BERKELEY, Calif.--(BUSINESS WIRE)--Carbon transformation startup Twelve has raised $57 million in Series A funding from lead investors Capricorn Technology Impact Fund and Carbon Direct Capital Management. Seed round lead DCVC, as well as Munich Re Ventures, Microsoft Climate Innovation Fund, Breakout Ventures, and Evok Innovations also participated in the round.
Twelve is pioneering a new market category called carbon transformation with its proprietary catalyst technology that transforms CO2 into critical chemicals, materials and fuels that are conventionally made from fossil fuels. Using Twelve’s technology, industry and brands can meet emissions targets faster while creating essential products—from the foam in running shoes, to the polymers in automobile dashboards, to aviation fuel, to laundry detergent—at the same or higher quality as conventional products made from petrochemicals.
Carbon transformation reduces emissions from supply chains, closes the carbon loop, and provides a viable pathway to a fossil-free future, in which the products that drive the global economy are made from CO2 rather than fossil fuels. Replacing fossil feedstocks with CO2 in Twelve’s target applications could address nearly 10 percent of global carbon emissions.
The company is currently partnering with automotive, household, apparel industry and other brands, including Mercedes-Benz, Procter & Gamble, and the U.S. National Aeronautics and Space Administration (NASA) to leverage Twelve’s breakthrough carbon transformation technology to reduce emissions by creating CO2Made© products and fuels.
In contrast to carbon offset programs, Twelve’s technology directly reduces a partner’s emissions, replacing the petrochemicals in a company’s products and supply chains with CO2Made materials and fuels. Its carbon transformation devices drop into existing manufacturing processes, and integrate seamlessly at any scale.
“Nearly all products and systems we rely on daily use carbon as a resource, from what we wear, to how we live and how we move. Carbon is not the enemy; the problem is that using carbon from fossil fuels is causing global warming. By sourcing carbon from waste CO2, rather than from fossil fuels, we can reverse emissions while making useful products that drive our global economy,” said Twelve Co-Founder and Chief Technology Officer Dr. Kendra Kuhl.
“We’re compelled by the opportunity to eliminate rather than offset carbon emissions, and Twelve has the technology to make it happen as costs of carbon capture, renewables and electrolyzers are falling,” added Ion Yadigaroglu, Partner of the Technology Impact Fund and Capricorn Investment Group.
“Backing from this group of high-caliber investors allows us to build out our team and expand our partnerships to give businesses a tool to reduce emissions in their existing supply chains, and consumers the opportunity to make a real climate impact with their purchasing decisions without compromising on the quality of products they love. Carbon transformation is the new business transformation,” said Twelve Co-Founder and CEO Nicholas Flanders.
“This new funding is taking Twelve to a critical inflection point where we can scale our technology to any capacity or customer application, and to suit any product demand. Businesses can use CO2Made materials to deliver the same performance, safety and efficacy standards that traditional materials offer, while achieving their climate goals,” said Twelve Co-Founder and Chief Science Officer Dr. Etosha Cave.
“Carbon Direct's mission is to accelerate the carbon management ecosystem by providing both scientific advisory and financial capital. Twelve’s pioneering electrolysis technology has the potential to reshape the procurement of specialty chemicals and fuels. Carbon Direct Capital Management is excited to support Kendra, Etosha, Nicholas and the Twelve team at this exciting stage of the company's growth,” said Jonathan Goldberg, CEO of Carbon Direct.
Twelve is currently taking pre-orders for its industrial-scale carbon transformation module. Additional information on process, product and partnerships, and opportunities to join Twelve’s growing team, can be found at www.twelve.co.
Twelve is the carbon transformation company, a new kind of chemical company built for the climate era. We make essential products from air, not oil. Our groundbreaking technology eliminates emissions by transforming CO2 into critical chemicals, materials and fuels that today are made from fossil fuels. We call it carbon transformation, and it fundamentally changes how we can address climate change, reduce emissions and reverse the carbon imbalance. Reinventing what it means to be a chemical company, we’re on a mission to create a climate positive world and a fossil free future through the power of chemistry. Learn more at www.twelve.co.