Jet Zero Australia achieves 3 major milestones for renewable diesel, SAF project in Townsville
- Jet Zero Australia
- 2 hours ago
- 3 min read
Jet Zero Australia announced Sept. 7 that it has achieved three major milestones for Project Ulysses, its proposed commercial-scale sustainable aviation fuel (SAF) and renewable diesel refinery in Townsville, Queensland:
Completed a AUD$30 million (USD$21.6 million) funding round, backed by Qantas and Airbus.
Welcomed POSCO International as a new strategic investor.
Secured final-development approval for its proposed refinery site in Townsville from the Queensland government.
The AUD$30 million funding round, managed by Barrenjoey, received strong institutional investor support, including investment from Qantas and Airbus.
The proceeds will primarily fund completion of front-end engineering design (FEED) and the project’s continued progression towards final-investment decision (FID) and construction.
POSCO International, a global energy and manufacturing company, becomes Jet Zero’s latest strategic investor.
The partnership will explore opportunities across fuel offtake, infrastructure and feedstock, subject to further agreement.
The investment represents POSCO International’s first globally in a renewable diesel and SAF developer, reinforcing growing international interest in Queensland’s emerging low-carbon liquid fuel industry alongside existing investor Idemitsu Kosan.
Project Ulysses has also received its final development permit decision notice from the Queensland Office of the Coordinator-General, completing its principal development approvals.
The project is expected to create approximately 1,000 jobs during construction and 100 permanent operational roles, while helping establish a broader Australian biofuels industry capable of supporting more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics.
The project is positioned to strengthen Australia’s fuel security and sovereign industrial capability, while helping establish North Queensland as a leading hub for Australia’s emerging low-carbon liquid fuels industry.
The milestones come as the Queensland and Australian governments progress policies to strengthen fuel security, sovereign manufacturing capability and regional investment, including measures designed to support the development of a domestic low-carbon liquid fuels industry.
“The Crisafulli government backs regional jobs, unlocking private investment and delivering fuel security in Queensland,” said Deputy Premier Jarrod Bleijie. “Queensland is open for business and the final-development approval is another significant step towards this project lifting off. By backing projects like Jet Zero’s, the Crisafulli government is strengthening Queensland’s sovereign capability, supporting job creation and fuel security.”
Jet Zero CEO Ed Mason added, “Completing our AUD$30 million funding round, welcoming POSCO International and securing final-development approval are 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. Some organizations will buy low-carbon liquid fuels. Others will invest in building the industry. We are fortunate to be backed by organizations committed to doing both.”
A spokesperson for POSCO International said, “We are thrilled to partner with Jet Zero Australia at such a pivotal moment. Australia has always been a strategic core hub for POSCO International’s traditional energy and mineral businesses, and this investment marks a significant step in transitioning our portfolio towards a decarbonized future. By strategically securing essential low-carbon liquid fuels like SAF and renewable diesel, we are expanding our sustainable energy and feedstock distribution capabilities. Using Project Ulysses as an anchor asset, we look forward to codeveloping SAF supply chains that will ultimately grow into a vital hub, contributing to the shared energy security of both South Korea and Australia.”
Fiona Messent, Qantas Group’s chief sustainability officer, added, “Establishing domestic SAF production in Australia will support fuel security, create jobs and help aviation and Australia meet its decarbonization objectives. Australia has the feedstock and the industry support to refine SAF here, and companies like Jet Zero can help put that to work. It’s great to see Jet Zero successfully complete this funding round and take another step toward production.”
Stephen Forshaw, Airbus’ chief representative for Airbus in Australia, New Zealand and the Pacific, said, “Australia can generate aviation fuel from what it grows, and Jet Zero’s business is founded on that principle. This is why we invested early in Jet Zero, and Airbus is pleased to participate in their latest funding round, bringing the goal of local SAF production closer to reality.”
