Greece is moving forward with a series of large-scale carbon capture and storage (CCS) investments valued at up to €3.6 billion (~$4.2 billion), as the country positions itself to build a national CO2 management network connecting heavy industry with offshore storage under the Aegean Sea.
Energean subsidiary EnEarth has launched a tender for drilling two wells at the Prinos site near Kavala, marking a key step toward establishing Greece’s first offshore CO2 storage facility.
The €1.2 billion (~$1.4 billion) project, supported by €270 million ($313 million) from the EU Innovation Fund, is expected to begin drilling in early 2026 pending environmental and permitting approvals from the Ministry of Environment and Energy.
Setting up the CO2 capture and transport infrastructure
Meanwhile, DESFA, Greece’s gas network operator, is advancing its ApolloCO2 project, which will capture, liquefy and transport CO2 from industrial sites to Prinos for permanent storage.
The project secured €169 million in EU Innovation Fund grants, with an initial €700 million ($810 million) investment and future expansion planned. DESFA is developing the system alongside Ecolog, a subsidiary of GasLog.
ApolloCO2 will also link to three major EU-funded capture initiatives:
Relevant: Greece Begins Construction On Landmark Olympus Carbon Capture Facility
- Heracles Group (Holcim) – the €400 million ($463 million) Olympus project in Milaki, Aliveri.
- Titan Cement – the €584 million ($676 million) Ifestos project in Boeotia.
- Motor Oil Hellas – the €300-400 million IRIS project in Agioi Theodoroi, integrating carbon capture with low-carbon hydrogen and e-methanol production.
DESFA is additionally seeking €30 million ($35 million) from the Connecting Europe Facility to build a 35-kilometer (22-mile) CO2 pipeline connecting refineries and industrial hubs in Elefsina, Boeotia, and Aspra Spitia.
Together, these efforts signal Greece’s emergence as a regional CCS hub, with infrastructure designed to serve both domestic emitters and potentially overseas customers.
Read more: Holcim Romania Carbon Capture Project Secures EU Innovation Fund Support