Twelve raises $645m to fund eSAF projects
California-based carbon transformation company Twelve announced they have successfully raised $645m from strategic investors to invest in development of efuels including sustainable aviation fuel (eSAF).
The company said the funding will be used to accelerate Twelve’s goals of defossilising manufacturing processes including the completion of AirPlant™ One, the company’s inaugural SAF plant located in Moses Lake, Washington, which is expected to begin production in 2025..
“Our financing strategy has been to build a comprehensive capital stack that enables us to deliver product to customers at scale while continually driving down costs,” said Nicholas Flanders, CEO, Twelve.
“We’re proud to work with visionary financing partners and collaborators who share our commitment to deploying first of a kind technologies that address climate change at scale.”
The company said that nearly $200m of the investment came from growth equity fund TPG Rise Climate via project equity financing. Another $200m came in the form of Series C led by TPG alongside Capricorn Investment Group and Pulse Fund. The remaining $45m came as credit facility from lenders.
“We are drawn to companies and founders that have developed and proven unique solutions to complex problems. Twelve is a clear leader in CO2 conversion technology, which is a core part of the power-to-liquids technology stack and the process we believe represents the long-term, scalable solution for SAF production,” said Jonathan Garfinkel, Managing Partner at TPG Rise Climate.
In addition to project equity financing, Twelve earlier raised approximately $200m with Fifth Wall, northstar.vc, TGVP, Alaska Airlines’ investment arm Alaska Star Ventures, and existing investors, such as Series B lead investor DCVC, Munich Re Ventures, Emerson Collective, and others.
Most recently, Twelve also raised $45m in total loans across two lenders. Clean energy investment firm Fundamental Renewables provided a $25m construction loan, and multinational bank Sumitomo Mitsui Banking Corporation closed a $20m green loan in support of Twelve’s carbon transformation technology.
Earlier this year, Twelve signed SAF certificate sale agreement with the Boston Consulting Group (BCG) which will run from 2026 to 2029 and is expected to reduce BCG’s emissions by over 4,000 metric tons of CO2.