Jet Zero Australia has completed a $30 million funding round backed by Qantas and Airbus, secured POSCO INTERNATIONAL as a strategic investor, and received final development approval for its proposed Project Ulysses SAF and Renewable Diesel refinery in Townsville, Queensland.

Key Takeaways

• Jet Zero secured a $30 million funding managed by Barrenjoey, with investment from Qantas and Airbus.
• POSCO INTERNATIONAL has joined Jet Zero as a strategic investor, marking its first global investment in a SAF and Renewable Diesel developer.
• Project Ulysses has received its final Development Permit Decision Notice, completing its principal development approvals.
• The project is expected to create approximately 1,000 construction jobs and 100 permanent operational roles.

$30 Million Funding Supports FEED and Path to FID

Jet Zero said proceeds from the $30 million funding round will primarily support the completion of Front-End Engineering Design (FEED) and continued development of Project Ulysses toward Final Investment Decision (FID) and construction.

The funding round, managed by Barrenjoey, attracted institutional investor support, including investment from Qantas and Airbus.The proposed commercial-scale refinery would produce Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD) in Townsville, supporting Australia’s efforts to develop a domestic low-carbon liquid fuels industry.

POSCO INTERNATIONAL Joins as Strategic Investor

POSCO INTERNATIONAL has become Jet Zero’s latest strategic investor. The companies will explore opportunities involving fuel offtake, infrastructure and feedstock, subject to further agreements.

The investment represents POSCO INTERNATIONAL’s first global investment in a SAF and Renewable Diesel developer. Jet Zero said the move reinforces international interest in Queensland’s emerging low-carbon liquid fuels industry, alongside existing strategic investor Idemitsu Kosan.

A spokesman for POSCO INTERNATIONAL said the company sees Project Ulysses as an opportunity to develop broader SAF supply chains.

“Using Project Ulysses as an anchor asset, we look forward to co-developing SAF supply chains that will ultimately grow into a vital hub, contributing to the shared energy security of both South Korea and Australia.”

Queensland Grants Final Development Approval

Project Ulysses has also received its final Development Permit Decision Notice from the Queensland Office of the Coordinator-General, completing its principal development approvals.

According to Jet Zero, these approvals include an Environmental Authority, an EPBC Act determination of “not a controlled action”, and a Cultural Heritage Management Agreement with the Bindal People.

Queensland Deputy Premier Jarrod Bleijie said the approval represented another step forward for the project and the state’s efforts to strengthen regional investment and fuel security.

“The Crisafulli Government backs regional jobs, unlocking private investment and delivering fuel security in Queensland.”

Project Ulysses Expected to Create 1,000 Construction Jobs

Jet Zero expects Project Ulysses to create approximately 1,000 jobs during construction and 100 permanent operational roles.

The company also linked the project to the potential expansion of Australia’s broader biofuels industry, which it said could support more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics.

The milestones come as Queensland and Australian governments advance policies focused on fuel security, sovereign manufacturing capability and regional investment, including measures intended to support a domestic low-carbon liquid fuels industry.

Qantas and Airbus Back Domestic SAF Development

Qantas and Airbus participated in Jet Zero’s latest funding round, continuing their involvement in the development of Australia’s domestic SAF industry. Fiona Messent, Qantas Group Chief Sustainability Officer, said domestic production could support both aviation decarbonisation and national fuel security.

“Establishing domestic SAF production in Australia will support fuel security, create jobs and help aviation and Australia meet its decarbonisation objectives.”

Stephen Forshaw, Airbus Chief Representative for Airbus in Australia, New Zealand and the Pacific, said the investment supports the development of local aviation fuel production.

“Australia can generate aviation fuel from what it grows, and Jet Zero’s business is founded on that principle.”

Jet Zero CEO Calls Milestones “Defining” for Project Ulysses

Ed Mason, Chief Executive Officer of Jet Zero Australia, said the funding round, new strategic investment and development approval collectively represent major progress for the project.

“Completing our $30 million funding round, welcoming POSCO INTERNATIONAL and securing final development approval are defining milestones for Project Ulysses.”

Mason said POSCO INTERNATIONAL’s financial strength, global reach and understanding of energy markets would support Jet Zero as the company progresses the project toward construction.

Bioenergy Business Analysis

The significance of these announcements lies in the combination of capital, strategic investment and regulatory approvals. Project Ulysses has secured $30 million for continued development while also adding a global energy and manufacturing company to its investor base and completing its principal development approvals. For Australia’s emerging SAF sector, this demonstrates the type of coordinated financing, industrial participation and regulatory progress required to move proposed low-carbon fuel projects closer to construction. The project’s focus on domestic SAF and Renewable Diesel production also places it within the broader policy discussion around fuel security, sovereign manufacturing and aviation decarbonisation.

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