Products made from oil aren’t cheap—as can be seen by the prices at the gas pump.
But what if instead of making products from fossil fuels and the carbon in them, they could be made from the air?
That is the promise of Berkeley, California-based Twelve, which closed a $130 million Series B led by DCVC. The company’s carbon transformation technology converts captured CO2 into products historically made from fossil fuels.
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In its release, the company notes research from Columbia’s SIPA Center on Global Energy Policy indicates replacing fossil fuels in the production of chemicals, materials and fuels with renewable carbon from point source or direct air capture could eliminate nearly 10% of global greenhouse gas emissions.
Investors seem to be eyeing different clean energy technology and alternatives to fossil fuels. Last week, Boston-based Electric Hydrogen closed a $198 million Series B, and earlier this week San Francisco-based Intersect Power closed a $750 million growth equity investment led by TPG Rise Climate Fund.
After seeing just about $2.1 billion invested into VC-backed cleantech and clean energy companies in 2020, last year saw a record $10.1 billion, according to Crunchbase data. Already this year, VCs have poured about $5.5 billion into startups in both cleantech and clean energy sectors.
Founded in 2015, Twelve has raised nearly $200 million, according to Crunchbase data. The company will use the new proceeds to scale both its engineering and manufacturing abilities.
Other investors in the new round include Capricorn Technology Impact Fund, Carbon Direct Capital Management, Breakout Ventures, Munich Re Ventures, Elementum Ventures and Microsoft Climate Innovation Fund. In addition, Twelve secured a Series B and strategic program investment from the Chan Zuckerberg Initiative.
Illustration: Dom Guzman
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