Jimmy Chuang, the former CFO for Strata Clean Energy, has left that company to take the same role at carbon transformation startup Twelve, according to two sources familiar with the matter.
Twelve recently completed a $130m Series B led by DCVC and has raised USD 200m in equity to date, the sources said.
The Bay Area company is looking toward a Series C that would be much larger, before an IPO in a couple of years, one of the sources said. The company is in talks with bulge bracket bankers now but has not hired anyone.
Twelve did not respond to requests for comment. Strata declined to comment.
Twelve creates materials, like chemicals and fuels, from captured carbon. The company recently signed an MoU with Microsoft and Alaska Airlines to collaborate on the production of sustainable aviation fuel.
