As climate change continues to be a top priority around the world, many are demanding change and finding unique solutions to this problem. Twelvea self-proclaimed “carbon recycling company” is trying to be part of the solution by converting captured CO2 into products normally made from fossil fuels.
According to co-founder and CEO Nicholas Flanders, the company manufactures “the building blocks for a wide variety of materials, chemicals and fuels currently made from fossil fuels.” He argues that products made in this way do not change quality compared to those they replace.
So far, the company has developed products like CO2-derived sunglasses (which sell for $495) and carbon-neutral fuels in-house, but the plan is to integrate their technology into companies looking to reduce emissions in their supply chains and operations.
Twelve, based in Berkeley, California, says it’s already partnering with Mercedes-Benz, Procter & Gamble, Shopify, NASA and the Air Force to create products for the automotive, household and government sectors, although it declined to say how many products it has sold. or share your income.
Following the announcement of a $130 million Series B funding round led by DCVC with participation from Series A investors, Carbon Direct Capital Management and Capricorn Technology Impact Fund, the company plans to build what they call an “industrial-scale carbon conversion platform.”
Flanders explained that the platform consists of installing their system, a reactor, at partner production sites to convert emitted CO2 directly into products (building blocks, probably more complex hydrocarbons) that the partner companies can use.
“Until now, the focus has been on inventing, creating and building a product. So this round really represents an exciting tipping point,” Flanders said.
Twelve has raised more than $200 million since its founding in 2015, according to CrunchBase, and will use this round’s funds to expand and prepare for the actual deployment of its technology.
“One of the big benefits of our technology is that it helps customers cope with the volatility they see in their supply chains because our main resource is the CO2 we capture on site and the electricity you can get from really cheap. a long-term contract and very stable prices,” said Flanders. “So we really see ourselves doing not only something that has a positive impact on the environment, but also something that allows customers to have a little more control over their long-term pricing and predictability.”
The company also sees opportunities to partner with companies already working on capturing and storing CO2 emissions, such as Global Thermostat and Shell.
“Whether it’s point source capture, which means capturing CO2 from industrial sources, or direct air capture, which means extracting it from the air, all of these companies are potential partners for us,” Flanders explained, “because we’re answering a question from “ ok, great, I caught CO2… What should I do with it now?” ”
Even though the company has a mission to reduce carbon emissions, the company emits a carbon footprint by making its own products, but Flanders said they will pay off that carbon debt quickly after launch. Whether this includes Scope 3 emissions is not clear..
Credit: techcrunch.com /