Twelve raises $645M to turn CO2 into sustainable jet fuel

Today, with its announce­ment of a massive TPG-led $645 million in new investment, Twelve has received emphatic validation for its singular approach to turning waste CO2 into products that can decarbonize entire industries.

From the start, we have believed that Twelve’s ground­breaking technology may prove dispositive in the fight against climate change. We back amazing teams attacking trillion-dollar problems whose practical solutions will improve the world: Twelve is scaling because it makes critically important drop-in replace­ments that are as easy to use as they are beneficial.

DCVC has been a proud supporter of Twelve since leading the company’s Seed round in 2018. We went on to participate in the Series A in 2021, led the Series B in 2022, and have now partic­i­pated in the Series C, which is part of the $645 million in new investment and project equity announced today. See the Wall Street Journal’s coverage of the news here.

Twelve’s progress is accel­er­ating. The new funding will enable the company to finish construc­tion of its first commercial-scale ​“AirPlant” in Washington State. The facility will produce E‑Jet®, Twelve’s sustainable aviation fuel made from waste CO2, water, and renewable energy.

E‑Jet® is a direct replacement for fossil jet fuel but with up to 90% lower lifecycle emissions. With the aviation industry under pressure to reduce its carbon footprint, Twelve’s drop-in solution has enormous potential. In a major vote of confidence, IAG (British Airways’ parent), one of the world’s largest airline groups, signed a historic offtake agreement earlier this year for 785,000 metric tons of E‑Jet® fuel over 14 years. For IAG, which aims to use 10% SAF by 2030, the deal with Twelve is a key step in achieving net zero emissions.

I couldn’t be more excited about Twelve’s prospects and the real-world impact the company can have in the fight against climate change. Heartfelt congrats to CEO Nicholas Flanders and the whole Twelve team on this big raise: a major enabler and a compelling validation all at once.