Cementir races on the Milan Stock Exchange in the wake of the major agreement signed in Denmark for CO2 capture. The subsidiary Aalborg Portland signed with the Danish Energy Agency an agreement that opens the way to subsidies of up to 2,2 billion of euros over a 15-year period, starting in 2030, when the plant linked to the Accsion project should become fully operational.
The mechanism provides for a contribution of approximately 117 euros for each ton of CO2 captured, up to a maximum of 1,25 million tonnes per year. Translated into numbers, this means up to 146 million euros per year for fifteen years, with amounts indexed to inflation. A significant public endowment, intended to support one of the most ambitious projects in Europe in the decarbonization of the cement industry, one of the most difficult sectors to convert from an environmental perspective.
The stock accelerates: yesterday the leap, today new purchases
The market reaction was immediate. Yesterday Cementir closed with a strong increase at Piazza Affari, with a 4,77% progress at 14,27 euros, after gaining over 9% during the session. The movement continues today, with the stock still in the spotlight: this morning, shares reached around 15,03 euros, up over 5%.
The size of the agreement is driving the purchases, but also its strategic valueThe Danish subsidy does not only represent long-term financial support but strengthens Cementir's industrial profile in Northern Europe and provides visibility to a project that could significantly impact the group's climate trajectory.
Accsion, the bet on CO2 capture
Il Accsion project The project aims to build a complete supply chain for the capture, transport, and onshore storage of CO2. This integrated nature is one of the initiative's core elements, but also one of its main challenges. Completion will depend on the coordinated and timely deployment of all necessary infrastructure.
Once operational, Accsion is expected to contribute nearly half of the Danish fund's overall goal of capturing 2,3 million tons of CO2 per year. For Cementir, the project is part of the group's climate strategy, aimed at achieving carbon neutrality for direct Scope 1 emissions at European cement plants. The initiative also supports the broader path to reducing the carbon intensity of operations, with the goal of cutting emissions by 30% by 2030 and achieving net-zero emissions by 2050.
Caltagirone Jr.: "A decisive step" towards decarbonization
“With this agreement we can take a decisive step towards the completion of one of the largest industrial CO2 capture projects in Europe, which will allow Cementir to place itself at the forefront of decarbonisation and demonstrate how 'hard-to-abate' sectors can be transformed on a large scale” commented Cementir. Francesco Caltagirone Jr, president and managing director of Cementir Holding.
