Total amount raised
$844.4 Million
Latest funding date
3/1/2025
Location
Twelve has successfully navigated 14 funding rounds, attracting investment from notable entities such as United Airlines Ventures and Tokyu Construction Innovation Fund. The company is dedicated to transforming captured carbon dioxide into valuable chemicals, fuels, and other essential products.
Keep reading to explore the intricacies of Twelve's fundraising journey and the investors backing this innovative platform.
What Is Twelve?
Twelve is a pioneering company in the field of carbon transformation technology, converting captured carbon dioxide into valuable chemicals, fuels, and other essential products. Founded in Berkeley, California, Twelve operates in industries such as Carbon Capture, Chemical, Fuel, GreenTech, and Oil and Gas.
With a workforce of 251-500 employees, Twelve leverages its innovative AirPlant™ technology to produce hydrocarbons from CO2, water, and renewable electricity. The company is committed to reducing reliance on fossil fuels and lowering emissions, contributing to a more sustainable future.
How Much Funding Has Twelve Raised?
- Seed Round
- Amount Raised: USD 11,000,000
- Date: August 2019
- Lead Investors: DCVC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and scale their carbon transformation technology.
- Series A
- Amount Raised: USD 57,000,000
- Date: July 2021
- Lead Investors: Capricorn Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their operations and further develop their AirPlant™ technology.
- Grant
- Date: April 2022
- Lead Investors: BloombergNEF
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development initiatives.
- Series B
- Amount Raised: USD 130,000,000
- Date: June 2022
- Lead Investors: DCVC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production capabilities and enter new markets.
- Series C
- Amount Raised: USD 200,000,000
- Date: September 2024
- Lead Investors: Capricorn Investment Group, Pulse Fund, TPG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of AirPlant One and support future AirPlants.
- Debt Financing
- Amount Raised: USD 45,000,000
- Date: September 2024
- Lead Investors: Fundamental Renewables, Sumitomo Mitsui Banking Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure credit facilities for operational expansion.
- Undisclosed Round
- Amount Raised: USD 400,000,000
- Date: September 2024
- Lead Investors: TPG Rise Climate Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the development of future AirPlants and supply E-Jet fuel.
- Series C
- Amount Raised: USD 85,000,000
- Date: February 2025
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale their technology and expand market reach.
- Series Unknown
- Date: March 2025
- Lead Investors: Tokyu Construction Innovation Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing technological advancements.
- Series Unknown
- Date: May 2025
- Lead Investors: United Airlines Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance sustainable aviation fuel production.
Total Amount Raised: USD 928,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- United Airlines Ventures
- Details: United Airlines Ventures is the corporate venture capital arm of United Airlines, focusing on innovative technologies and sustainable solutions. They have been a lead investor in multiple funding rounds for Twelve.
- Investment Focus Areas: Aviation, Sustainable Technologies, Innovation
- Notable Investments: Twelve
- Tokyu Construction Innovation Fund
- Details: Tokyu Construction Innovation Fund is an investment arm of Tokyu Construction, focusing on innovative construction technologies. They have recently invested in Twelve to support ongoing technological advancements.
- Investment Focus Areas: Construction, Innovation, Technology
- Notable Investments: Twelve
- Capricorn Investment Group
- Details: Capricorn Investment Group is an investment firm that focuses on sustainable and impact investments. They co-led the $200 million Series C financing for Twelve.
- Investment Focus Areas: Clean Technology, Renewable Energy, Sustainability
- Notable Investments: Tesla, Twelve
- TPG
- Details: TPG is a global alternative asset firm with a broad investment focus. They led the $200 million Series C financing for Twelve.
- Investment Focus Areas: Technology, Healthcare, Sustainability
- Notable Investments: Twelve
- Fundamental Renewables
- Details: Fundamental Renewables focuses on renewable energy investments. They provided $45 million in credit facilities, including a $25 million construction loan, to support Twelve's projects.
- Investment Focus Areas: Renewable Energy, Sustainable Infrastructure
- Notable Investments: Twelve
What's Next for Twelve?
With the development of AirPlant One, Twelve is poised to revolutionize the sustainable aviation fuel (SAF) industry. The plant, set to be operational by 2025, will produce E-Jet® fuel, significantly reducing lifecycle emissions of jet fuel by up to 90%. This opportunity is bolstered by $645 million in funding, including $400 million in project equity from TPG Rise Climate.
Future fundraising looks promising, with TPG Rise Climate committing up to $400 million for the development of additional AirPlants. However, Twelve may face technical and logistical challenges in constructing and operationalizing these new facilities. Competition and regulatory hurdles also pose potential obstacles.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Twelve and gather other critical business insights.
Sign up for free to start transforming your sales strategy today.
