Twelve

Twelve operates an industrial manufacturing model, producing sustainable fuels and chemicals through an electrocatalysis process that converts CO₂, water, and renewable electricity into products sold via off-take agreements and wholesale contracts. The company sells sustainable aviation fuel (E-Jet) to airline partners such as Alaska Airlines, alongside specialty chemicals sold to industrial buyers. Revenue is recognized upon physical delivery of product to off-take partners, with contracts typically structured as multi-year supply agreements at negotiated per-gallon or per-ton pricing. The model's economics hinge on plant-level capex, electrolysis efficiency, and access to low-cost renewable electricity. As a capital-intensive producer, Twelve's margin structure depends on its ability to scale manufacturing facilities, reduce electricity cost-per-unit, and command green premiums in regulated markets like aviation and chemicals. The company is pre-revenue at commercial scale, having completed its first demonstration flight in 2023, meaning the unit economics remain unproven beyond pilot volumes.