Twelve, a Berkeley, CA-based carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels, raised $645m in funding.
This raise was a strategic mix of capital which included:
- $400m in project equity led by TPG Rise Climate,
- $200m in Series C financing led by TPG, Capricorn Investment Group and Pulse Fund, and
- $45m in credit facilities from Fundamental Renewables, which provided a $25m construction loan, and Sumitomo Mitsui Banking Corporation, which closed a $20m green loan.
The funding accelerates 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 CO2, water, and renewable energy sources which achieves lifecycle emissions up to 90% lower than conventional fossil jet fuel.
TPG Rise Climate has committed up to $400m 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), parent company of British Airways.
Led by Nicholas Flanders, Chief Executive Officer, Twelve is a carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels.
FinSMEs
19/09/2024