Heidelberg Materials
Note: This is a daily stock update and the information stands true as of 28/07/25, 09:00 CET.
Company Update:
As we anticipated, Heidelberg’s bet on the green agenda is starting to backfire. Its €500 million carbon capture project in Geseke, Germany — designed to capture and liquefy 700,000 tons of CO₂ annually — is now on hold, despite EU support and plans to start construction next year. Heidelberg had aimed to replicate the CCS model it launched in Norway, but in Germany, the political signals and financial support don’t match. The government talks up CCS, yet slashed its clean industry budget from €24.5 billion to just €1.8 billion. With no firm timeline, the project is too risky to move forward. And Heidelberg is left with a high-profile green investment stuck in limbo.
Expert Opinion:
This is a negative for Heidelberg Cement. It is possible the project will be cancelled (i.e., less capex but writing down assets is never good news). More importantly, in our expert's opinion, this is worrying for all carbon capture players. Germany, like many Western countries is facing massive budget constraints and its decision to slash the clean industry budget demonstrates that this is no priority. Our expert expects similar moves going forward and without subsidies, these technologies are not economically viable ( at least with current technologies and with the current price of CO2). This is a negative X read for Technip Energies, Equinor, Shell, ENI and to a lesser extent, Total.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
Company Update:
As we anticipated, Heidelberg’s bet on the green agenda is starting to backfire. Its €500 million carbon capture project in Geseke, Germany — designed to capture and liquefy 700,000 tons of CO₂ annually — is now on hold, despite EU support and plans to start construction next year. Heidelberg had aimed to replicate the CCS model it launched in Norway, but in Germany, the political signals and financial support don’t match. The government talks up CCS, yet slashed its clean industry budget from €24.5 billion to just €1.8 billion. With no firm timeline, the project is too risky to move forward. And Heidelberg is left with a high-profile green investment stuck in limbo.
Expert Opinion:
This is a negative for Heidelberg Cement. It is possible the project will be cancelled (i.e., less capex but writing down assets is never good news). More importantly, in our expert's opinion, this is worrying for all carbon capture players. Germany, like many Western countries is facing massive budget constraints and its decision to slash the clean industry budget demonstrates that this is no priority. Our expert expects similar moves going forward and without subsidies, these technologies are not economically viable ( at least with current technologies and with the current price of CO2). This is a negative X read for Technip Energies, Equinor, Shell, ENI and to a lesser extent, Total.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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