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Twelve, a startup working to make jet fuel from carbon dioxide and hydrogen, is nearing a close of its Series C, the company's CEO said Wednesday.

Why it matters: The company previously raised $130 million and is expected to eclipse that amount.

Zoom in: "We're at the tail end of our Series C," CEO Nicholas Flanders said at the Plug & Play conference in Sunnyvale, Calif.

Context: Twelve's Series B closed in 2022, led by DCVC.

Flanders did not disclose the size of the company's Series C.

Catch up fast: The Berkeley, Calif.-based startup converts captured carbon dioxide into fuels, as well as materials for other products.

The intrigue: Flanders, in his remarks yesterday, said that Twelve has also secured project financing, without adding specifics.

"We've raised several hundred million dollars at this point in both topco financing and project financing," Flanders said, adding, "we just recently closed a new green loan."

What we're watching: Twelve reportedly expects to complete construction of its first jet fuel factory in Moses Lake, Wash., this year.

Twelve nearing close of Series C for carbon-to-fuels production

Speaking at a conference, the CEO said it's secured project financing

Illustration of a plane with contrails forming an upwards trend line.

Climate tech

Twelve, a startup working to make jet fuel from carbon dioxide and hydrogen, is nearing a close of its Series C, the company&#x27;s CEO said Wednesday.Why it matters: The company previously raised <a class="gtmContentClick" data-vars-link-text="$130 million" data-vars-click-url="https://chanzuckerberg.com/newsroom/twelve-to-deploy-worlds-first-industrial-scale-carbon-transformation-platform/" data-vars-content-id="63db1434-d66c-414b-a8cb-250744c5970f" data-vars-headline="Twelve nearing close of Series C for carbon-to-fuels production" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://chanzuckerberg.com/newsroom/twelve-to-deploy-worlds-first-industrial-scale-carbon-transformation-platform/" target="_blank">$130 million</a> and is expected to eclipse that amount.

Twelve nearing close of Series C for carbon-to-fuels production

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