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 €234 million.
IFESTOS represents the largest initiative of its kind in Europe, marking a monumental leap forward in TITAN's ambitious decarbonisation journey. This project 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.
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 1.9 million tons of CO2 annually, significantly contributing to Greece's net zero roadmap. At the same time, the project will enable TITAN to produce approximately 3 million tons per year 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 funded 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.
