Twelve lands $645M to power planes with green fuel

In California, Twelve, a carbon transformation company focused on decarbonizing industries, has raised $645 million to accelerate the production of sustainable aviation fuel. The funding includes $400 million in project equity led by TPG Rise Climate, $200 million in Series C financing, and $45 million in credit facilities. This marks one of the largest financial injections in the e-fuels sector to date.

The capital will fast-track the completion of Twelve’s first SAF facility, AirPlant One, in Moses Lake, Washington, expected to begin production in 2025. AirPlant One will produce sustainable jet fuel using Twelve’s proprietary technology that converts CO2, water, and renewable energy into SAF, achieving up to 90% lower lifecycle emissions compared to traditional fossil fuels.

“Twelve is a clear leader in CO2 conversion technology, which is a core part of the power-to-liquids technology stack and the process we believe represents the long-term, scalable solution for SAF production,” said Jonathan Garfinkel, a Managing Partner at TPG Rise Climate.

TPG Rise Climate has committed substantial project equity to support the development of future AirPlants across the U.S., enabling Twelve to meet growing SAF demand from customers like Alaska Airlines and International Aviation Group.