MOL Switch Invests in Development of E-fuels, Contributing to the Expansion of Clean Energy

AirPlant™ One, a synthetic fuel production plant under construction by Twelve in state of Washington. Photo courtesy of MOL.

Mitsui O.S.K. Lines, Ltd. (“MOL”) has announced that Twelve Benefit Corporation (“Twelve”) raised an additional $83 million in February, following the momentum of their $645 million funding announcement last fall. Twelve, the carbon transformation company developing synthetic fuels (“E-fuels”) and chemicals, is backed by investments from MOL Switch LLC, MOL's wholly owned subsidiary formed to invest in decarbonization technologies, Mitsui & Co., LTD., Development Bank of Japan Inc., Advantage Partners Pte. Ltd., and Toppan Global Venture Partners, Inc.

E-fuels are liquid fuels produced from hydrogen and CO, which can be produced from renewable electricity, CO2, and water. Twelve's E-Jet® sustainable aviation fuel (“SAF”) and E-Marine 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 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 their E-Jet® SAF and E-Naphtha™ product is expected to come online later this year in Moses Lake, Washington.

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.