The generous incentives provided in the US Inflation Reduction Act (IRA) is not lost on extroverted Greek businesses. Following the lead of other large European industrial companies, Cenergy Holdings and cement manufacturer Titan are giving their own “vote of confidence” to the US as an investment destination and the Biden administration’s $369 billion financial package to support the green transition, from which they will be supported with a total of more than $100 million.
More specifically, Cenergy announced on Monday that through its US subsidiary, Hellenic Cables Americas, it plans to build a new advanced technology cable manufacturing facility in Baltimore, Maryland, at an estimated cost of $300 million, with a final investment decision yet to be made. The Greek company’s request to have the investment included in the Qualifying Advanced Energy Project program with up to $58 million in tax exemptions has been approved by the US Internal Revenue Service. The new plant will manufacture submarine and underground cables for offshore wind energy and power grid upgrading applications – it is contingent upon a final investment decision.
In order to initiate the project, Hellenic Cables Americas plans to buy about 15.4 hectares of land at Wagner’s Point in Baltimore, provided that the due diligence procedure, which has been going on for some months, is successfully concluded. Eight weeks are estimated to pass before the transfer is finished, assuming normal approvals for such transfers are received.
With this new investment, Cenergy Holdings is putting its foot in the door of the major US market and as a producer of submarine and underground cables, opening a new chapter in its growth path.
For its part, cement maker Titan, which has already developed production activities in the US, announced on Monday that its Roanoke cement plant in Virginia has been selected by the US Department of Energy for a grant of up to $61.7 million to develop innovative technology for a thermally activated clay production line. The advancement of this technology is in line with Titan’s green growth strategy for 2026, which aims to increase the range of low-carbon cement products available to clients and establish new benchmarks for the building of hospitals, schools, bridges and other vital infrastructure projects. The initiative is a component of the US Office of Clean Energy Demonstrations’ (OCED) $6.3 billion program which aims to lower carbon emissions.