Twelve, a leading carbon transformation company that converts captured carbon dioxide (CO2) into essential chemicals, fuels, and other products typically derived from fossil fuels, has secured $645 million in funding. This monumental raise 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 prominent investors in the renewable energy sector.

The funding marks one of the largest financing rounds to date in the e-fuels space and underscores Twelve’s pivotal role in the energy transition.

The bulk of the funding will be used to accelerate Twelve’s plans to scale its production of sustainable aviation fuel (SAF), a key component in reducing the carbon footprint of the aviation industry. Twelve’s flagship project, AirPlant™ One, will be located in Moses Lake, Washington, and is expected to start producing SAF by 2025. The facility will use the company’s patented carbon transformation technology to convert CO2, water, and renewable energy into E-Jet® fuel. This innovative SAF can achieve up to 90% lower lifecycle emissions compared to conventional fossil-based jet fuel, offering a cleaner alternative for the aviation sector.

Twelve’s vision is to defossilize various industries by transforming emissions into valuable products. AirPlant One is the first of many planned facilities that will produce SAF, addressing the growing global demand for cleaner aviation fuel. This demand is fueled by the need for the aviation industry to meet aggressive decarbonization targets in response to both regulatory pressures and environmental goals.

TPG Rise Climate, the lead investor in the project equity round, has committed up to $400 million to support the development of future AirPlants. This investment positions Twelve to expand its SAF production capabilities to supply major customers, such as Alaska Airlines and the International Aviation Group (IAG), which is the parent company of British Airways. These partnerships represent a significant step forward in the aviation industry’s transition toward cleaner fuel sources.

Jonathan Garfinkel, Managing Partner at TPG Rise Climate, highlighted the importance of Twelve’s technology in the energy transition: “Twelve is a clear leader in CO2 conversion technology, which is a core part of the power-to-liquids technology stack. We believe this represents the long-term, scalable solution for SAF production, and we are excited to support Twelve as it builds world-class capabilities and facilities.”

The Series C funding round, also led by TPG alongside Capricorn Investment Group and Pulse Fund, raised an additional $200 million for Twelve’s broader goals. This round included participation from leading investors such as Fifth Wall, northstar.vc, and Alaska Airlines’ venture arm, Alaska Star Ventures. Notably, existing investors like DCVC, Munich Re Ventures, and Emerson Collective also contributed, showcasing continued confidence in Twelve’s vision.

The demand for SAF has been steadily increasing as airlines and governments worldwide seek to reduce the environmental impact of air travel. With its E-Jet fuel, Twelve is poised to meet this demand by offering a sustainable alternative to fossil fuels. Alaska Airlines is already preparing to integrate Twelve’s SAF into its operations as part of its long-term sustainability goals.

Diana Birkett Rakow, Senior Vice President of Public Affairs and Sustainability at Alaska Airlines, expressed enthusiasm about Twelve’s contributions to the aviation industry: “Twelve’s technology is promising in the pursuit of long-term scalable supply of SAF. In order to meet our company’s—and our industry’s—ambitious decarbonization goals, we need new technologies like the one Twelve has developed. We are excited to be part of this round of forward-looking funders to make a more sustainable future for aviation possible.”

In addition to equity and venture funding, Twelve has secured $45 million in loans from two prominent financial institutions. Fundamental Renewables, a clean energy investment firm, provided a $25 million construction loan to support the build-out of AirPlant One. Meanwhile, multinational bank Sumitomo Mitsui Banking Corporation (SMBC) contributed a $20 million green loan to further back Twelve’s carbon transformation technology.

Nicholas Flanders, CEO and co-founder of Twelve, emphasized the company’s strategic approach to financing: “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. 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.”

With this robust financial backing, Twelve is well-positioned to expand its operations beyond aviation. While SAF production is the immediate focus, Twelve’s carbon transformation technology has the potential to disrupt other industries reliant on fossil fuels, such as chemicals and manufacturing. The company’s long-term vision is to integrate its technology into various sectors to transform CO2 emissions into valuable, climate-positive products.

Looking ahead, Twelve plans to continue building out its AirPlant network across the U.S. and potentially abroad. These facilities will supply industries that are under increasing pressure to reduce their carbon footprint, enabling them to comply with evolving environmental regulations while maintaining operational efficiency.

As the energy transition accelerates, Twelve is at the forefront of innovation, proving that carbon emissions can be a resource rather than a liability. By transforming CO2 into sustainable fuels and chemicals, the company is helping to build a cleaner, more resilient global economy.

Twelve’s $645 million funding round marks a significant milestone in the journey toward a sustainable future. With strong financial support and strategic partnerships, the company is leading the way in the production of SAF and other low-carbon products, providing the aviation industry and beyond with innovative solutions to meet their decarbonization goals. As Twelve continues to scale its operations, it is poised to play a critical role in the global fight against climate change, offering a promising path forward for industries seeking to reduce their reliance on fossil fuels.