Investing in Twelve

TGVP has invested in Twelve

TGVP is pleased to announce an investment in Twelve, a Berkeley, California-based company specializing in carbon transformation, converting captured carbon dioxide into valuable chemicals, fuels, and other essential products typically made from fossil fuels. Twelve’s E-Jet® fuel, their Sustainable Aviation Fuel (“SAF”), can reduce CO2 emissions by up to 90% compared to conventional fossil fuel-based jet fuel.

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Biofuels are produced from biomass and other feedstock such as waste oils, corn, and municipal waste. Hydroprocessed Esters and Fatty Acids (“HEFA”) is the primary precursor for SAF used today due to its maturity and inexpensive cost. (The process involves gasification which converts any carbon-based raw material into synthetic gas (syngas) and then to fuel via the Fischer-Tropsch process.)  However, the availability of this waste feedstock puts a cap on how much HEFA based fuel can be produced, especially from low-emissions waste material. Typically, alcohol-to-jet fuels are derived from corn feedstock, but there is increasing interest in using bio-waste from agricultural waste sources putting additional pressure on other HEFA based fuels. If agricultural waste cannot meet demand, other dedicated feedstocks will be required.

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eSAF is not made from biomass, but rather derived carbon from CO2 via electrochemical processes. eSAF is produced via a Power-to-Liquid (“PtL”) pathway. PtL fuels, also sometimes called synthetic fuels, e-fuels, or Power-to-X, do not use direct organic compounds as feedstocks like other HEFA fuels and are hence not a biofuel. Instead, this pathway uses captured CO2 (from industrial sources and direct air capture), renewable electricity, and clean hydrogen (e.g., from water) as feedstocks.

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At the core of Twelve’s technology is the Membrane Electrode Assembly (MEA) that transforms CO2 into essential feedstocks. They developed a highly efficient and novel CO2-reducing catalyst that electrifies CO2 and water, producing only oxygen, synthesis gas (also known as syngas: combination of CO + H2), and water as outputs.

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As a pioneer in MEA production and technologies, TOPPAN will assist Twelve with improving fundamental MEA components. TOPPAN is excited to explore further synergies with Twelve.

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About TGVP

TGVP is the US Corporate Venture Capital arm of TOPPAN, Inc.  Founded in 2022, the San Mateo based firm is focused on venture capital investments in US startup companies in Sustainability and Digital Transformation.  For more information, please visit, www.tgvp.vc

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About TOPPAN

Established in Tokyo in 1900, TOPPAN is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. TOPPAN offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals. For more information visit www.holdings.toppan.com/en/

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About Twelve

Twelve™ is the carbon transformation company with a mission to eliminate global emissions and build a fossil-free future. Carbon transformation uses CO2 to displace fossil fuels as a feedstock. Opus™, Twelve’s revolutionary carbon transformation technology, works like industrial photosynthesis. It transforms CO2, water, and renewable energy into hydrocarbons, the building blocks for essential chemicals, materials, and fuels. Twelve can make the same chemicals, materials, and fuels from CO2 that are conventionally made from fossil fuels. Learn more at www.twelve.co