Holcim launches Olympus project in Greece, targets 2 mil mt of cement by 2029

Greek Prime Minister Kyriakos Mitsotakis inaugurated Holcim's Olympus project at its Milaki plant in Greece on May 30, which is expected to increase the company's production capacity to 2 million mt/year, starting in 2029, according to a statement from the company.

With an investment of Eur400 million ($229 million), the project aims to advance Europe's Clean Industrial Deal and has secured a grant from the EU Innovation Fund.

"Holcim is on course to make near-zero cement and concrete a reality at scale this decade," the Swiss company's CEO Miljan Gutovic said.

"The Olympus project in Greece is one of our seven large-scale, European Union-supported carbon capture, utilization and storage projects that are setting the Clean Industrial Deal in motion. Together, these will enable Holcim to offer over 8 million mt of near-zero cement each year across Europe by 2030," he added

The Olympus project is set to employ two innovative technologies, OxyCalciner and Cryocap FG, for the efficient capture of carbon emissions. Additionally, Holcim said it had partnered with Air Liquide on the initiative, which will be funded with Eur125 million from the EU Innovation Fund, financed by revenues generated from the EU Emissions Trading System.

"This is a project of strategic importance, a project made possible thanks to the combination of private funding from the parent company...as well as significant European funding," PM Mitsotakis said.

Platts assessed CEMDEX Turkey cement at $54/mt FOB on May 29.