Twelve secures $45M financing for Washington SAF facility

Twelve, a California-based cleantech company, has secured a $45 million credit facility led by Endurance Capital and Nomura. The financing is intended to refinance construction debt for its AirPlant One facility in Moses Lake, Washington, and to fund further expansion at the site, specifically increasing hydrogen production capacity.

AirPlant One, which transitioned to commercial operations in late 2023, is the first facility of its kind in the United States to produce E-Jet fuel—a power-to-liquid sustainable aviation fuel (SAF)—and E-Naphtha, a synthetic feedstock for plastics and textiles. The facility utilizes power-to-liquid technology to convert captured CO2 and water into fuels and chemicals using renewable electricity.

Operating entirely on hydropower, the plant is designed to be carbon-negative. Twelve claims its E-Jet fuel can reduce lifecycle greenhouse gas emissions by up to 90% compared to conventional jet fuel. CEO Nicholas Flanders noted that the financing marks the company’s transition from a construction project to a fully operational asset.