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OFFON

HEIDELBERGCEMENT AG

(HEI)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 12/02 04:52:08 am
60.47 EUR   +0.72%
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HeidelbergCement one step closer to CCS in UK: HyNet North West project receives government funding

10/20/2021 | 11:31am EST
  • HeidelbergCement's British subsidiary Hanson UK and its partners in the HyNet North West consortium will receive government funding for their planned low-carbon industrial cluster.
  • This also gives Hanson the confidence to invest in a carbon capture plant at its Padeswood cement works, which will connect to the planned HyNet CO2 transport and storage system.
  • HyNet will reduce regional CO2 emissions by up to 10 million tonnes - including up to 800,000 tonnes from Hanson's Padeswood plant - every year by 2030; the equivalent of taking four million cars off the road.

HeidelbergCement's British subsidiary Hanson UK and its partners in the HyNet North West consortium, which aims to create the world's first low-carbon industrial cluster in the region of North West England and North Wales, were chosen for funding under the British government's carbon capture, usage and storage (CCUS) cluster sequencing process. HyNet's proposed hydrogen and carbon capture and storage (CCS) project will play a critical role in the UK's transition to net zero greenhouse gas emissions by 2050 and the fight against climate change.

The announcement will result in huge economic benefits to the region, safeguarding existing jobs and creating around 6,000 new employment opportunities. It also gives Hanson the confidence to invest in a carbon capture plant at its Padeswood cement works, which will connect to the planned HyNet CO2 transport and storage system. The company is already carrying out a CCS feasibility study at the site, which will provide a clear design basis and cost estimate for the next stage.

"Yesterday's announcement is great news for HeidelbergCement, and a well-deserved recognition for the HyNet consortium and our colleagues working on CCS in the UK as part of this collaborative project. Cutting CO2 emissions is a key priority for us, and we are delighted to add our Padeswood cement works to our growing range of CCS activities, as a key part of our pathway to reaching net zero", says Dr. Dominik von Achten, Chairman of the Managing Board of HeidelbergCement.

HyNet will reduce regional CO2 emissions by up to 10 million tonnes - including up to 800,000 tonnes from Hanson's Padeswood plant - every year by 2030; the equivalent of taking four million cars off the road. The project, led by Progressive Energy, is being developed by a consortium of regionally located partners including Cadent, CF Fertilisers, Eni UK, Essar, INOVYN (part of the INEOS Group) and the University of Chester as well as Hanson.

More information about HyNet North West can be found at www.hynet.co.uk

About HeidelbergCement

HeidelbergCement is one of the world's largest integrated manufacturers of building materials and solutions, with leading market positions in aggregates, cement, and ready-mixed concrete. Around 53,000 employees at more than 3,000 locations in over 50 countries deliver long-term financial performance through operational excellence and openness for change. At the center of actions lies the responsibility for the environment. As forerunner on the path to carbon neutrality, HeidelbergCement crafts material solutions for the future.

Disclaimer

HeidelbergCement AG published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 15:30:07 UTC.


© Publicnow 2021
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Financials
Sales 2021 18 588 M 21 048 M 21 048 M
Net income 2021 1 589 M 1 799 M 1 799 M
Net Debt 2021 5 192 M 5 880 M 5 880 M
P/E ratio 2021 7,29x
Yield 2021 4,13%
Capitalization 11 675 M 13 222 M 13 221 M
EV / Sales 2021 0,91x
EV / Sales 2022 0,84x
Nbr of Employees 53 327
Free-Float 75,0%
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Number of Analysts 22
Last Close Price 60,04 €
Average target price 79,17 €
Spread / Average Target 31,9%
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Managers and Directors
Ralph Dominik von Achten Chairman-Management Board
René Samir Aldach Chief Financial Officer
Fritz-Jürgen Heckmann Chairman-Supervisory Board
Dennis Lentz Director-Group Information Technology
Wolfgang Dienemann Director-Global Research & Development
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