Carbon transformation company Twelve has announced a massive $645 million funding round. The company is focused on converting captured CO2 into chemicals, fuels, and other key products traditionally made from fossil fuels and is on track to siginificantly scale its operations.
Funds in this round include $400 million in project equity led by TPG Rise Climate, $200 million in Series C funding, and an additional $45 million in credit facilities from prominent renewable energy investors. This marks one of the largest funding rounds in the e-fuels sector to date.
“We are drawn to companies and founders that have developed and proven unique solutions to complex problems. Twelve is a clear leader in CO2 conversion technology, which is a core part of the power-to-liquids technology stack and the process we believe represents the long-term, scalable solution for SAF production,” said Jonathan Garfinkel, Managing Partner at TPG Rise Climate.
The funds will help accelerate Twelve’s mission to decarbonize manufacturing, starting with emissions from the aviation industry. A key focus is the completion of AirPlant™ One, a sustainable aviation fuel (SAF) facility currently under construction in Moses Lake, Washington.
Set to begin production in 2025, AirPlant One will be the first of several plants using Twelve’s technology to create E-Jet® fuel from biogenic CO2, water, and renewable energy. This process reduces lifecycle emissions by up to 90% compared to conventional jet fuel.
Relevant: Government Grants Twelve Up To $28.5M Investment For CO2 Transforming Technology
TPG Rise Climate has committed up to $400 million to fund the development of additional AirPlants, which will supply E-Jet fuel to partners like Alaska Airlines and International Airlines Group (IAG), the parent company of British Airways. Launched in 2021, TPG Rise Climate is part of TPG’s $7.3 billion climate-focused impact investing platform.
“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.”
Read more: BCG Signs SAFC Deal With Twelve
