and e-methanol, ultimately reducing the refinery’s emissions by 25%. Both Titan and Motor Oil Hellas have secured funding from the European Union’s Innovation Fund to support their efforts.
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Captured carbon from these projects will be transported to an offshore site near Kavala for long-term storage.
Energean is redeveloping the Prinos oil field into a dedicated CO2 repository. The facility is expected to store up to 3 million tons of carbon annually in its first phase, doubling to 6 million tons upon expansion.
Initial drilling is slated for 2026. Energean’s subsidiary, EnEarth, has already signed 15 memoranda of understanding with domestic and international companies to utilize the storage site.
Read more: HERACLES And Air Liquide Partner For Olympus Carbon Capture Project In Greece
