Twelve Raises $83 Million to Transform Captured CO2 into Clean Fuels

Carbon transformation-focused cleantech company Twelve announced that it has raised $83 million in additional Series C funding, with proceeds aimed at supporting its projects to use captured CO2 to produce critical materials and fuels, such as sustainable aviation fuel (SAF).

In September, the company announced that it had raised $645 million of capital in a mix of project equity, a Series C financing and credit facilities.

Founded in 2015, California-based Twelve produces chemicals, materials, and fuels from carbon, instead of fossil fuels through a carbon transformation technology that converts captured CO2 into products with water and renewable energy as additional inputs and producing only water and oxygen outputs. It uses an electrochemical reactor that takes in carbon dioxide from waste or captured directly from the air and uses a metal catalyst and electricity to split the CO2 and water and recombine the elements into different chemicals. The company aims to “de-fossilizing manufacturing processes” with its technology, starting with the aviation sector.

The new capital will go toward further development of Twelve’s AirPlant One facility. The plant, in Moses Lake, Wash., is expected to begin production later in 2025, and will be the company’s first facility to produce E-Jet SAF, a power-to-liquid jet fuel made from CO2, water and renewable electricity. The fuel produces up to 90% lower lifecycle emissions compared to conventional jet fuel, according to the company. Additional benefits of the fuel relative to other SAF products include substantially lower water use for production, and less land usage relative to biofuel-based products, Twelve said.

The new funding was supplied by previous investors SMBC, TPG, and Pulse Fund, as well as new investors and partners, including Amazon’s Climate Pledge Fund, Mitsui & Co., Ltd., Development Bank of Japan, Japan Hydrogen Fund (managed by Advantage Partners), Coca-Cola’s Sustainability Fund Greycroft, 2551 Capital, TGVP, MOL Switch, and CSC Leasing, among others. In addition, existing investors DCVC increased their Series C position, and Fundamental Advisors upsized their construction loan to the AirPlant One installation, the company said.

In a blog post announcing the new funding, Twelve said:

“As we continue to work toward a zero-emissions future, this funding reinforces our ability to drive change across supply chains, industries, and geographies at scale. Each partnership brings us closer to replacing fossil fuels in manufacturing and creating sustainable alternatives for everything from transportation to consumer goods, and beyond.”