Jet Zero Australia has raised $30 million and secured final development approval for its proposed Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD) refinery in Townsville, Queensland, marking further progress towards construction of the project.
In a news release, the company said the funding round, managed by Barrenjoey, attracted institutional investment including from existing investors Qantas and Airbus.
Jet Zero stated the proceeds will primarily support completion of Front-End Engineering Design (FEED) and progress towards a Final Investment Decision (FID) and construction.
Jet Zero has also welcomed global energy and manufacturing company POSCO INTERNATIONAL as a strategic investor. The companies said they will explore potential opportunities in fuel offtake, infrastructure and feedstock, subject to further agreement.
Ed Mason, Chief Executive Officer of Jet Zero Australia, described the developments as “defining milestones” for Project Ulysses.
“We are particularly pleased to welcome POSCO INTERNATIONAL as a strategic investor. Their financial strength, global reach and deep understanding of energy markets make them an ideal partner as we progress the Project towards construction,” Mason said.
The Queensland Government has also issued the final Development Permit Decision Notice for the proposed refinery site, completing what Jet Zero described as the project’s principal development approvals. These include an Environmental Authority, an EPBC Act determination that the project is “not a controlled action” and a Cultural Heritage Management Agreement with the Bindal People.
Queensland Deputy Premier Jarrod Bleijie said the approval was another step towards the project proceeding.
“By backing projects like Jet Zero’s, the Crisafulli Government is strengthening Queensland’s sovereign capability, supporting job creation and fuel security,” Bleijie said.
According to Jet Zero, Project Ulysses is expected to create about 1,000 construction jobs and 100 permanent operational roles. The company also said the broader Australian biofuels industry could support more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics.
POSCO INTERNATIONAL said the investment forms part of a shift in its portfolio towards lower-carbon energy.
“By strategically securing essential low carbon liquid fuels like SAF and Renewable Diesel, we are expanding our sustainable energy and feedstock distribution capabilities,” a company spokesperson said.
Qantas Group Chief Sustainability Officer Fiona Messent said domestic SAF production could contribute to fuel security, employment and emissions-reduction efforts.
“Establishing domestic SAF production in Australia will support fuel security, create jobs and help aviation and Australia meet its decarbonisation objectives,” Messent said.
Airbus Chief Representative for Australia, New Zealand and the Pacific Stephen Forshaw said the company’s investment reflected the potential to produce aviation fuel from Australian agricultural resources.
“Airbus is pleased to participate in their latest funding round, bringing the goal of local SAF production closer to reality,” Forshaw said.
