Twelve's CO2 Transformation Secures Investment from Japan Hydrogen Fund and Partners
Deal News | Feb 13, 2025 | Advantage Partners LLP
Advantage Partners' Japan Hydrogen Fund has acquired a minority stake in Twelve, a company specializing in CO2 conversion technology to produce eFuels, in what is being described as a groundbreaking investment for decarbonization efforts. Twelve uses its proprietary CO electrolysis technology to create low-carbon synthetic fuels and has a substantial 14-year offtake agreement with International Airlines Group. The investment signifies a major step for Twelve's expansion into global markets, with particular focus on partnerships in Japan given the burgeoning demand for sustainable aviation fuels. This investment is part of a Series C fundraise in which several large entities, including Mitsui & Co., the Development Bank of Japan, and Amazon’s Climate Pledge Fund, participated, raising a total of $83 million. Advantage Partners will leverage its Japanese connections to aid Twelve's further deployments and technological collaborations, advancing its clean energy initiatives.
Sectors
- Renewables and Sustainability
- Private Equity and Investment
- Aviation
Geography
- Japan – The investment comes from Japan Hydrogen Fund and highlights the emphasis on building partnerships with Japanese companies in promoting clean technologies.
- United States – Twelve is headquartered in Berkeley, California, where it leads its innovative CO2 conversion technology initiatives.
Industry
- Renewables and Sustainability – The article discusses investment in CO2 conversion technology to produce synthetic fuels, which directly contributes to renewable energy advancements and sustainable environmental practices.
- Private Equity and Investment – Advantage Partners, a private equity firm, made the investment through its Japan Hydrogen Fund, representing significant activity in the investment sector.
- Aviation – The investment includes a long-term offtake agreement with International Airlines Group, a major participant in the aviation industry, highlighting the role of sustainable aviation fuels.
Financials
- $83 million – The amount raised in Twelve's recent Series C funding round.
- $645 million – The total capital raised by Twelve, as announced by The Wall Street Journal in the prior fall.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Twelve | Target | Company | A company specializing in innovative CO2 conversion technology to produce eFuels. |
| Japan Hydrogen Fund (JHF1) | Investor | Company | A fund managed by Advantage Partners focused on investing in clean technology and hydrogen solutions. |
| Advantage Partners LLP | Private Equity Firm | Company | A private equity firm providing services focused on Japanese and Asian markets, and manager of the Japan Hydrogen Fund. |
| International Airlines Group (IAG) | Offtake Partner | Company | An aviation holding company that has signed a 14-year offtake agreement with Twelve for eFuels. |
| Mitsui & Co., Ltd. | Investor | Company | Part of the consortium investing in Twelve's Series C fundraising. |
| Development Bank of Japan Inc | Investor | Company | Part of the consortium investing in Twelve's Series C fundraising. |
| Amazon's Climate Pledge Fund | Investor | Company | Part of the consortium investing in Twelve's Series C fundraising to address climate change. |
| Nicholas Flanders | CEO and Co-Founder | Person | CEO and co-founder of Twelve, leading its efforts towards CO2 conversion technology. |
| Richard Folsom | Co-Founder and Representative Partner | Person | Co-Founder and Representative Partner of AP Group, involved in strategic decisions for the Japan Hydrogen Fund. |