Carbon transformation company Twelve has announced a $645 million funding round to advance its mission of reducing reliance on fossil fuels by converting captured carbon dioxide (CO2) into valuable products such as sustainable aviation fuel (SAF).
This includes $400 million in project equity led by TPG Rise Climate, $200 million in Series C financing and $45 million in credit facilities from leading renewable energy investors, marking one of the largest financial rounds in the e-fuels space.
The funding will be used to accelerate the construction and development of Twelve’s first SAF production facility, AirPlant One, located in Moses Lake, Washington.
Set to begin operations in 2025, AirPlant One will produce Twelve’s proprietary E-Jet fuel using CO2, water and renewable energy, reducing lifecycle emissions by up to 90% compared to conventional fossil-based jet fuels.
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