Twelve secures $45 mln to expand e-jet plant powered by 100% hydropower

11 / 09 / 2026

By Marwa Nassar - -

Twelve has secured a credit facility of up to $45 million to expand its commercial-scale E-Jet® production plant in Moses Lake, Washington, which is powered by 100% Columbia River hydropower. The facility, led by Endurance Capital and Nomura, will also refinance AirPlant One’s construction facility.

Nomura acted as joint bookrunner and is also serving as administrative agent for the facility.

Expanding production:

AirPlant One uses Twelve’s power-to-liquid technology to produce E-Jet® and E-Naphtha™ from CO2, water and renewable electricity.

The refinancing marks the plant’s transition from construction to commercial operations and will support further expansion at the Moses Lake site, including increased hydrogen production capacity.

“We built AirPlant One to prove that power-to-liquid technology works at commercial scale, and it’s now a fully operating plant producing on-spec aviation fuel and naphtha,” said Nicholas Flanders, Co-Founder and CEO of Twelve.

“This financing reflects that shift, from construction phase to operating asset, and gives us the capital to expand our capabilities at the site. Scaling additional hydrogen production represents the next phase of growth,” he added.

Backing growth:

Vinod Mukani, Global Head of Infrastructure and Power Business at Nomura, said the financing reflects the bank’s continued commitment to funding energy-transition infrastructure.

Alain Halimi, Managing Director, IPB at Nomura, said the financing will support Twelve as it scales its power-to-liquid technology and expands production.

Yoni Ophir, Co-Founding Partner and CEO of Endurance Capital, said access to tailored capital is increasingly important as energy-transition technologies move from innovation to commercial deployment.

He added that Twelve has established itself as a leader in power-to-liquid fuels and that Endurance Capital is supporting its continued growth.

Commercial milestones:

The financing follows a year of operational milestones for Twelve, including the delivery of on-spec E-Jet® for commercial aviation use.

Alaska Airlines flights using Twelve’s fuel are anticipated later this year. Twelve has also produced and delivered E-Naphtha to industrial partners, where it serves as a building block for thousands of everyday products.

The company continues to evaluate additional US sites as it scales its power-to-liquid platform.