Twelve, the carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels, announced $645 million in funding. This raise is a strategic mix of capital which includes $400 million in project equity led by TPG Rise Climate, $200 million in Series C financing, and an additional $45 million in credit facilities from leading funders in the renewable energy sector marking this as one of the largest financing rounds to date in the e-fuels space.

The funding accelerates Twelve’s goals of de-fossilizing manufacturing processes, focusing first on emissions generated by aviation. This includes the completion of AirPlant One, Twelve’s inaugural sustainable aviation fuel (SAF) plant located in Moses Lake, Washington, which is expected to begin production in 2025.

AirPlant One is the first of many facilities throughout the country to make E-Jet fuel, using the company’s patented technology to produce SAF derived from biogenic CO₂, water, and renewable energy sources which achieves lifecycle emissions up to 90% lower than conventional fossil jet fuel.

TPG Rise Climate has committed up to $400 million in project equity financing to support the development of future AirPlants, which will supply Twelve’s E-Jet fuel to customers such as Alaska Airlines and International Aviation Group (IAG), parent company of British Airways. Launched in 2021, TPG Rise Climate is a $7.3-billion climate impact fund by alternative asset manager TPG’s global impact investing platform.

In addition to project equity financing, TPG is leading Twelve’s approximately $200-million Series C round alongside Capricorn Investment Group and Pulse Fund. Fifth Wall, northstar.vc, Toppan Global Venture Partners, Alaska Airlines’ investment arm Alaska Star Ventures participated in the round as new investors. Existing investors DCVC, Munich Re Ventures, Emerson Collective, Microsoft’s Climate Innovation Fund, Carbon Direct Capital, and Elementum vc also participated.

Most recently, Twelve also raised $45 million in total loans across two lenders. Clean energy investment firm Fundamental Renewables provided a $25-million construction loan, and multinational bank Sumitomo Mitsui Banking Corporation closed a $20-million green loan in support of Twelve’s carbon transformation technology.