In California, Twelve announced it has raised a total of $645 million in funding. The firm noted that 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. The firm said that the new 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. TPG Rise Climate has committed up to $400 million in project equity financing to support the development of future AirPlants, which will supply Twelve’s E-Jet fuel to customers like Alaska Airlines and International Aviation Group (IAG), parent company of British Airways. “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,” said Nicholas Flanders, Chief Executive Officer at Twelve.
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