International Finance Corporation (IFC) announced it is providing a €75 million green loan to Sococim, the largest integrated cement manufacturer in Senegal, to expand low-carbon cement production at the company, create employment, and spur growth within the construction and housing sectors of the country. The investment will support Sococim in the modernization of its operations through energy-efficient technologies and alternative fuels such as solar and refuse-derived fuels. These upgrades will reduce greenhouse gas emissions of Sococim by 312,000 tons of CO2 equivalent per year in 2030. The project will provide indirect and induced effects in the supply chain, thereby making it create about 4,700 additional jobs.

Enhanced Carbon Footprint in Cement Production

Cement is a core product for affordable housing and infrastructure but one of the most carbon-intensive industries. Clinker production alone accounts for 90 percent of cement’s CO2 emissions. Modernization of old plants is therefore key to reducing environmental impact, especially in fast-growing urban areas like Senegal where housing demand is rising. The new investment in Sococim’s operations will therefore make a big contribution toward addressing this challenge.

Elhadji Mamadou Seck, CEO of Sococim Industries, said, “This investment will help us accelerate the implementation of our 2019 Climate Plan. By modernizing our kiln lines, we are engaged in full commitment to decarbonization, in order to reduce our environmental footprint and improve our energy efficiency. Furthermore, IFC’ investment is a strong proof that Sococim will be offering a green, clean and high added value cement to its customers.”

Also read: IFC Issues $184 Million Green Bond to Support Biodiversity Projects in Emerging Markets

Supporting Senegal’s Housing and Infrastructure Needs

The partnership between IFC and Sococim is part of a broader initiative to support the housing value chain in Senegal. IFC has also backed other initiatives such as Kajom Capital and EDGE certification for local real estate developers. The financing package, initially provided in February 2023, supports IFC’s commitment to driving sustainable infrastructure development in Senegal.

IFC’s support in Senegal reached a record $615 million in investments and mobilizations for the fiscal year ending June 30, 2024. The corporation’s ongoing portfolio in Senegal supports various sectors, including vaccine production, digital infrastructure, tourism, housing, renewable energy, manufacturing, and agricultural value chains.

Hyliion Holdings Corp., a leader in sustainable energy technology, has been awarded a $6 million grant from the U.S. Department of Energy’s (DOE) Methane Emissions Reduction Program. The total project funding amounts to $8.4 million, including federal and non-federal contributions. This initiative will see the installation of up to 2 megawatts of KARNO generators, which will operate on well-head gas, in collaboration with oil and gas industry partners.

Project Aims to Reduce Methane Emissions and Flaring

The project will showcase the KARNO generator’s ability to convert waste gas, which would typically be flared, into sustainable electricity with near-zero emissions. In 2023, Hyliion successfully tested the KARNO generator using gas from the Permian Basin, proving its fuel-agnostic design and ability to utilize unprocessed gas. This innovative capability positions the KARNO generator as a game-changer in reducing methane emissions and flaring while providing scalable, efficient power for the oil and gas industry.

Groundbreaking Technology for Sustainable Power

Thomas Healy, Founder and CEO of Hyliion, said, “The KARNO generator is redefining what’s possible in sustainable energy production by turning waste gas that would normally be flared into valuable power.”

He added, “This funding opportunity allows us to demonstrate the potential of our innovative technology in providing meaningful solutions to combat methane emissions in the oil and gas industry.”

The KARNO generator operates on heat and is powered by 3D metal printing technology. Its hermetically sealed design, featuring only one moving part per shaft, allows for extended maintenance-free operation—making it ideal for remote and demanding environments such as oil fields. The generator’s flexibility to operate on more than 20 fuel types, including raw field gas, ensures it can meet diverse energy needs while minimizing environmental impact.

Backing Methane Emissions Reduction Efforts

The grant is part of the US DOE and US Environmental Protection Agency’s (EPA) $850 million Methane Emissions Reduction Program. This initiative supports projects aimed at advancing the monitoring, measuring, and mitigation of methane emissions across the oil and gas sector. By deploying KARNO generators, Hyliion aims to further sustainable energy generation and contribute to economic growth and job creation in local communities.

The grant awarded to Hyliion is contingent on the completion of final negotiations and the execution of a definitive agreement with the US DOE.