Total amount raised
$844.4 Millions
Latest funding date
3/1/2025
Location
Twelve has successfully raised significant funding through multiple rounds, including a recent $85 million in Series C and project funding. The company specializes in carbon transformation, converting captured CO2 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, founded in 2015, is a pioneering carbon transformation company based in Berkeley, California. The company specializes in converting captured CO2 into valuable chemicals, fuels, and other essential products, effectively eliminating emissions typically produced by fossil fuels.
The innovative platform was co-founded by Etosha Cave, Kendra Kuhl, and Nicholas Flanders. Their proprietary technology focuses on CO2 electrocatalysis and electrochemical reactor design, setting them apart in the industry.
With a team of 251-500 employees, Twelve is dedicated to advancing industrial innovation and building a sustainable future. Their mission is to create a world made from air, transforming the way we think about carbon emissions.
How Much Funding Has Twelve Raised?
- Seed Round
- Amount Raised: $11M
- Date: August 2019
- Lead Investors: DCVC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and refine their CO2 conversion technology.
- Series A
- Amount Raised: $57M
- Date: July 2021
- Lead Investors: Capricorn Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up operations and expand their team.
- Series B
- Amount Raised: $130M
- Date: June 2022
- Lead Investors: DCVC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the commercialization of their technology.
- Series C
- Amount Raised: $200M
- Date: September 2024
- Lead Investors: Capricorn Investment Group, Pulse Fund, TPG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the construction of AirPlant One and expand production capabilities.
- Funding Round
- Amount Raised: $400M
- Date: September 2024
- Lead Investors: TPG Rise Climate Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of future AirPlants and supply E-Jet fuel.
- Debt Financing
- Amount Raised: $45M
- 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.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2025
- Lead Investors: Tokyu Construction innovation fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further innovate and expand their technology applications.
Total Amount Raised: $843M. Current Valuation: Not publicly disclosed.
Key Investors
- DCVC
- Details: DCVC (Data Collective) is a venture capital firm that invests in deep tech companies. They focus on companies that leverage data science and engineering to solve complex problems.
- Investment Focus Areas: Artificial Intelligence, Robotics, Space
- Notable Investments: Planet Labs, Rocket Lab, Zymergen
- Capricorn Investment Group
- Details: Capricorn Investment Group is a private investment firm that focuses on sustainable and impact investments. They aim to deliver superior long-term investment results by integrating sustainability into their investment process.
- Investment Focus Areas: Renewable Energy, Healthcare, Technology
- Notable Investments: Tesla, SpaceX, QuantumScape
- TPG Rise Climate Fund
- Details: TPG Rise Climate is a climate-focused investment fund under TPG, a global alternative asset firm. The fund aims to support companies that contribute to climate solutions.
- Investment Focus Areas: Renewable Energy, Sustainable Agriculture, Clean Technology
- Notable Investments: Rivian, Redwood Materials, Form Energy
- Fundamental Renewables
- Details: Fundamental Renewables is a provider of credit facilities, including construction loans, for renewable energy projects. They focus on financing sustainable energy solutions.
- Investment Focus Areas: Solar Energy, Wind Energy, Energy Storage
- Notable Investments: Not publicly disclosed
- Sumitomo Mitsui Banking Corporation
- Details: Sumitomo Mitsui Banking Corporation (SMBC) is a global financial services company. They provide a range of financial services, including green loans and project financing.
- Investment Focus Areas: Green Loans, Project Financing, Corporate Banking
- Notable Investments: Not publicly disclosed
What's Next for Twelve?
Twelve's future is brimming with opportunities, particularly in the sustainable aviation fuel (SAF) sector. With $645 million in recent funding, the company is poised to construct AirPlant One in Moses Lake, Washington, aiming to revolutionize the aviation industry by reducing reliance on fossil fuels. This plant, expected to begin production in 2025, represents a significant step toward scaling their carbon transformation technology.
As the demand for sustainable energy solutions grows, Twelve is well-positioned to attract further investments. Future fundraising could support the development of additional AirPlants and expand their partnerships with major airlines. However, the company may face challenges such as scaling production facilities and navigating regulatory landscapes. Despite these hurdles, Twelve's innovative approach and strong financial backing suggest a promising path ahead.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Twelve and gather other critical business insights.
Sign up for free on Clay and start transforming your sales approach today.
