HERACLES Group’s OLYMPUS Project Included in the National “Strategic Investments of Exceptional Importance” Framework
HERACLES Group announces the approval of its flagship project, OLYMPUS CCS, as a Strategic Investment by the Ministry of Development, as part of the Ministry’s initiatives to promote investments that accelerate the green transition and foster innovation. The project was endorsed during the recent Interministerial Committee for Strategic Investments. As an Exceptional Significance Flagship Investment, it will benefit from an accelerated permitting process (fast-track) and additional investment incentives.
Co-funded by the European Union’s Innovation Fund, OLYMPUS CCS represents a decisive step toward the decarbonization of the cement industry and supports the green transition of both Greece and Europe.
In its first phase, the project foresees a fundamental transformation of the production process at the Milaki cement plant, aiming to increase the use of alternative fuels, enhance productivity and introduce innovative products by improving their environmental footprint. In its second phase, it includes the installation of an advanced Carbon Capture & Storage (CCS) unit at the Group’s Milaki plant in Evia, deploying the pioneering OxyCalciner and Cryocap™ FG technologies. The combination of these technologies makes OLYMPUS one of the most advanced large-scale projects in the European building materials sector.
Upon completion of both phases, the project is expected to capture up to 1 million tons of CO₂ per year, significantly reducing the carbon footprint of Greek industry and contributing to a more sustainable future for generations to come.
OLYMPUS is not only a technological milestone but also a strategic and emblematic investment of national and European importance. It strengthens the competitiveness and outward orientation of Greek industry and highlights HERACLES Group’s leadership in sustainable development and innovation.
Commenting on the approval, Dimitris Chanis, CEO of HERACLES Group, stated:
“The approval of the OLYMPUS CCS project as a Flagship Investment of exceptional significance by the Ministry of Development is an important milestone that underscores its value for our country. Through high-tech, productivity-enhancing and environmentally impactful investments, we are steadily delivering the project according to schedule, aiming to actively contribute to the decarbonization of our sector and to Greece’s transition to a green and competitive economy, while demonstrating our confidence in the country’s growth path.”
