Twelve has successfully closed a $20m green loan to advance development and deployment of E-Jet® SAF, the company’s sustainable jet fuel made from CO2 and renewable energy, according to a news release.
The sole lender and Green Loan Coordinator was Sumitomo Mitsui Banking Corporation (SMBC) who crafted the green features of the transaction.
The terms of this delayed-draw green loan align with the Green Loan Principles, an industry lending initiative with voluntary process guidelines requiring certain transparency and reporting undertakings by Twelve. The financing will provide working capital to accelerate company growth initiatives which includes the construction of Twelve’s AirPlant™ in Moses Lake, Washington where production of the company’s patented power-to-liquid jet fuel E-Jet® SAF made from biogenic CO2, water, and renewable energy sources will take place.
“Capital is the critical catalyst that accelerates the commercialization of transformative technologies” said Nicholas Flanders, Co-founder and CEO of Twelve. “Traditionally, there’s been a shortage of financing for first-of-a-kind technologies due to the inherent risks and uncertainties across technical, operational, and economic challenges. This investment is a vote of confidence in E-Jet® and carbon transformation as a climate solution.”
“We are proud to have supported the structuring and execution of Twelve’s first green loan, which highlights the company’s efforts to advance the production of sustainable aviation fuel and decarbonize the aviation industry,“ said Yoshiyuki Natsuyama, Co-Head of Corporate and Investment Banking Coverage (CIBC), SMBC Americas Division.
