Innovation Fund

The European Innovation Fund finances a Bulgarian project for the first time

At a ceremony in Brussels yesterday, 19.01.2023, "Devnya Cement" AD signed an official financing agreement under the Innovation Fund for the ANRAV project for capturing and storing carbon emissions. This is the first such project in Eastern Europe, as well as the first financed under the Balkan Innovation Fund.
The Anrav project aims to turn the Devnya Cement AD plant in the city of Devnya into the first carbon-neutral industrial enterprise in the country by implementing a system for capturing, transporting and storing CO2 emissions with a capacity of about 800,000t CO2 per year with a start-up date of 2028.
The entire financing under the Innovation Fund is in the amount of just under 190 million euros, with the main beneficiary being "Devnya Cement" AD, and the strategic partner the company PetroCeltic, operating in the oil and gas industry. The rest of the financing of the Anrav project is planned with own funds from the company owner of "Devnya Cement" AD, Heidelberg Materials.

"We are ambitious to implement the first project in Eastern Europe for the capture and storage of carbon emissions. We understand the responsibility towards the realization of this project, the information campaign towards the society and our immediate neighbors and we will work hard as a team to achieve the goal - the first carbon neutral plant in Eastern Europe" - commented on the topic Mihail Polendakov, executive director of "Devnya Cement" AD .