Twelve, formerly known as Opus 12, was born from the discoveries by Dr. Etosha Cave and Dr. Kendra Kuhl at Stanford University, a recognized world leader in CO2 electrocatalysis. There, they developed a carbon transformation technology.

Today, Twelve has a growing team of electrochemists, material scientists, and engineers with expertise in the field of CO2 electrocatalysis and electrochemical reactor design.

Twelve is a carbon transformation company with the mission to eliminate global emissions and build a fossil-free future through the science of carbon transformation and electrochemistry. They are using CO2 to displace fossil fuels as a feedstock. This is done with Opus, 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. With this process, they can make the same chemicals, materials, and fuels from CO2 that are conventionally made from fossil fuels.

Their portfolio of end products is diverse:

• E-Jet® a Power-to-Liquid sustainable aviation fuel (SAF) made from CO2 - is expected to have 90% lower lifecycle emissions than conventional fuel. It's drop-in certified.

• Consumer and industrial products (CO2Made®): e-naphtha, foam, formate, polycarbonate, among others.

Recent Announcements

*In Q3-2024, Twelve Announces 645 Million in Funding Led by TPG to Transform CO2 into Jet Fuel and Electrochemicals at Scale.

• In Q2-2024, the Sustainable Aviation Buyers Alliance (SABA) announced that Twelve had been selected as one of the producers to supply high-integrity SAF certificates to their corporate customers in a long-term deal.

• In Q1-2024, Twelve announced a long-term 260 million gallon SAF offtake deal with International Airlines Group (IAG), the parent company of British Airways.

• In Q3-2023, Twelve announced that they have begun construction on their pilot-scale SAF production facility in Moses Lake, WA in the United States.

• In Q2-2023, Twelve and Etihad Airways signed an MOU for SAF offtake.

Last round of funds

Twelve raised $645M in its latest funding round, which was Series C round held on September 19, 2024 led by TPG. 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. They are currently in the process of fundraising and expected to complete a Series C funding round in 2025.

The main business models pursue by Twelve are:

• Equity financing: running a series C during mid and series D by mid 2025.

• Project financing.

• Offtake agreement - either SAF volume or scope 3 certifications.

Twelve is a power-to-liquid company, that has deployed a technology that allows them to deliver advance fuels.

Their novel technology transforms CO2 into hydrocarbons through electrolysis.

• Membrane Electrode Assembly (MEA): is a shiny black leaf that transforms CO2 into essential feedstocks - a highly efficient novel CO2 - reducing catalyst that electrifies CO2 and water, producing only oxygen, as syngas, and water as outputs.

• Stack: the electrical current runs through the stack to split CO2 into the building blocks for electrochemicals. The stack scales modularly.

• Opus™: their industrial-scale carbon transformation platform. A full closed-unit carbon transformation system that can plug into industrial systems, using CO2 from point of emissions or from direct air capture (DAC).

• The SAF conversion continues in a Fischer Tropsch unit - this are provide by strategic partners.

Their process deliver as a final product Net SAF under 7566 standard that is then blended in 50%.

Twelve is a chemical technology company which technology could be used for companies that are looking to:

• Produce profitable chemicals, such as plastics and transportation fuels from a sustainable source.

• Transform their point source emissions or the CO2 from their Direct Air Capture (DAC) into valuable materials.