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Japanese shipping giant Mitsui O.S.K. Lines (MOL) has deepened its commitment to clean energy solutions, investing in California-based Twelve Benefit Corporation, a company at the forefront of synthetic fuel (e-fuel) and chemical production. This strategic move aligns with MOL’s vision of decarbonizing global shipping and expanding clean fuel adoption.
Twelve recently secured an $83 million funding round in February 2025, following the momentum of its $645 million investment boost last fall. MOL’s backing comes from its US-based subsidiary, MOL Switch, which was established to invest in next-generation decarbonization technologies. Other investors include Mitsui & Co, Development Bank of Japan, Advantage Partners and Toppan Global Venture Partners.
E-fuels, synthesized from hydrogen and carbon monoxide (CO), can be produced using renewable electricity, CO₂, and water, offering a sustainable alternative to fossil fuels. Twelve’s E-Marine and E-Jet sustainable aviation fuel (SAF) stand out for their drop-in compatibility, meaning they can seamlessly integrate into existing fuel infrastructure while slashing lifecycle emissions by up to 90%.
Beyond shipping, e-fuels hold immense potential for aviation, mobility, and heavy industry, positioning them as a key pillar of global decarbonization efforts.
Twelve is set to launch its first commercial demonstration plant in Moses Lake, Washington, later this year, focusing on E-Jet SAF and E-Naphtha production. The company has already secured offtake agreements with major corporations, including:
Alaska Airlines, Microsoft, and International Airlines Group for sustainable aviation fuel
Virgin Voyages for marine fuel supply
This isn’t MOL’s first foray into e-fuel investment. In September 2024, the company backed HIF Global, a US-based e-fuels specialist, to drive carbon-neutral fuel production and establish a robust CO₂ supply chain.
With global shipping facing increasing regulatory pressure to cut emissions, MOL’s investment in Twelve underscores its strategy to lead in green fuel innovation, reduce carbon footprints across industries, and pave the way for a net-zero future.