Twelve Closes Credit Facility of up to $45 Million for AirPlant One with Nomura and Endurance Capital
Financing refinances construction loan for now-operational facility and associated upsize option for Airplant™ One expansion.
MOSES LAKE, WA (SEPTEMBER 9, 2026) — Twelve announced today it has secured a credit facility of up to $45 million, led by Endurance Capital and Nomura as Joint Bookrunner, with Nomura also acting as Administrative Agent. The credit facility refinanced the AirPlant One construction facility and will support additional expansion at the plant for Twelve’s first commercial-scale E-Jet® production facility in Moses Lake, Washington.
AirPlant One uses Twelve's power-to-liquid technology to produce E-Jet® and E-Naphtha™ from CO2, water, and renewable electricity — powered by 100% Columbia River hydropower. The refinancing reflects the facility's transition from construction to commercial operation, and positions Twelve to expand its footprint at the site.
“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, 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.”
“This financing reflects Nomura’s continued commitment to funding the infrastructure of the energy transition,” said Vinod Mukani, Global Head of Infrastructure and Power Business (“IPB”), Nomura. “We’re thrilled to partner with Twelve to support their next phase of growth.”
Alain Halimi, Managing Director, IPB Nomura added “Twelve has proven power-to-liquid works at commercial scale; this financing is about funding what’s next. We’re pleased to partner with Endurance Capital to back Twelve as it scales the technology that’s decarbonizing aviation fuel.”
“As energy-transition technologies move from innovation to commercial deployment, access to tailored capital becomes increasingly important,” said Yoni Ophir, Co-Founding
Partner and CEO, Endurance Capital. “Twelve has established itself as a leader in power-to-liquid fuels and represents exactly the type of company Endurance was built to support. We are excited to partner with Nomura to provide Twelve with the capital and resources to continue scaling its platform.”
Looking Ahead
This refinancing supports AirPlant One's next phase of growth, including expanded hydrogen production capacity at the Moses Lake site. It follows a year of operational milestones for Twelve, including the delivery of on-spec E-Jet® for commercial aviation use, with Alaska Airlines flights on Twelve's fuel anticipated later this year, as well as the production and delivery of E-Naphtha to industrial partners. Twelve’s E-Naphtha is a foundational building block for thousands of everyday products. Twelve continues to evaluate additional U.S. sites as it scales its power-to-liquid platform.
About Twelve
Twelve is a next-gen industrial company on a mission to electrify fuel and chemical production. Twelve's power-to-liquid technology converts CO2 and renewable electricity into essential fuels and chemicals using abundant, onshore feedstocks. E-Jet®, Twelve's flagship product, is an ASTM-certified, drop-in sustainable aviation fuel ready for commercial aviation today. AirPlant One in Moses Lake, Washington is Twelve's first commercial-scale E-Jet® production facility. Learn more at www.twelve.co.
About Endurance Capital
Endurance Capital is a direct lending firm that provides tailored credit solutions to growth companies and projects with proven technologies, visible commercial demand and substantial capital needs in the energy, infrastructure, industrial and sustainability sectors. For further information about Endurance, visit www.endurance-capital.co
About Nomura
Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.
