Twelve has closed a credit facility of up to $45 million for AirPlant One, led by Endurance Capital and Nomura as joint bookrunners, with Nomura also acting as administrative agent. The facility refinanced the construction loan on the Washington plant and will support further expansion at the site, including additional hydrogen production capacity.
Twelve produces power-to-liquid fuels and chemicals from CO2, water and renewable electricity. AirPlant One in Moses Lake is its first commercial-scale plant for E-Jet sustainable aviation fuel and E-Naphtha, and the company said the site is now fully operating and producing on-spec product.
Nicholas Flanders, Co-Founder and Chief Executive of Twelve, said the financing marks the shift from construction to an operating asset and will fund the next phase of growth at the site, including scaled hydrogen production.
Yoni Ophir, Co-Founding Partner and Chief Executive of Endurance Capital, said the firm provides tailored credit to growth companies and projects with proven technologies in energy, infrastructure, industrial and sustainability sectors, and that Twelve fits that mandate as power-to-liquid moves into commercial deployment. Vinod Mukani, Global Head of Infrastructure and Power Business at Nomura, said the financing reflects Nomura’s commitment to funding energy-transition infrastructure.
Fundamental Renewables provided a $25 million project finance construction loan for AirPlant One in 2024 as part of a wider capital package that included project equity led by TPG Rise Climate and Series C equity. Twelve said Alaska Airlines flights using its E-Jet fuel are anticipated later this year.