<div>
  <ul>
    <li>
      <p>
        Twelve, a carbon transformation startup, has raised USD 130 million in a Series B funding round led by DCVC. The round brings Twelve&rsquo;s total funding to USD 199.4 million.
      </p>
    </li>
    <li>
      <p>
        The proceeds were utilized to scale up the production of materials produced from CO2 emissions. This involves Twelve&rsquo;s first commercial products, a range of CO2Made sunglasses in collaboration with PANGAIA, a British sustainable fashion brand, and sustainable aviation fuel, E-Jet.
      </p>
    </li>
    <li>
      <p>
        Existing investors Capricorn Technology Impact Fund, Carbon Direct Capital Management, Breakout Ventures, Munich Re Ventures, Elementum Ventures, and Microsoft Climate Innovation Fund also participated in the round. Twelve also secured a strategic program investment from the Chan Zuckerberg Initiative.
      </p>
    </li>
  </ul>
  <p>
    &lt;ul&gt;&lt;li&gt;
    <b>Analyst QuickTake: </b>
    Twelve 
    <a href="https://sp-edge.com/updates/8905">
      partnered
    </a>
     with LanzaTech to produce ethanol from CO2 emissions. The two companies have developed two distinctive approaches to 
    <a href="https://sp-edge.com/insights/6413">
      convert CO2 emissions into ethanol
    </a>
    .&lt;/ul&gt;
  </p>
</div>


<div>
  <p>
    <a href="https://www.businesswire.com/news/home/20220629005271/en/Twelve-to-Deploy-World%E2%80%99s-First-Industrial-Scale-Carbon-Transformation-Platform-%C2%A0%C2%A0%C2%A0">
      Businesswire
    </a>
  </p>
  <p>
    <a href="https://www.esgtoday.com/carbon-transformation-startup-twelve-raises-130-million-to-turn-captured-co2-into-products/">
      ESG Today
    </a>
  </p>
  <p>
  </p>
</div>


Alternative Energy

Twelve raises USD 130 million in Series B funding

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

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 <p>Amogy, a firm offering ammonia as a zero-emission fuel source, has secured an order from Terox, a firm creating products to electrify heavy construction and tunneling equipment. Terox intends to use Amogy's ammonia-to-electric power system for generating electricity at construction sites.</p>
 <p>The objective of the pilot project shared by the companies is to validate the viability of ammonia-based power systems for stationary power generation at construction sites. Therefore, Amogy’s 400 kW containerized solution will be set up in a 20 ft container to generate electricity and charge a battery bank. This battery bank will then be linked to a mobile supercharger that powers Terox’s fleet of electric heavy-duty construction machinery.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> Similarly, in <a href="https:<br>
//sp-edge.com/updates/18816"> May 2023 </a> , Amogy partnered with Skansi Offshore, a shipping company, and SEAM, a Norwegian system developer and integrator, to explore potential technology collaboration in ammonia applications to decarbonize the offshore industry. They intended to initially focus on a possible retrofit of Amogy’s ammonia-to-power system on one of Skansi’s existing vessels to enable zero-emission operations.</p>

Amogy partners with Terox to enable carbon-free charging at construction sites

<div>
 
 <p>NineDot Energy, a clean energy solutions developer, has received USD 13 million in real estate financing from SolaREIT, a real estate investment trust specialist. The company's total funding now stands at USD 349.2 million.</p>
 <p>The capital will be used by NineDot to purchase project sites in New York for the development of 30–40 battery energy storage system projects. These projects, planned for the New York Metropolitan areas of New York City, Westchester County, and Long Island, will each have an output of 5 MW and 20 MWh of capacity (four-hour duration).</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> In <a href="https:<br>
//sp-edge.com/updates/25444"> January 2024 </a> , NineDot secured USD 225 million as equity capital in a funding round led by Manulife Investment Management. This, too, was used to develop new energy storage projects in New York.</p>

NineDot secures USD 13 million in funding to develop energy storage projects

<div>
 <p>GreenFire Energy, a specialist in geothermal closed-loop technology, has received a contract to contribute to a geothermal project at the Naval Air Facility El Centro in California. This initiative is in line with the US Department of Defense's efforts towards carbon-free energy.</p>
 <p>The project will investigate the feasibility of integrating the firm's GreenLoop technology, a system that produces energy off-grid during power outages.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> Similarly, in <a href="https:<br>
//sp-edge.com/updates/18815"> May 2023 </a> , GreenFire partnered with Taiteck Co. and Taiwan Power Company to develop geothermal projects in Taiwan. During the same month, the company also partnered with PT Armada Energi Solusi, which agreed to be GreenFire’s local channel partner in Indonesia.</p>

GreenFire Energy partners with Department of Defense on geothermal projects

INCUMBENTS_PRESENT

<div>
 
 <p>Low-carbon electrofuels developer, Infinium, has finalized a deal with a division of midstream energy organization, Kinetik Holdings. The agreement entails purchasing CO2 captured from Kinetik's processing system to utilize in eFuels production.</p>
 <p>As per the long-term deal, a Kinetic subsidiary will supply the captured CO2 from one of its amine gas processing facilities located in West Texas to Infinium. This will be used in "Project Roadrunner"—Infinium's second eFuels project. The project aims to create Infinium eSAF, using waste CO2 and green hydrogen, reducing GHG emissions originating from the aviation sector.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Infinium previously secured a <a href="https:<br>
//sp-edge.com/updates/24567"> USD 75 million </a> investment from Breakthrough Energy Catalyst to fund Project Roadrunner in November 2023. In addition, American Airlines signed on as the first off-take partner for eSAF produced at Project Roadrunner. In <a href="https:<br>
//sp-edge.com/updates/27869"> March 2024 </a> , Infinium also unveiled the world's first commercial-scale eFuels facility, Project Pathfinder, in Corpus Christi, Texas, and has more than a dozen other projects under development globally in the US, EU, Japan, and Australia.&nbsp;</p>

