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Total amount raised
$934M+
Latest funding date
2025-05-06
Location
Twelve has raised funding across multiple rounds backed by more than 50 investors, including TPG Rise Climate, DCVC, Capricorn Investment Group, and United Airlines Ventures, among others.
Keep reading to explore Twelve's fundraising journey — from its seed round in 2019 to its latest investment in May 2025.
Twelve has raised funding across multiple rounds backed by more than 50 investors, including TPG Rise Climate, DCVC, Capricorn Investment Group, and United Airlines Ventures, among others.
Keep reading to explore Twelve's fundraising journey — from its seed round in 2019 to its latest investment in May 2025.
What Is Twelve?
Twelve is a carbon transformation company headquartered in Berkeley, California. Founded in 2015 as Opus 12 by Dr. Kendra Kuhl, Dr. Etosha Cave, and Nicholas Flanders, the company uses CO2 electrolysis technology to transform captured CO2, water, and renewable electricity into hydrocarbons — the building blocks of chemicals, materials, and fuels. Twelve's flagship product line, CO2Made™, includes sustainable aviation fuel (SAF) produced at its AirPlant™ One facility in Moses Lake, Washington. The company's name is a nod to Carbon-12, the most stable and common isotope of carbon.
How Much Funding Has Twelve Raised?
- Seed Round
- Amount Raised: USD 11,000,000
- Date: August 2019
- Lead Investors: DCVC
- Participants: Undisclosed
- Series A
- Amount Raised: USD 57,000,000
- Date: July 2021
- Lead Investors: Capricorn Technology Impact Fund, Carbon Direct Capital Management
- Participants: DCVC, Munich Re Ventures, Microsoft Climate Innovation Fund, Breakout Ventures, Evok Innovations
- Grant
- Amount Raised: Undisclosed (BloombergNEF Pioneers Award)
- Date: April 2022
- Lead Investors: BloombergNEF
- Series B
- Amount Raised: USD 130,000,000
- Date: June 2022
- Lead Investors: DCVC
- Participants: Capricorn Technology Impact Fund, Carbon Direct Capital Management, Breakout Ventures, Munich Re Ventures, Elementum Ventures, Microsoft Climate Innovation Fund, Chan Zuckerberg Initiative
- Series C
- Amount Raised: USD 200,000,000
- Date: September 2024
- Lead Investors: TPG Rise Climate, Capricorn Investment Group, Pulse Fund
- Participants: Fifth Wall, northstar.vc, Toppan Global Venture Partners, Alaska Star Ventures, DCVC, Munich Re Ventures, Emerson Collective, Microsoft Climate Innovation Fund, Carbon Direct Capital, Elementum Ventures
- Project Equity
- Amount Raised: USD 400,000,000
- Date: September 2024
- Lead Investors: TPG Rise Climate
- Notes: Up to $400M committed for future AirPlant facilities
- Debt Financing
- Amount Raised: USD 45,000,000
- Date: September 2024
- Lead Investors: Fundamental Renewables ($25M construction loan), Sumitomo Mitsui Banking Corporation ($20M green loan)
- Series C (Additional)
- Amount Raised: USD 85,000,000
- Date: February 2025 (announced March 11, 2025; updated April 15, 2025)
- Lead Investors: Undisclosed
- Participants: Amazon (Climate Pledge Fund), Mitsui & Co., Development Bank of Japan, Japan Hydrogen Fund, Greycroft (Coca-Cola Sustainability Fund), 2551 Capital, TGVP, MOL Switch, CSC Leasing, Tokyu Construction/Global Brain, DCVC (increased stake), SMBC, TPG, Pulse Fund, Fundamental Advisors (upsized construction loan)
- Grant
- Amount Raised: USD 6,000,000
- Date: February 2025
- Lead Investors: U.S. Department of Energy (FECM Office)
- Series Unknown
- Amount Raised: Undisclosed
- Date: May 2025
- Lead Investors: United Airlines Ventures Sustainable Flight Fund
- Notes: Investment amount not publicly disclosed; strategic investment to advance Twelve's E-Jet SAF technology
Total Amount Raised: At least $934,000,000 based on disclosed funding (including $11M Seed, $57M Series A, $130M Series B, $200M Series C, $400M Project Equity, $45M Debt, $85M additional Series C, $6M DOE Grant; the May 2025 United Airlines Ventures round amount is undisclosed).
Key Investors
- TPG Rise Climate
- Details: Lead investor in Twelve's September 2024 $645M financing package, committing both Series C equity and up to $400M in project equity for AirPlant facilities.
- DCVC
- Details: Early backer from the Seed round and lead investor in Twelve's $130M Series B in June 2022. Has continued participation through additional Series C rounds.
- Capricorn Investment Group
- Details: Co-led Twelve's Series A in July 2021 through its Technology Impact Fund and co-led the September 2024 Series C alongside TPG Rise Climate and Pulse Fund.
- Microsoft Climate Innovation Fund
- Details: Participated in Twelve's Series A and Series B rounds, reflecting Microsoft's commitment to carbon reduction technologies.
- Carbon Direct Capital Management
- Details: Co-led the Series A in July 2021 and participated in the Series B in June 2022.
- United Airlines Ventures
- Details: Made a strategic investment in May 2025 via its Sustainable Flight Fund, backing Twelve's E-Jet SAF technology at AirPlant™ One in Moses Lake, Washington.
- Chan Zuckerberg Initiative
- Details: Participated in Twelve's $130M Series B in June 2022 with both Series B and strategic program investment.
- Amazon (Climate Pledge Fund)
- Details: Participated in the February 2025 additional Series C round, supporting Twelve's AirPlant™ One construction.
What's Next for Twelve?
Twelve is poised for significant growth as it advances its AirPlant™ One facility in Moses Lake, Washington, aiming to produce 50,000 gallons of sustainable aviation fuel annually. With a 14-year SAF purchase agreement secured with a large European-based airline group to supply 260 million gallons of SAF for five airlines, the company is well-positioned to scale its carbon transformation technology. Backed by continued investor confidence and a growing roster of strategic partners, Twelve is focused on deploying its CO2 electrolysis technology at an industrial scale to drive meaningful emissions reductions across aviation and chemicals.
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