The California startup Twelve has just received funding for its technology that will allow to capture carbon emissions and use it to make CO2 products that have traditionally always been made from fossil fuels. The total funding amounts to $57 million and was received in a Series A round of funding.
Twelve, which was formerly known as Optus 12, has developed technology that turns carbon dioxide into a petrochemical alternative with the help of electrolysis. The application of this material ranges widely from the foam used in making sneakers and all the way to environmentally-friendly laundry detergent.
Twelve’s technology is said to use a cutting-edge device that splits CO2 in combination with a novel class of carbon-reducing catalysts. And the only two inputs necessary are renewable electricity and water.
The proprietary technology is already being used by NASA and Mercedez-Benz. Further investment in the company has also been made by the Microsoft Climate Innovation Fund, as well as from companies like Shell and the Echoing Green fellowship.
CO2 Product That Can Change The World?
The two Venture Capital Funds leading the latest round of funding were Capricorn Technology Impact Fund and Carbon Direct Capital Management, two of the leading funds in the clean tech area.
Jonathan Goldberg, CEO of Carbon Direct, pointed out in a recent press release that Twelve’s technological solution has every chance of transforming today’s “procurement of specialty chemicals and fuels”, and the investment company is very much excited to be supporting the startup in this major growth stage.
It was also made known that this new round of funding would go towards scaling up the technology and bringing it a step closer to making CO2 products commercially available.
Twelve aims to be able to address as much as 10% of the world’s CO2 emissions and as much as half of all industrial emissions that have been dubbed ‘difficult to decarbonize’.