Carbon Transformation Startup Twelve Raises $130 Million to Turn Captured CO2 into Products
Carbon transformation company Twelve announced today a $130 million financing aimed at supporting the acceleration of the engineering, manufacturing, and deployment of its technology to create products from captured CO2.
Twelve makes chemicals, materials, and fuels from carbon, instead of fossil fuels, at an industrial scale, for the automotive, household, and apparel industries, and for transportation fuels. The company’s carbon transformation technology converts captured CO2 into products with water and renewable energy as inputs and producing only water and oxygen outputs.
According to the company, replacing fossil feedstock from the production of chemicals, materials, and fuels with renewable carbon from point source or direct air capture could avoid about 10% of global GHG emissions.
Nicholas Flanders, Twelve Co-Founder, and CEO said:
“Companies and governments no longer need to rely on fossil fuels for the carbon that goes into everything from apparel and cleaning products to electronics and jet fuel. This fresh funding ensures we can reach industrial scale to help new and existing partners achieve rapid emissions-reduction.”
Twelve stated that customers that use its technology include Mercedes-Benz, Procter & Gamble, Shopify, NASA, and the U.S. Air Force. The company’s first commercial products include a line of sunglasses with sustainable fashion brand PANGAIA, and carbon-neutral sustainable aviation fuel (SAF).
Udo Gayer, Manager of New Business in Production Planning at Mercedes-Benz Cars, said:
“Twelve has the potential to disrupt petrochemical supply chains by creating a wide range of materials from carbon emissions instead of fossil fuels. The potential impact of their technology is immense, and I’m glad to see them receive the funding to continue scaling their technology.”
The funding round was led by venture capital firm DCVC and saw participation from Capricorn Technology Impact Fund and Carbon Direct Capital Management. Breakout Ventures, Munich Re Ventures, Elementum Ventures, and Microsoft Climate Innovation Fund also participated. Twelve also secured a Series B and strategic program investment from the Chan Zuckerberg Initiative.
Zachary Bogue, Managing Partner, DCVC, said:
“As more companies and organizations adopt carbon-neutrality targets, they urgently need technologies like Twelve’s to rapidly green supply chains and corporate travel to reduce emissions at scale. Since leading Twelve’s seed round in 2018, we’ve only become more confident that their technology offers businesses a critical solution for not just offsetting emissions, but eliminating them.”