CRETE Clean Power & CO₂ Capture Project
Electrification and decarbonisation of remote areas on the island of Crete using modular 1 MW natural gas gensets with CRYOCCS cryogenic CO₂ capture. Three revenue streams – power, liquid CO₂ and CO₂ certificates – deliver outstanding returns with full political and EU-funding alignment.
Three Revenue Streams – One Platform
The CRETE project combines three cashflows in a single modular infrastructure: power generation, sale of liquid CO₂ and monetisation of CO₂ certificates under the EU ETS. This turns a classical gas engine into a high-yield, climate-positive asset.
1. Electricity sales (primary cashflow)
1 MW pilot unit · gas engine with CRYOCCS- Gross generation: ≈ 8,000 MWh/year
- Net after capture power use: ≈ 6,500–7,000 MWh/year
- Market power price (Crete 2025): 0.15–0.22 €/kWh
→ Annual electricity revenues per 1 MW module: ~1.0–1.5 M€
2. Liquid CO₂ (LCO₂) sales
High-value by-product for local and export markets- Applications: beverages, greenhouses, cooling, welding, water treatment
- European LCO₂ prices (2024–2025): 150–280 €/t
- 1 MW module captures: ≈ 800–1,400 t CO₂/year
→ LCO₂ revenues per 1 MW module: ~120,000–350,000 €/year
3. CO₂ certificates (EU ETS)
CO₂ that is captured does not need to be paid for- EU ETS price corridor: 55–120 €/t CO₂ (rising towards 2030)
- For 1,000 t CO₂ captured: 55,000–120,000 €/year in avoided or tradable certificates
→ Third cashflow on top: CO₂ becomes a financial asset, not a penalty.
Combined impact
| Source | 1 MW module |
|---|---|
| Electricity sales | ≈ 1.2 M€/year (example) |
| LCO₂ sales | ≈ 0.20–0.25 M€/year |
| CO₂ certificates | ≈ 0.08 M€/year |
| Total revenues | ≈ 1.5 M€/year |
Effective levelised cost of electricity (LCOE) falls to ~0.04–0.07 €/kWh – competitive with or better than solar, wind and classical gas.
Pilot Financials (1 MW) and Scaling to 50 MW
The CRETE project starts with a 1 MW pilot plant to de-risk technology and regulation, then scales to 50 MW across the island. The core economics remain exceptionally strong at both levels.
Pilot Plant – 1 MW Natural Gas + CRYOCCS
Base case (Europe, gas-fired, 8,000 h/year)| Annual revenues (1 MW) | |
|---|---|
| Electricity (6,800 MWh · 0.18 €/kWh) | ≈ 1,224,000 € |
| LCO₂ sales (1,000 t · 200 €/t) | ≈ 200,000 € |
| CO₂ certificates (1,000 t · 80 €/t) | ≈ 80,000 € |
| Total revenues | ≈ 1,504,000 €/year |
| Annual OPEX (1 MW) | |
|---|---|
| Gas / fuel | ≈ 650,000 € |
| Maintenance & spare parts | ≈ 90,000 € |
| Staff / monitoring | ≈ 60,000 € |
| Capture power & LN₂ | ≈ 70,000 € |
| Other (logistics, services) | ≈ 40,000 € (assumed) |
| Total OPEX | ≈ 910,000 €/year |
| Profitability (1 MW) | |
|---|---|
| Net profit (EBITDA approx.) | ≈ 594,000 €/year |
| EBITDA margin | ≈ 39 % |
| CAPEX (pilot 1 MW) | ≈ 1.55 M€ |
| Payback period | ≈ 2.6 years |
| ROI (simple) | ≈ 38.3 %/year |
| IRR (10-year) | ≈ 29–33 % |
Full Roll-out – 50 MW CRETE Cluster
50 × 1 MW modules · with scale economies| Annual revenues (50 MW) | |
|---|---|
| Electricity (50 × 1.224 M€) | ≈ 61.2 M€/year |
| LCO₂ sales (50 × 0.2 M€) | ≈ 10.0 M€/year |
| CO₂ certificates (50 × 0.08 M€) | ≈ 4.0 M€/year |
| Total revenues | ≈ 75.2 M€/year |
| Annual OPEX (50 MW) | |
|---|---|
| OPEX with scale efficiencies | ≈ 43 M€/year |
| LICENSE Fee CAPEX | ≈ 2.25 M€/year |
| LICENSE Fee total revenues | ≈ 1.36 M€/year |
| Profitability (50 MW) | |
|---|---|
| Net profit | ≈ 28.59 M€/year |
| CAPEX (cluster) | ≈ 68 M€ |
| Payback period | ≈ 3.1 years |
| Annual ROI | ≈ 37 % |
| IRR (10-year) | ≈ 30–35 % |
These returns are comparable to venture capital – but backed by physical energy infrastructure with regulated revenue streams and EU funding potential.
Electrification Program 2026–2030
Executive view for investors
1 MW pilot: ~0.6 M€/year net profit, payback ≈ 2.6 years. 50 MW roll-out: ~32 M€/year net profit, payback ≈ 2.1 years, IRR ≈ 36–42 %.
The CRETE project thus offers multi-MW scale, strong EBITDA margins and robust ESG credentials – ideal for infrastructure, climate and impact investors.
Business Model & Why Crete
CRETE is the ideal testbed for CO₂-captured gas power: an island grid with high demand for secure supply, strong political support for decarbonisation and access to EU funding instruments.
Who we are
Provider of a modular energy platform combining:
- High-efficiency gas engines
- CRYOCCS cryogenic CO₂ capture
- LN₂ stabilisation and cold management
- Triple revenue: power, liquid CO₂, CO₂ certificates
Our three revenue pillars
- 1. Power sales: 8,000 h/year, baseload for the island grid.
- 2. LCO₂ sales: strong European demand, premium product.
- 3. CO₂ certificates: every captured tonne has monetary value.
Advantage vs. classical gas plants
- Traditional plants pay for CO₂ – we earn from CO₂.
- They have one cashflow – we have three.
- They face rising ETS cost – we are ETS-positive.
- They have limited climate credentials – we are near-zero CO₂ at point of use.
Why Crete?
- Historically unstable grid and high production costs.
- Strong political support for clean, reliable island power.
- Gas access and logistics achievable at port nodes.
- Local demand for CO₂ (industry, agriculture, cooling).
- High eligibility for EU Green Deal and innovation funding.
Pilot first – then rapid scale-up
The 1 MW pilot requires < 2 M€ CAPEX, delivers real operating data and can be approved fast. Once demonstrated, the roll-out to 50 MW and beyond becomes a replicable playbook for other Greek islands and remote regions across Europe.
Discuss the CRETE Project with Us
We are currently structuring the pilot financing and EU funding applications for the CRETE project starting in 2026. If you are an infrastructure, climate or impact investor, we will gladly share the detailed model and technical dossier.
Please use our main contact form and mention “CRETE Project – 50 MW” in the subject.