Displaying items by tag: funding

Greece: The IFESTOS carbon capture project at Titan Group's Kamari cement plant was among eight CO₂ emissions-reducing projects chosen for funding following the latest EU Innovation Fund call for projects. IFESTOS consists of a planned 1.9Mt/yr carbon capture installation at the Kamari plant. Titan Group says that it has concluded necessary memoranda of understanding (MoUs) with suppliers. The IFESTOS project will receive a share of a funding pot worth a total Euro3.6bn.

Chair Marcel Cobuz said "We are truly excited that the European Commission has chosen to support our large-scale, highly innovative project. IFESTOS is a cornerstone of our accelerated decarbonisation roadmap to net-zero. In line with EU climate policy, together with our technology partners, we are pioneering an innovative carbon capture project, the largest in Europe, with a highly positive impact. The group has strong capabilities and is committed to executing this project fast over the next few years, decarbonising production and offering green growth opportunities to our customers in Europe. We embrace the opportunity to widely share our knowledge and expertise and promote green cements as modern materials for infrastructure and housing.”

Germany: The EU Innovation Fund has granted funding to the GeZero carbon capture project at Heidelberg Materials' Geseke cement plant in North Rhine-Westphalia. The project consists of a 700,000t/yr carbon capture system and an oxyfuel kiln upgrade. A captive solar power plant will provide energy for the new systems. CO₂ storage partner Wintershall Dea will receive purified liquefied CO₂ from the capture system via its Wilhelmshaven distribution hub for storage under the North Sea.

Heidelberg Materials Germany general manager Christian Knell said “This project sets an important milestone for the cement industry and for effective carbon management in Germany. We are now counting on the tailwind of Germany’s future Carbon Management Strategy and the regulatory framework to come.”

CEO Dominik von Achten added “With GeZero, we will once again show how Heidelberg Materials’ pioneering spirit is paving the way for the decarbonisation of our industry. We will be the first to realise a full CCS chain for the capture, transport and permanent storage of all CO₂ emissions from an inland location in Germany. I appreciate the support of the EU Innovation Fund, which expresses both an important recognition and the required backing from the political side.”

Spain: Cementos Tudela Veguín plans to spend more than Euro62.5m on sustainability-enhancing upgrades to its three cement plants in Asturias and one in León. The plans consist of upgrades to fuelling systems that will enable the plants to use biofuels and hydrogen, as well as efficiency upgrades. The La Nueva España newspaper has reported that the producer is seeking to secure European Union (EU) funding for the project. The region of Asturias is eligible for Euro263m-worth of regional decarbonisation funding under the EU's Strategic Project for Economic Recovery and Transformation.

A planned second phase of upgrades will consist of the installation of carbon capture systems at the plants. They emitted 1.67Mt CO₂ in 2022. 1.12Mt (67%) arose from the decarbonisation of limestone and 0.55Mt (33%) came from the combustion of fuel.

UK: Material Evolution raised US$19m in a Series A funding round to scale production of its 85% reduced-CO₂ cement. Material Evolution produces cement at ambient temperature using its own ambient fusion process. Its inputs consist of industrial wastes and feedstocks. Tech Crunch News has reported that venture capital firm Kompas VC led the funding, with participation from fellow venture capital firms Norrsken VC and Circle Rock Capital, as well as quarried materials producer SigmaRoc.

Material Evolution's CEO Elizabeth Gilligan said “Fusion technology has been hailed as the way to meet humanity’s energy needs for millions of years, whilst emitting no CO₂ or other greenhouse gases."

US: Ash Grove Cement has won funding for a US$15.2m front-end engineering design (FEED) study for a carbon capture installation at its 2Mt/yr Foreman cement plant in Arkansas. Parent company CRH said that the study will run for 24 months from its date of commencement. The project team also includes consultancy and research firms Advanced Resources International and Crescent Resource Information, as well as non-profit interstate policy organisation Southern States Energy Board. Equipment suppliers will include France-based industrial gases company Air Liquide and energy company Sargent & Lundy, while electricity provider Talos will participate as an energy sector stakeholder.

The Foreman cement plant carbon capture FEED study is one of eight projects selected by the US Department of Energy to receive part of a US$189m funding pot for carbon capture demonstrations across US industry.

Romania: Holcim Romania says that it has received Euro15.7m-worth of funding from the Romanian government. Romania Insiders News has reported that the company declined comment on its intended use of the funds.

Holcim Romania controls 3.5Mt/yr-worth of integrated production capacity across three cement plants in Argeș, Bihor and Cluj counties.

China: Anhui Conch and six partners have agreed to establish a partnership fund. The cement producer informed the Hong Kong Exchange that it will directly contribute US$211m into the fund. Securities firm Haitong Capital will provide fund management services as executive partner.

Bolivia: Itacamba Cemento declared a general assembly of bondholders on 22 May 2023 void after bondholders failed to attend in sufficient numbers for the meeting to proceed. The company said that there was insufficient quorum in accordance with the provisions of its bond issuance programme, and that the way forward would be to call a new assembly.

This story was amended on 26 May 2023, after a previous version erroneously stated that the bond issuance had been declared void - whereas it was the inquorate meetings that were declared void. Global Cement apologises for this error.

India: Adani Group has reportedly prepaid US$200m-worth of a US$1bn mezzanine loan for its acquisition of Holcim's Indian business in mid-2022. The loan will be due for repayment in September 2024. Bloomberg has reported that the conglomerate hopes that the part prepayment will help it to secure a three-year extension to repayment.

India: JSW One Platforms, JSW Group’s online business-to-business sales platform, has raised US$25m through an investment from Japan-based Mitsui Bussan. The business will use the funds to strengthen its market presence and further enhance technology capabilities. It also plans to expand its operations in Northern India, and to invest in credit, logistics and new technologies to improve customer experience. The platform stocks JSW Group subsidiary JSW Cement’s range of cement products. The Times of India newspaper has reported that Mitsui Bussan valued JSW One Platforms at US$336m.

JSW One Platforms CEO Gaurav Sachdeva said “There is a lot of distrust in the space and it’s highly fragmented. We want to be a one-stop shop for micro, small and medium-sized enterprises, with defined service level agreements and deliverables. We will be the fastest in the space to touch US$1bn in gross merchandise value.” Sachdeva added that he expects the platform’s sales to more than double to US$91.6m in the current, 2024, financial year, from US$36.6m in the 2023 financial year.