Clean energy investment firm Fundamental Renewables provides $25 million loan to help build Twelve’s first sustainable aviation fuel facility in Moses Lake, Washington.
BERKELEY, CA (July 25, 2024) – Twelve, the carbon transformation company that turns CO2 into products, has successfully closed a $25 million project finance construction loan to support their inaugural e-SAF[1] plant, the first of many facilities to make E-Jet® sustainable aviation fuel (“SAF”), the company’s sustainable jet fuel made from air. Fundamental Renewables, the clean energy investment arm of alternative asset management firm Fundamental Advisors, provided the construction loan.
The non-dilutive project finance debt provides working capital to complete construction of Twelve’s AirPlant™, the initial facility located in Moses Lake, Washington. This facility will produce sustainable aviation fuel (SAF) from biogenic CO2, water, and renewable energy sources. Considered a “first-of-its-kind” facility, AirPlant’s approved plans to produce the company’s e-SAF, E-Jet®, demonstrates that Twelve’s technology is ready to scale and gain rapid market share, further strengthened by the company’s global commercial partnerships with Alaska Airlines, Microsoft, IAG, and others.
Project finance loans are generally used to fund long-term infrastructure or industrial projects with a limited or non-recourse financial model leveraged mainly by the energy sector. This investment underscores the importance of bringing in creative partners who can allocate specialized growth capital beyond what is typically offered by traditional capital providers. Fundamental Renewables brings financial expertise in clean energy with over $6 billion in loan originations across more than 1,300 projects.
For groundbreaking environmental solutions to reach a global scale, funding these first-of-a-kind projects is a pivotal first step,” said Kevin Panzica, Director, Business Development at Fundamental Renewables.
“For groundbreaking environmental solutions to reach a global scale, funding these first-of-a-kind projects is a pivotal first step,” said Kevin Panzica, Director, Business Development at Fundamental Renewables. “We recognize the immense potential of Twelve’s carbon transformation technology and are proud to purposefully invest in and contribute to a project that will have a meaningful impact on the global aviation ecosystem.”
“We’re thrilled to partner with an innovative lender in Fundamental Renewables to bring bold, new technologies to market at scale,” said Jimmy Chuang, Chief Financial Officer at Twelve. “Non-dilutive project financing was key to unlocking solar at scale which makes it all the more exciting to know that this new capital will fast track the development of our e-SAF facility, the next generation of climate forward infrastructure.”
About Fundamental Advisors
Fundamental is a leading alternative asset manager dedicated to municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control-oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market. Fundamental Renewables is the renewable and clean energy investment arm of Fundamental and a leading provider of debt financing for renewable energy projects. For more information, please visit www.Fundamental.com.
[1] e-SAF is a type of sustainable aviation fuel derived from CO2 and renewable energy; it is also referred to as power-to-liquid (PtL) or power-to-X (PtX).