Twelve Raises $645 million for clean jet fuels
New England Council member, Twelve, has raised $645 million to produce clean jet fuel that releases less carbon emissions into the air. Twelve, whose mission is to lessen the carbon emission of products that require carbon dioxide, raised the money through private equity firms TPG and Alaska Airlines.
“While there are a few ways to make [sustainable aviation fuel] SAF, Twelve makes Power-to-Liquid e-SAF from CO2 and renewable energy through electrochemical production,” according to a Twelve press release. “E-Jet SAF has up to 90% lower lifecycle emissions than conventional jet fuel, without the land and water use that biofuels require.”
“This actually has a shot at eventually replacing fossil fuels,” said Zachary Bogue, co-managing partner at the venture capital firm DCVC.
The Private Equity Firm, TPG, has agreed to invest $400 million for Twelve to open new plants and an extra $200 million for the company as a whole.
The New England Council commends Twelve for its commitment to this climate change initiative.
Read more from the Wall Street Journal.