Japanese shipping major Mitsui O.S.K. Lines (MOL) has invested in California-based Twelve Benefit Corporation, a company developing synthetic fuels (e-fuels) and chemicals, contributing to the global expansion of clean fuels.
Twelve raised an additional $83 million this February, following the momentum of its $645 million funding announcement last fall.
Twelve is backed by investments from MOL Switch, a US-based subsidiary of MOL formed to invest in decarbonization technologies, which invested in Twelve in July 2024.
In addition, Mitsui & Co., Development Bank of Japan, Advantage Partners, and Toppan Global Venture Partners have also invested in Twelve.
E-fuels are liquid fuels produced from hydrogen and CO, which can be produced from renewable electricity, CO2, and water.
As explained, Twelve’s E-Marine and E-Jet sustainable aviation fuel (SAF) are drop-in fuels that can be used directly in existing infrastructure with up to 90% lower lifecycle emissions compared to fossil-based fuels.
E-fuels are expected to be a clean energy source that will contribute to the decarbonization of not only of the shipping industry, but also aviation, mobility, and other industries.
Twelve has developed a proprietary carbon transformation technology that turns CO2 into fuels, chemicals, and materials via CO2 electrolysis. The first commercial demonstration plant for the company’s E-Jet SAF and E-Naphtha product is expected to come online later this year in Moses Lake, Washington, USA.
The company also has offtake agreements with Alaska Airlines, Microsoft, and International Airlines Group for aviation fuel, and a partnership with Virgin Voyages for marine fuel.
To remind, MOL decided in September 2024 to invest in another US-based e-fuels specialist, HIF Global, aiming to reduce carbon emissions by promoting the establishment of a ‘robust’ e-fuel and CO2 supply chain.