TITAN announces IFESTOS grant agreement with EU Innovation Fund

TITAN announces IFESTOS grant agreement with EU Innovation Fund
19 December 2023

TITAN has signed a Grant Agreement with the EU Innovation Fund for IFESTOS, its pioneering carbon capture project in Greece, following its selection in July, in the context of the fund’s third call for large-scale projects. The EU Innovation Fund, one of the world’s largest funding programmes for innovative low-carbon technologies, will support TITAN's project with a grant of EUR234m.

IFESTOS is poised to accelerate the green transformation of the Greek building materials industry and play a pivotal role in promoting carbon capture technology across the continent, claims TITAN.

Aris Tsikouras, director and IFESTOS project leader, stated: “This agreement solidifies our Group’s role as leaders in driving transformative change in industrial decarbonisation across Europe. IFESTOS encapsulates our commitment to sustainability and innovation, forging a path toward a cleaner, greener, and more resilient future for the industry, in line with EU climate policy.”

IFESTOS, an integral component of TITAN’s extensive decarbonisation roadmap towards net zero by 2050, involves the construction of an innovative industrial-scale carbon capture facility at TITAN’s flagship Kamari plant near Athens, Greece. Subject to permitting and regulation, this facility, the largest carbon capture project in Europe, will capture 1.9Mta of CO2, significantly contributing to Greece’s net zero roadmap. At the same time, the project will enable TITAN to produce approximately 3Mta of zero-carbon cement to cater to the growing needs for green construction in the metropolitan area of Athens and beyond. This will make IFESTOS the largest cement carbon capture facility to be funded to date by the EU Innovation Fund.

IFESTOS will form an integral part of a broader ecosystem that combines carbon capture with CO2 transportation and storage infrastructure. TITAN has already signed Memorandums of Understanding with potential technology and value chain partners and, following the Grant Agreement conclusion with the EU Innovation Fund, is steadily advancing across all fronts to mature and implement the project.

Published under Cement News