TPG Rise Climate
Assembly Line
Twelve Announces $645 Million in Funding Led by TPG to Transform CO2 into Jet Fuel and Electrochemicals at Scale
Twelve, the carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels, announced $645 million in funding. This raise is a strategic mix of capital which includes $400 million in project equity led by TPG Rise Climate, $200 million in Series C financing, and an additional $45 million in credit facilities from leading funders in the renewable energy sector marking this as one of the largest financing rounds to date in the e-fuels space.
The funding accelerates Twelve’s goals of defossilizing manufacturing processes, focusing first on emissions generated by aviation. This includes the completion of AirPlant™ One, Twelve’s inaugural sustainable aviation fuel (SAF) plant located in Moses Lake, Washington, which is expected to begin production in 2025. AirPlant One is the first of many facilities throughout the country to make E-Jet® fuel, using the company’s patented technology to produce SAF derived from biogenic CO2, water, and renewable energy sources which achieves lifecycle emissions up to 90% lower than conventional fossil jet fuel.