Carbon transformation company Twelve announced $130 million Series B financing led by DCVC to scale its CO2 transformation technology and produce a variety of products with lower CO2 footprint.
Twelve specializes in turning captured carbon into products previously produced from fossil fuels. Replacing fossil oil with renewable carbon for the creation of materials, chemicals and fuels could decrease greenhouse gas emissions by nearly 10% globally, research from the Center on Global Energy Policy showed.
Twelve’s technology turns emissions into products for the automotive, household and apparel industries and supports government structures and international tech firms by replacing petrochemicals and fossil transportation fuels with CO2Made products and E-Jet: a carbon neutral fuel made from electrified CO2.
“Companies and governments no longer need to rely on fossil fuels for the carbon that goes into everything from apparel and cleaning products to electronics and jet fuel,” said Twelve Co-Founder and CEO Nicholas Flanders. “This fresh funding ensures we can reach industrial scale to help new and existing partners achieve rapid emissions-reduction.”
A number of companies – including NASA, the U.S. Air Force, Mercedes-Benz, Procter & Gamble, and Shopify – use Twelve’s technology to bring down emissions and create CO2Made products.
Relevant: US Air Force And Twelve Make Fuel From Thin Air
“As more companies and organizations adopt carbon-neutrality targets, they urgently need technologies like Twelve’s to rapidly green supply chains and corporate travel to reduce emissions at scale,” said Zachary Bogue, Managing Partner, DCVC.
Twelve recently launched its first commercial products, CO2Made sunglasses with fashion brand PANGAIA. This year, the tech company was named the world’s number one most innovative energy company by the Fast Company and was recognized as a winner at the BloombergNEF Pioneer Program in the Decarbonizing Aviation category.
Series A investors Capricorn Technology Impact Fund and Carbon Direct Capital Management, as well as Breakout Ventures, Munich Re Ventures, Elementum Ventures, and Microsoft Climate Innovation Fund participated in the DCVC-led Series B funding. The Chan Zuckerberg Initiative also made a Series B and strategic program investment.
Read more: Twelve Receives $57 Million To Make CO2 Into Products
