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Twelve raises USD 645 million in funding to transform CO2 into jet fuel
Alternative Energy
Sep 19, 2024
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Alternative Energy

Alternative Energy

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Sep 19, 2024

Twelve raises USD 645 million in funding to transform CO2 into jet fuel

Funding

  • Twelve, a California-based company specializing in CO2 utilization, has raised USD 645 million in funding. This investment involves a strategic mix of capital. It includes USD 400 million in project equity led by TPG Rise Climate, USD 200 million in Series C financing, and USD 45 million in credit facilities led by renewable energy funders. This brings the company's total funding to USD 889.4 million.

  • The funds will be used to complete AirPlant One, the company’s SAF facility in Moses Lake, Washington, expected to begin production in 2025. AirPlant One is the first of many facilities nationwide to produce E-Jet fuel, using the company's patented technology to produce SAF. 

  • Analyst QuickTake: In August 2024 , the company raised USD 45 million in debt financing co-led by Fundamental Renewables, with a USD 25 million construction loan and a USD 20 million green loan from Sumitomo Mitsui Banking Corporation. Twelve’s financing strategy revolves around building a comprehensive capital reserve to enable a seamless supply of SAF from its AirPlant, which is under construction. 

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