Twelve refinances AirPlant One with $45m credit facility

US synthetic fuel producer Twelve has closed a $45m credit facility. The credit facility refinanced the company’s AirPlant One facility and will support additional expansion for Twelve’s first commercial eSAF facility in Moses Lake, Washington.

“We built AirPlant One to prove that power-to-liquid technology works at commercial scale, and it’s now a fully operating plant producing on-spec aviation fuel and naphtha,” said Nicholas Flanders, co-founder and CEO, Twelve. “This financing reflects that shift, from construction phase to operating asset, and gives us the capital to expand our capabilities at the site. Scaling additional hydrogen production represents the next phase of growth.”

The credit facility had Endurance Capital and Nomura act as joint bookrunner. Nomura also acted as the administrative agent.

“This financing reflects Nomura’s continued commitment to funding the infrastructure of the energy transition,” said Vinod Mukani, global head of Infrastructure and Power Business (“IPB”), Nomura. “We’re thrilled to partner with Twelve to support their next phase of growth.” 

The refinancing comes as part of Twelve’s transition from construction to commercial operations. This will also facilitate expanding the potential hydrogen production capacity. 

“As energy-transition technologies move from innovation to commercial deployment, access to tailored capital becomes increasingly important,” said Yoni Ophir, co-founding partner and CEO, Endurance Capital. “Twelve has established itself as a leader in power-to-liquid fuels and represents exactly the type of company Endurance was built to support. We are excited to partner with Nomura to provide Twelve with the capital and resources to continue scaling its platform.”