Measure the height of your basement's concrete wall. You may find it necessary to trim the height of the foam panels if the ceiling is low. If so, score the foam panels with a utility knife and snap off the excess with your hands.
Start at one side of the wall. Apply construction adhesive to the back side of a rigid foam insulation panel and place the panel against the wall. Press firmly on the panel around the perimeter and in the center to get good contact with the wall.
Glue your next panel onto the wall, lining it up with the edge of the first panel. Continue placing panels until the wall is covered with foam panels. Trim the last panel to size with your utility knife if necessary.
Start at one end of the wall and place furring strips every 16 inches against the wall. Some rigid foam panels are built with a groove to help you place the strips. If not, measure the locations. Drill through the furring strips, the foam panel and into the wall every 8 inches up the height of the wall.
Insert a masonry screw into each of the holes and tighten it until it's flush with the furring strips. The wall is now ready for adding drywall or paneling.