Venture Capital/ESG: Twelve Raises $130M For World’s First Carbon Transformation Platform
Twelve is developing technology to convert CO2 from the air into products that would otherwise be derived from fossil fuels.
Twelve has raised a $130 million Series B round to scale up its carbon transformation technology that converts captured CO2 into products traditionally made from fossil fuels. The firm’s technology has already been demonstrated successfully in the commercial production of a line of CO2Made sunglasses with sustainable fashion brand PANGAIA (pictured), and carbon-neutral sustainable aviation fuel (SAF), E-Jet. (Businesswire)
Mercedes-Benz, Procter & Gamble, Shopify, the U.S. National Aeronautics and Space Administration (NASA), and the U.S. Air Force, all use Twelve’s carbon transformation technology to reduce emissions and create CO2Made products.
DCVC led the round. Other investors included Capricorn Technology Impact Fund, Carbon Direct Capital Management, Breakout Ventures, Munich Re Ventures, Elementum Ventures and Microsoft Climate Innovation Fund.
Twelve also won a Series B and strategic program investment from the Chan Zuckerberg Initiative.
Disrupting fossil fuels
“Twelve has the potential to disrupt petrochemical supply chains by creating a wide range of materials from carbon emissions instead of fossil fuels,” said Udo Gayer, Manager of New Business in Production Planning at Mercedes-Benz Cars. “The potential impact of their technology is immense, and I’m glad to see them receive the funding to continue scaling their technology.”
“Carbon transformation has the potential to turn CO2 from a harmful waste stream into useful products for the global economy,” said Jonathan Goldberg, CEO of Carbon Direct. “With the costs of carbon capture, renewables and electrolyzers continuing to fall, Twelve’s technology stands to play a crucial role in decarbonizing some of the hardest-to-abate industries.”
Related Story: Carbon Removal Pioneer Climeworks Raises $650M
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