Air to Jet Fuel: United Announces Investment in Power-to-Liquid Fuels Company Twelve

Twelve's technology is an industrial alternative to photosynthesis to transform carbon and water into inputs for sustainable aviation fuel (SAF) – company recently entered into one of the largest SAF contracts with large European airline group for 260 million gallons

United Airlines Ventures Sustainable Flight Fund^SM continues to augment its investment portfolio with commercially advanced companies that use demonstrated energy pathways

CHICAGO, May 6, 2025 /PRNewswire/ -- United today announced an investment in Twelve, an innovative low carbon fuels company that uses a process similar to photosynthesis to transform CO2 and water into sustainable aviation fuel (SAF) using renewable energy.

This investment by the United Airlines Ventures Sustainable Flight Fund follows Twelve's $83 million Series C funding round and project financing for its first SAF production facility, AirPlant™ One, located in Moses Lake, Washington. The facility is expected to begin production this year and plans to produce 50,000 gallons of SAF annually.

Last year, Twelve secured a SAF purchase agreement with a large European-based airline company. Under the 14-year contract, Twelve will supply 260 million gallons of SAF to support its five airlines. This long-term agreement, combined with the development of Twelve's first plant, underscores the demand for the company's innovative technology and SAF.

The SAF Twelve plans to produce once its plant becomes operational, is expected to be a lower-carbon alternative fuel with the potential to reduce lifecycle emissions by up to 90% compared to conventional jet fuel.

"Scaling the SAF industry is the major hurdle air travel needs to clear in order to increase the supply and reduce the price of lower carbon fuels," said Andrew Chang, head of United Airlines Ventures®. "Twelve has differentiated themselves through the capital they have raised and the SAF contracts they have secured, providing them with the flexibility to commercialize their technology and grow their operations expediently."

"United's Sustainable Flight Fund's investment reinforces our momentum at a pivotal moment as we move from innovation to implementation," said Nicholas Flanders, co-founder & CEO of Twelve. "With AirPlant One launching imminently and strong a collaboration with United, we're not just envisioning the decarbonization of air travel—we're actively building it. Because we have the capability to deliver our E-Jet® sustainable aviation fuel at scale, Twelve is proudly creating a realistic pathway to carbon-neutral aviation that meets both operational demands and climate goals."

Twelve's advanced technology uses renewable energy to combine carbon captured from air and hydrogen obtained from water into the basic building blocks that make fuels, plastics and other materials. By using renewable electricity, captured carbon and water, the process reduces the reliance on fossil fuels, lowering lifecycle greenhouse gas emissions, including the emissions associated with production of fuels and in manufacturing.

UAV Sustainable Flight Fund

The UAV Sustainable Flight Fund^SM is a first-of-its-kind investment vehicle designed to leverage support from cross-industry businesses in order to support start-ups focused on decarbonizing air travel. The fund is comprised of more than $200 million in investment commitments from United and corporate partners including: Air Canada, Air New Zealand, Aircastle (a Marubeni & Mizuho Leasing Company), American Express Global Business Travel, Aviation Capital Group, Boeing, Boston Consulting Group, Embraer, GE Aerospace, Google, Groupe ADP, Hawaiian Airlines, HIS, Honeywell, JetBlue Ventures, Natixis Corporate & Investment Banking, Safran Corporate Ventures, and Technip Energies, among others. For more information about the fund, please visit the United Airlines Ventures website.

About United

At United, Good Leads The Way. With U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers and is now the largest airline in the world as measured by available seat miles. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol "UAL".

About Twelve

Twelve™ is the carbon transformation company on a mission to eliminate global emissions and build a net zero future. Carbon transformation harnesses CO2 and renewable energy to produce hydrocarbons, reducing dependence on fossil resources for valuable chemicals and fuels. By diversifying hydrocarbon production, Twelve's proprietary Opus™ system strengthens supply chain resilience, while driving next-gen industrial innovation - from e-fuels to everyday household essentials, consumer goods, and more. Learn more at www.twelve.co.

United Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to, among other things, plans and projections regarding the company's corporate citizenship goals, targets, commitments, strategies and initiatives and related business and stakeholder impacts. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about our future financial results, plans, objectives, goals, targets, commitments, strategies and initiatives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause our future financial results, plans, objectives, goals, targets, commitments, strategies and initiatives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, any failure to meet stated corporate citizenship goals, targets, commitments, strategies and initiatives in the time frame expected or at all as a result of many factors, including changing societal, market, competitive, regulatory or stakeholder expectations, and any delay or inability of United Airlines to realize the expected benefits of the investment, including from a delay or failure of any project to be fully developed or become operational or to produce sustainable aviation fuel or other corporate citizenship-related product in the amounts contemplated or at all. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect United's business and market, particularly those identified in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections in United's Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. Risks and uncertainties related to United's environmental compliance, climate goals and climate strategy are further described in Part I, Item 1A. Risk Factors of United's Annual Report on Form 10-K for the fiscal year ended December 31, 2024—"We are subject to many forms of environmental regulation and liability as well as risks associated with climate change and may incur substantial costs as a result."

The statements included in this press release are made only as of the date of this press release and except as otherwise required by applicable law or regulation, United Airlines undertakes no obligation to publicly update or revise any statement, whether as a result of new information, future events, changed circumstances or otherwise. In particular, United Airlines reserves the right to change, amend, supplement or abandon some or all of the statements regarding goals, targets, commitments, strategies, initiatives, intentions and other statements from time to time without notice.

SOURCE United Airlines