California-based “carbon transformation company” Twelve has announced that it had secured new debt financing totalling $45 million toward the building of its sustainable aviation fuel (SAF) plant that is already under construction at Moses Lake, in the US state of Washington.

The debt package was awarded in two parts, by financing company Fundamental Renewables and by Japanese-based Sumitomo Mitsui Banking Corp. SMBC has provided financing for a number of SAF projects across the world, especially in Asia.

Twelve broke ground on the power-to-liquids SAF production facility in July 2023. The facility will capture carbon dioxide from a nearby ethanol plant and use renewable energy and water to convert the CO2 and water into SAF using Twelve’s OPUS electrolyzer technology.

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