Twelve Secures $645M to Scale Carbon Transformation and Sustainable Aviation Fuel

Twelve, a company specializing in carbon transformation, has raised $645 million in its latest funding round to advance its mission of converting captured carbon dioxide into sustainable chemicals, fuels, and other products.

This new funding for Twelve is a mix of $400 million in project equity led by TPG Rise Climate, $200 million in Series C financing, and $45 million in credit facilities, which is among the largest rounds in the e-fuels sector around the globe.

Jonathan Garfinkel, Managing Partner at TPG Rise Climate said:

"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,"

The funds will accelerate the development of Twelve’s sustainable aviation fuel (SAF) initiatives, particularly with the construction of AirPlant™ One in Moses Lake, Washington. Expected to start production in 2025, this plant will produce E-Jet® fuel from biogenic CO2, water, and renewable energy, reducing lifecycle emissions by up to 90% compared to conventional jet fuel.

TPG Rise Climate has committed $400 million to support the development of additional AirPlants, which will provide E-Jet fuel to customers like Alaska Airlines and International Airlines Group (IAG).

• The Series C financing was led by TPG alongside Capricorn Investment Group and Pulse Fund, with participation from Alaska Airlines and other investors.

Nicholas Flanders, CEO of Twelve, highlighted the strategic importance of this capital in scaling up production while reducing costs. Twelve aims to meet growing SAF demand as the aviation industry pursues decarbonization goals with cutting-edge technology.

Nicholas Flanders said:

"Our financing strategy has been to build a comprehensive capital stack that enables us to deliver product to customers at scale while continually driving down costs,"

This company alone may help the world to control carbon emissions in a unique way that nobody other is stressing well upon.