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Sustainable aviation fuel startup Twelve has quietly started commissioning its demo plant and plans to raise a Series D after it ships first fuel in coming months, Axios Pro has learned.

The big picture: The company is years behind schedule for its small plant and is going out to market in a time of uncertainty for SAF in the U.S.

Zoom in: The company finished construction of the demo plant, which is supposed to make between 40,000 to 50,000 gallons of SAF per year, in late 2025, according to city records.

Twelve plans to use the proceeds of the Series D to help develop its next facilities as well as future product engineering, the source says.

How it works: The demo plant in Moses Lake, Washington, called AirPlant One, is expected to make both sustainable jet fuel and sustainable naphtha, an industrial feedstock for chemicals and plastics.

Twelve uses electrolyzer tech to convert captured carbon dioxide into syngas, which it then converts into its products.

Zoom out: There's about 400 million gallons of SAF capacity in the U.S., according to BNEF, and almost all of it comes from waste oils and animal byproducts via a technology called HEFA (for hydroprocessed esters and fatty acids).

Twelve is one of the next-generation of SAF players making "e-fuels," which use carbon dioxide and electricity.

Follow the money: Twelve closed a $200 million Series C in 2024, along with $45 million in credit facilities.

Equity investors included TPG Rise Climate, Capricorn Investment Group, Pulse Fund, Fifth Wall, Alaska Airlines' investment arm Alaska Star Ventures, DCVC, Munich Re Ventures, and Emerson Collective.

At the time of the Series C, Twelve also announced a commitment for up to $400 million in project equity from TPG for future plants following Airplant One.

Friction point: Industry watchers say Twelve, which was initially targeting 2024 for production, was overcapitalized and has underdelivered.

Critics say Twelve's base feedstocks — purified CO2 and clean electricity — make its fuel prohibitively expensive.

The cost of electricity has been rising over the past year, adding to the challenges for keeping costs low.

The average global price of HEFA-based SAF is $5.40 per gallon, while the projected price of e-fuels-based SAF is roughly $16.55 a gallon, according to BNEF. The average price of fossil jet fuel is closer to $2.35 per gallon.

What they're saying: "We haven't seen any of these companies that are non-HEFA give a lot of confidence that they are going to reach commercial success," says BNEF energy specialist Jade Patterson.

State of play: The U.S. SAF sector went through a volatile year in 2025, following policy changes and a retreat from corporate sustainability goals.

A portion of the business has moved to Europe, which is mandating the use of SAF.

At the same time, in recent months, the conflict in Iran has boosted fossil jet fuel prices, reducing the price difference between SAF and jet fuel.

What we're watching: Twelve still needs to ship its first fuel to move to the next step.

Scoop: Twelve eyes new raise after commissioning demo plant

Critics say SAF startup is overcapitalized and has underdelivered.

Industrial refinery at sunset with a dense network of pipes and catwalks, a tall processing tower at center-right, bright lights, and a fiery orange horizon; logo airplant one on the left.

Twelve's sustainable aviation fuel plant Airplant One in Moses Lake, Wash. Photo: Courtesy of Twelve

Sustainable aviation fuel startup Twelve has quietly started commissioning its demo plant and plans to raise a Series D after it ships first fuel in coming months, Axios Pro has learned.The big picture: The company is years behind schedule for its small plant and is going out to market in a time of <a class="gtmContentClick" data-vars-link-text="uncertainty for SAF" data-vars-click-url="https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/120925-global-saf-supply-to-slow-in-2026-on-high-costs-policy-issues-iata" data-vars-content-id="344f52ed-f79d-4d7f-8bb7-e9d0c3ffd3dc" data-vars-headline="Scoop: Twelve eyes new raise after commissioning demo plant" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/120925-global-saf-supply-to-slow-in-2026-on-high-costs-policy-issues-iata" target="_blank">uncertainty for SAF</a> in the U.S.

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Scoop: Twelve eyes new raise after commissioning demo plant

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