Twelve lands $45M debt facility to scale CO2-based clean fuels plant
What's the deal? Twelve, a California cleantech company, has secured a credit facility of up to $45 million to refinance and expand its AirPlant One fuels plant in Moses Lake, Washington. The debt was led by Endurance CapitalDealroom has a profile for this one. Try Dealroom → and NomuraDealroom has a profile for this one. Try Dealroom → as joint bookrunners, with Nomura also acting as administrative agent.
What's the endgame? Founded in 2015, Twelve produces chemicals, materials, and fuels from captured CO2 combined with water, powered by renewable energy. It says its sustainable aviation fuel can cut lifecycle greenhouse gas emissions by up to 90% versus conventional jet fuel.
Why now? The financing marks AirPlant One's shift from construction phase to operating asset. The company recently launched the plant — the first commercial-scale US facility to produce E-Jet, a power-to-liquid aviation fuel made from CO2, water, and renewable electricity, alongside E-Naphtha, a synthetic chemical feedstock. The site is powered entirely by hydropower.
What's next? The new capital will fund further expansion at the site, including increased hydrogen production capacity. "We built AirPlant One to prove that power-to-liquid technology works at commercial scale, and it's now a fully operating plant producing on-spec aviation fuel and naphtha," said co-founder and chief executive officer Nicholas Flanders.
The signal: The raise ranks in the 92nd percentile of all-time debt rounds for US deep tech, a sign that clean-fuel projects are maturing from pilots to bankable, revenue-generating assets. "This financing is about funding what's next," said Alain Halimi, managing director at IPB NomuraDealroom has a profile for this one. Try Dealroom →.
Read more: esgtoday.com
Image credit: Generated with Gemini
