Twelve, the carbon transformation company that converts captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels, today announced $645 million in funding. 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.

In addition to project equity financing, TPG is leading Twelve's Series C round alongside Capricorn Investment Group and Pulse Fund. Twelve has raised approximately $200 million with Fifth Wall, northstar.vc, TGVP, Alaska Airlines' investment arm Alaska Star Ventures, and existing investors, such as Series B lead investor DCVC, Munich Re Ventures, Emerson Collective, and others.

Twelve is the carbon transformation company. Twelve aims to eliminate global emissions and build a fossil-free future. Carbon transformation uses CO2 to displace fossil fuels as a feedstock.