Twelve, a company specializing in transforming carbon, announced a funding of $645 million.
This funding consists of $200 million in Series C capital, $45 million in credit facilities from renewable energy investors, and $400 million in project equity from TPG Rise Climate.
The financing is intended to support Twelve’s efforts to improve production procedures and address aviation emissions by turning CO2 into useful items.
Twelve’s strategy turns CO2 into chemicals, fuels, and other necessary items to replace fossil fuels with sustainable alternatives.
The funding supports a key initiative: the development of AirPlant One, Twelve’s first sustainable aviation fuel (SAF) facility in Moses Lake, Washington.
Also read: Summit Next Gen Secures Site for Sustainable Aviation Fuel Production
This facility, scheduled to start operations in 2025, will use Twelve’s proprietary technology to create E-Jet fuel, a greener substitute for conventional jet fuel.
The product is an SAF with up to 90% fewer lifecycle emissions than conventional jet fuels derived from fossil fuels.
TPG Rise Climate, a well-known climate impact fund with a $7.3 billion portfolio, will provide up to $400 million in project equity to support AirPlant One and any subsequent AirPlants that produce E-Jet fuel for customers, including Alaska Airlines and the International Aviation Group (IAG).
To help Twelve’s operations even further, TPG, Capricorn Investment Group, and Pulse Fund led the $200 million Series C fundraising round.
Alaska Star Ventures, the investment arm of Alaska Airlines, Fifth Wall, Northstar.vc, and returning investors DCVC, Munich Re Ventures, and Emerson Collective are among the other investors in the round.
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.”
He added, “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.”
Additionally, Twelve obtained loans totaling $45 million from Fundamental Renewables and Sumitomo Mitsui Banking Corporation to expedite the deployment of its carbon transformation technology.