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BFD Expert Voices - Climate Deals

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Sustainable aviation fuel startup Twelve has closed $645 million in funding from investors led by private equity firm TPG.

Why it matters: It's a massive amount of financing for an emerging sector and is a vote of confidence for a young firm.

Zoom in: Twelve said that financing includes $400 million in project equity from TPG Rise Climate, $200 million in Series C equity, and an additional $45 million in credit facilities.

The round values the company at over $1 billion, reported the Wall Street Journal.

The funding will help Twelve finish building its first commercial fuels plant in Moses Lake, Washington, as well as deploy future plants.

Twelve had previously been aiming to get its Moses Lake plant up and running this year but now is expecting operations in 2025.

Follow the money: TPG also led the Series C round alongside Capricorn Investment Group and Pulse Fund.

Other investors in the Series C include Fifth Wall, northstar.vc, TGVP, Alaska Airlines' investment arm Alaska Star Ventures, DCVC, Munich Re Ventures, and Emerson Collective.

Catch up quick: Twelve, which has headquarters in Berkeley, Calif., uses electrolyzer tech to convert captured carbon dioxide into syngas, which it then converts into fuels, as well as materials for other products.

The company, founded in 2015, closed a $130 million Series B round in 2022 led by DCVC and including Capricorn Technology Impact Fund, Carbon Direct Capital Management, Munich Re Ventures, Microsoft Climate Innovation Fund, and others.

Twelve's customers include Alaska Airlines, Microsoft and Shopify, among others.

The big picture: Twelve's major financing comes at a time when funding is difficult for climate tech startups across the board.

But the SAF market is hot. The aviation sector is being pushed by regulation and sustainability commitments to cut carbon emissions, and SAF is their great hope.

The reality is there's just not enough SAF being created right now to meet airlines' demands.

Using CO2 to make SAF is a promising tech, and a group of startups is moving swiftly to try to scale projects, sign airline deals and raise financing.

TPG leads SAF startup Twelve's $645M funding

The company will use the funds to get its first fuels plant running.

An aerial view of a sustainable aviation fuel production facility under construction by Berkeley, Calif.-based Twelve

A sustainable aviation fuel production facility under construction by Berkeley, Calif.-based Twelve. Photo: Courtesy of Twelve

Aviation

Sustainable aviation fuel startup Twelve has closed $645 million in funding from investors led by private equity firm TPG.Why it matters: It&#x27;s a massive amount of financing for an emerging sector and is a vote of confidence for a young firm.

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TPG leads SAF startup Twelve's $645M funding

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