Global financial institution Sumitomo Mitsui Banking Corporation closes $20 million loan in specialized growth capital for Twelve’s E-Jet® fuel and carbon transformation technology.
BERKELEY, CA (July 31, 2024)—Twelve has successfully closed a $20 million green loan to advance development and deployment of E-Jet® SAF, the company’s sustainable jet fuel made from CO2 and renewable energy. The sole lender and Green Loan Coordinator was Sumitomo Mitsui Banking Corporation (SMBC) who crafted the green features of the transaction.
This investment is a vote of confidence in E-Jet® SAF and carbon transformation as a climate solution
The terms of this delayed-draw green loan align with the Green Loan Principles, an industry lending initiative with voluntary process guidelines requiring certain transparency and reporting undertakings by Twelve. The financing will provide working capital to accelerate company growth initiatives which includes the construction of Twelve’s AirPlant™ in Moses Lake, Washington where production of the company’s patented power-to-liquid jet fuel E-Jet® SAF made from biogenic CO2, water, and renewable energy sources will take place.
"Capital is the critical catalyst that accelerates the commercialization of transformative technologies” said Nicholas Flanders, Co-founder and CEO of Twelve. “Traditionally, there's been a shortage of financing for first-of-a-kind technologies due to the inherent risks and uncertainties across technical, operational, and economic challenges. This investment is a vote of confidence in E-Jet® and carbon transformation as a climate solution."
“We are proud to have supported the structuring and execution of Twelve’s first green loan, which highlights the company’s efforts to advance the production of sustainable aviation fuel and decarbonize the aviation industry,“ said Yoshiyuki Natsuyama, Co-Head of Corporate and Investment Banking Coverage (CIBC), SMBC Americas Division.
About Twelve
Twelve™ is the carbon transformation company. We turn CO2 into essential products with technology that works like industrial photosynthesis. We're on a mission to build a world made from air and a fossil-free future through the power of electrochemistry.
The Opus™ System
The Opus™ System is Twelve’s revolutionary technology that works like industrial photosynthesis. It transforms CO2, water, and renewable energy into hydrocarbons, the building blocks for essential chemicals, materials, and fuels.
The core technology is an industrial-scale PEM*-based CO2 electrolyzer with a novel transition metal catalyst that reduces CO2 and water into new useful molecules via CO2 electrolysis**.
*PEM stands for polymer electrolyte membrane or proton exchange membrane, used interchangeably.
**CO2 electrolysis, also known as CO2 electroreduction (CO2RR) is the reduction of CO2 into new chemical species using electrical energy.
Electrochemically Produced E-Chemicals & E-Fuels
If its made from oil, we can make it from air. We can replace the fossil fuel-based products, petrochemicals, in supply chains with e-chemicals and fuels made from CO2. The future is built from "electrochemicals" made from air instead of petrochemicals made from oil.
Our suite of products eliminate emissions from supply chains. E-fuels eliminate transportation emissions with up to 90% lower emissions compared to conventional fuels, and e-chemicals that form the basis for many materials and products are carbon-negative.
