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

Twelve, a California-based cleantech company, has raised $83 million in new Series C funding to further its efforts in converting captured CO2 into fuels and critical materials, including sustainable aviation fuel (SAF). The funding follows its September announcement of $645 million in capital from a mix of project equity, Series C financing, and credit facilities.

Founded in 2015, Twelve has developed carbon transformation technology that uses CO2, water, and renewable energy to create fuels, chemicals, and materials—without relying on fossil fuels. The process employs an electrochemical reactor to break down carbon dioxide from waste or direct air capture, using a metal catalyst and electricity to transform it into new chemical compounds.

The new funding will support Twelve’s AirPlant One facility in Moses Lake, Washington, scheduled to begin production in late 2025. The plant will be Twelve’s first to produce E-Jet SAF, a power-to-liquid jet fuel made from CO2, water, and renewable electricity. According to Twelve, the fuel achieves up to 90% lower lifecycle emissions than conventional jet fuel and has advantages over other SAFs, including reduced water consumption and lower land use compared to biofuels.

The investment round includes contributions from existing backers such as SMBC, TPG, and Pulse Fund, alongside new investors like Amazon’s Climate Pledge Fund, Mitsui & Co., the Development Bank of Japan, Japan Hydrogen Fund, Coca-Cola’s Sustainability Fund, Greycroft, and others. Additionally, DCVC increased its Series C position, and Fundamental Advisors expanded their construction loan for AirPlant One.

Twelve emphasized the significance of this funding in scaling its impact, stating:

“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.”

With this investment, Twelve is poised to accelerate the transition to fossil-free manufacturing, offering sustainable solutions for aviation and beyond.