US carbon transformation company Twelve has raised $645 million (approximately €577.6 million) in funding to enhance its solutions for decarbonizing manufacturing processes, including the establishment of its first sustainable aviation fuel (SAF) plant in Washington.
Twelve aims to convert carbon dioxide (CO2) into essential chemicals and fuels typically derived from fossil sources. The company is currently developing a SAF facility in Moses Lake, which will utilize its patented technology to produce fuel from biogenic CO2, water, and renewable energy.
The AirPlant One facility is expected to begin production in 2025 and will serve customers such as Alaska Airlines and International Aviation Group (IAG), the parent company of British Airways.
The funding includes a $400 million project equity commitment from TPG Rise Climate to support future AirPlant developments. TPG's climate investment arm is a lead investor in Twelve's $200 million Series C funding round, alongside Capricorn Investment Group and Pulse Fund. Additional support came from Fifth Wall, northstar.vc, TGVP, Alaska Star Ventures, and existing investors like DCVC, Munich Re Ventures, and Emerson Collective.
In addition to the equity raised, Twelve secured $45 million in loans, including a $25 million construction loan from Fundamental Renewables and a $20 million green loan from Sumitomo Mitsui Banking Corporation, to bolster its carbon transformation technology.
