Twelve, a carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels, announced $645 million in funding. This funding is based on a strategic mix of capital which includes $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 leading funders in the renewable energy sector marking this as one of the largest financing rounds to date in the e-fuels space.
This funding will accelerate Twelve’s goals of defossilizing 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, Washington, 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 carbon dioxide, water, and renewable energy sources, which achieves lifecycle emissions up to 90% lower than conventional fossil jet fuel.
TPG Rise Climate committed up to $400 million in project equity financing to support the development of future AirPlants, which will supply Twelve’s E-Jet fuel to customers like Alaska Airlines and International Aviation Group (IAG), which is parent company of British Airways. And TPG Rise Climate is a $7.3 billion climate impact fund by alternative asset manager TPG’s global impact investing platform.
Along with project equity financing, TPG is leading Twelve’s Series C round alongside Capricorn Investment Group and Pulse Fund. Twelve has raised approximately $200 million with Fifth Wall, northstar.vc, TGVP, Alaska Airlines’ investment arm Alaska Star Ventures, and existing investors, such as Series B lead investor DCVC, Munich Re Ventures, Emerson Collective, etc.
Most recently, Twelve raised $45 million in total loans across two lenders. Clean energy investment firm Fundamental Renewables provided a $25 million construction loan, and multinational bank Sumitomo Mitsui Banking Corporation closed a $20 million green loan in support of Twelve’s carbon transformation technology.
KEY QUOTES:
“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.”
-Jonathan Garfinkel, Managing Partner at TPG Rise Climate
“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.”
-Elizabeth Stone, Principal at TPG Rise Climate and a member of Twelve’s board of directors
“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. 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.”
-Diana Birkett Rakow, senior vice president of public affairs and sustainability at Alaska Airlines
“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. We’re proud to work with visionary financing partners and collaborators who share our commitment to deploying first of a kind technologies that address climate change at scale.”
-Nicholas Flanders, Chief Executive Officer at Twelve
