MOL Switch invests in US e-fuels firm Twelve

Japanese decarbonisation investment company MOL Switch has announced investment in US-based e-fuels producer Twelve.

MOL Switch said that Twelve raised an additional $83m in February, following the momentum of their $645m funding announcement last fall.

MOL Switch is a wholly-owned subsidiary formed to invest in decarbonisation technologies, which invested in Twelve in July 2024.

In addition, Mistui & Co, Development Bank of Japan, Advantage Partners and Toppan Global Venture Partners (TGVP) have also invested in Twelve.

MOL launched MOL Switch in May 2023 with the goal to invest around $100m in startups developing decarbonising technologies in the energy sector.

The MOL Group aims to become a social infrastructure company under the “Blue Action 2035” management plan.

Furthermore, the group has set the target of achieving net zero GHG emissions for the entire Group by 2050 in the “MOL Group Environmental Vision 2.2.”

Following its investment in HIF Global, which is promoting a project to produce and transport synthetic fuels, the MOL Group aims to contribute to the decarbonization of society as a whole by contributing to spread and expansion of clean energy, including synthetic fuels, through its investment participation in Twelve.

To note, Twelve in September 2024, announced a raise of $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.