BERKELEY — Twelve, a carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels, has secured $645 million in funding. This raise is a strategic mix of capital which includes $400 million in project equity led by TPG Rise Climate, $200 million in Series C financing, and an additional $45 million in credit facilities from leading funders in the renewable energy sector marking this as one of the largest financing rounds to date in the e-fuels space.
The funding accelerates Twelve’s goals of de-fossilizing manufacturing processes, focusing first on emissions generated by aviation. This includes the completion of AirPlant One, Twelve’s inaugural sustainable aviation fuel (SAF) plant located in Moses Lake, WA, which is expected to begin production in 2025. AirPlant One is the first of many facilities throughout the country to make E-Jet fuel, using the company’s patented technology to produce SAF derived from biogenic CO2, water, and renewable energy sources which achieves lifecycle emissions up to 90% lower than conventional fossil jet fuel.
“The energy transition will require a clean alternative to traditional jet fuel. SAF demand continues to grow, and we look forward to partnering with Twelve to build world class capabilities and facilities to meet that demand,” added Elizabeth Stone, Principal at TPG Rise Climate and a member of Twelve’s board of directors.
In addition to project equity financing, TPG is leading Twelve’s approximately $200 million Series C round alongside Capricorn Investment Group and Pulse Fund. Fifth Wall, northstar.vc, Toppan Global Venture Partners, Alaska Airlines’ investment arm Alaska Star Ventures participated in the round as new investors. Existing investors DCVC, Munich Re Ventures, Emerson Collective, Microsoft’s Climate Innovation Fund, Carbon Direct Capital, and Elementum vc also participated.
“Over the last several years we have appreciated getting to know the team at Twelve. Together we are building a multi-level partnership to expand supply, mature the market for SAF, and to soon use their E-Jet fuel in our operations,” said Diana Birkett Rakow, senior vice president of public affairs and sustainability at Alaska Airlines. “Twelve’s technology is promising in the pursuit of long-term scalable supply of SAF. In order to meet our company’s – and our industry’s – ambitious decarbonization goals, we need new technologies like the one Twelve has developed and commercialized. We are excited to be part of this round of forward-looking funders to make a more sustainable future for aviation possible.”