Infinium partners with Kinetik for CO2 reuse in eFuels production

<div>
 
 <p>German company Proxima Fusion, specializing in the design of fusion power plants based on the stellarator concept, has successfully raised approximately USD 21.7 million (or EUR 20 million) via a seed funding round led by redalpine.</p>
 <p>This fund will be used to construct the first generation of fusion power plants that utilize quasi-isodynamic (QI) stellarators with high-temperature superconductors.</p>
 <p>The fundraising round saw participation from various entities including Bayern Kapital, DeepTech &amp; Climate Fonds, Max Planck Foundation, Plural, UVC Partners, High-Tech Gründerfonds, Wilbe, and TOMORROW of Visionaries Club.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Before this in <a href="https:<br>
//sp-edge.com/updates/24075"> November 2023 </a> , the company raised EUR 7.5 million (~USD 8.1 million) in a pre-seed funding round co-led by Plural and UVC Partners. These funds were also allocated to develop the company’s fusion power plant.</p>

Proxima Fusion raises EUR 20 million in funding to build fusion power plants

<div>
 
 <p>esVolta, a US energy storage developer, has announced the completion of a USD 185 million senior secured credit facility. The company plans to use the funding for additional development capital and credit to support operations related to interconnection, power purchase agreements, and equipment deposits. In addition, esVolta aims to use the fund for pre-Notice to Proceed (NTP) construction funding for its 20+ GWh pipeline of energy storage assets in the US.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> Before this in November 2023, esVolta secured an undisclosed tax equity investment from US Bancorp Impact Finance to support the completion of a 30 MW battery project near Los Angeles.</p>

esVolta secures USD 185 million credit facility

<div>

<p>General Fusion, a Canadian fusion energy startup, and TRIUMF, a national laboratory in Canada, received a USD 800,000 grant from the Natural Sciences and Engineering Research Council of Canada (NSERC).</p>
<p>The grant will be used to design a neutron spectrometer system for measuring plasma temperatures exceeding 100 million degrees Celsius (10 keV) at fusion conditions.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//generalfusion.com/post/general-fusion-and-triumf-sign-mou-to-develop-key-technologies-for-new-lm26-fusion-machine/"> October 2023 </a> , Triumf collaborated with General Fusion to develop a diagnostic system capable of precisely measuring neutron energies at a very high rate. The spectrometer be incorporated into General Fusion’s Lawson Machine 26 (LM26).</p>

General Fusion and TRIUMF awarded USD 800,000 grant

<div>

<p>Northvolt, a European manufacturer of EV batteries and energy storage, has started building its latest battery gigafactory, Northvolt Drei, in Germany. The factory is anticipated to produce up to 60 GWh annually. Operations are expected to commence in 2026.</p>

</div>

Northvolt initiates construction of Northvolt Drei

<div>

<p>Infinium, who are creators of low-carbon electrofuels, have introduced their first commercial-scale facility in Corpus Christi, Texas. This facility will produce drop-in ready electrofuels. Known as Project Pathfinder, the plant will generate synthetic and very low carbon electrofuels which can be used for heavy-duty transportation and chemical processes.</p>

<p>This project incorporates Infinium's fuel production technology, patented catalysts, electrolyzers on-site, a lab, and logistics for the production and distribution of electrofuels. Moreover, the facility will perform as Infinium's eFuels Center of Excellence. Here, key learnings, training programs, and best practices for current and upcoming projects will be identified.</p>

</div> <p><b>Analyst QuickTake</b> :<br>
 The company is developing more than a dozen other projects globally, in the US, EU, Japan, and Australia. These include the Roadrunner project in Texas, which will convert an existing gas-to-liquids facility into an Infinium eFuels project. The Reuze project in Dunkirk, France, is a collaboration between Infinium and ENGIE to produce eFuels from captured CO2.&nbsp;</p>

Infinium to unveil Project Pathfinder, world’s first fully operational eFuels facility

<div>
 
 <p>Quaise Energy, a geothermal energy startup, has successfully raised USD 21 million in a Series A1 financing round. The round was led by Prelude Ventures and Safar Partners, bringing the company's total funding to USD 91 million.</p>
 <p>Quaise plans to use this funding to enhance its geologic understanding at pilot plant locations. This will be achieved by carrying out magnetic and seismic surveys to pinpoint the best areas for initial drilling, which will subsequently guide the placement of the first commercial pilots. Further, the company intends to fortify its drilling technology's supply chain by establishing joint development and licensing agreements with manufacturers, ensuring future equipment meets design specifications and capacity needs.</p>
 <p>The investment round also welcomed new participants, including Mitsubishi Corporation and Standard Investments.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Quaise recently raised USD 13 million in <a href="https:<br>
//sp-edge.com/updates/25729"> December 2023 </a> . The company intended to use the capital to improve its supply chain capabilities.</p>

All Updates