Twelve has secured a credit facility of up to $45 million (€38.7 million), led by Endurance Capital and Nomura as Joint Bookrunner. AirPlant One construction facility, based in Moses Lake, MA, US, was refinanced as part of the credit facility, with proceeds supporting additional expansion at the plant for Twelve’s first commercial e-Jet production facility.
AirPlant One uses Power-to-Liquid (PtL) to produce e-Jet and e-Naphtha from CO2, water and renewable energy, which is powered by hydropower from the Columbia River.
Nicholas Flanders, Co-Founder and CEO, Twelve, said: “We built AirPlant One to prove that PtL technology works at commercial scale, and it’s now a fully operating plant producing on-spec aviation fuel and naphtha. This financing reflects that shift, from construction phase to operating asset, and gives us the capital to expand our capabilities at the site. Scaling additional hydrogen production represents the next phase of growth.”
Vinod Mukani, Global Head of Infrastructure and Power Business, Nomura, commented: “This financing reflects Nomura’s continued commitment to funding the infrastructure of the energy transition. We’re thrilled to partner with Twelve to support their next phase of growth.”
Alain Halimi, Managing Director at IPB Nomura, added: “Twelve has proven PtL works at commercial scale; this financing is about funding what’s next. We’re pleased to partner with Endurance Capital to back Twelve as it scales the technology that’s decarbonising aviation fuel.”
Yoni Ophir, Co-Founding Partner and CEO, Endurance Capital, continued: “As energy-transition technologies move from innovation to commercial deployment, access to tailored capital becomes increasingly important. Twelve has established itself as a leader in PtL fuels and represents exactly the type of company Endurance was built to support. We are excited to partner with Nomura to provide Twelve with the capital and resources to continue scaling its platform.”
