Twelve closes $45 million credit facility for AirPlant One with Nomura, Endurance Capital
Twelve announced Sept. 9 that it has secured a credit facility of up to $45 million, led by Endurance Capital and Nomura as joint bookrunner, with Nomura also acting as administrative agent.
The credit facility refinanced the AirPlant One construction facility and will support additional expansion at the plant for Twelve’s first commercial-scale E-Jet® production facility in Moses Lake, Washington.
AirPlant One uses Twelve’s power-to-liquid technology to produce E-Jet® and E-Naphtha™ from CO2, water and renewable electricity—powered by 100 percent Columbia River hydropower.
The refinancing reflects the facility’s transition from construction to commercial operation, and positions Twelve to expand its footprint at the site.
“We built AirPlant One to prove that power-to-liquid technology works at commercial scale, and it’s now a fully operating plant producing on-spec aviation fuel and naphtha,” said Nicholas Flanders, Twelve’s co-founder and CEO. “This financing reflects that shift, from construction phase to operating asset, and gives us the capital to expand our capabilities at the site. Scaling additional hydrogen production represents the next phase of growth.”
Vinod Mukani, Nomura’s global head of infrastructure and power, added, “This financing reflects Nomura’s continued commitment to funding the infrastructure of the energy transition. We’re thrilled to partner with Twelve to support their next phase of growth.”
Alain Halimi, the managing director of Nomura’s infrastructure and power business, said, “Twelve has proven power-to-liquid works at commercial scale. This financing is about funding what’s next. We’re pleased to partner with Endurance Capital to back Twelve as it scales the technology that’s decarbonizing aviation fuel.”
Yoni Ophir, Endurance Capital’s co-founding partner and CEO, said, “As energy-transition technologies move from innovation to commercial deployment, access to tailored capital becomes increasingly important. Twelve has established itself as a leader in power-to-liquid fuels and represents exactly the type of company Endurance was built to support. We are excited to partner with Nomura to provide Twelve with the capital and resources to continue scaling its platform.”
This refinancing supports AirPlant One’s next phase of growth, including expanded hydrogen-production capacity at the Moses Lake site.
It follows a year of operational milestones for Twelve, including the delivery of on-spec E-Jet® for commercial-aviation use, with Alaska Airlines flights on Twelve’s fuel anticipated later this year, as well as the production and delivery of E-Naphtha™ to industrial partners.
Twelve’s E-Naphtha™ is a foundational building block for thousands of everyday products.
The company said it continues to evaluate additional U.S. sites as it scales its power-to-liquid platform.
