Airbus, Qantas Back $30 Million Financing for SAF Developer Jet Zero

Sustainable aviation fuel (SAF) and renewable diesel (RD) project developer Jet Zero Australia announced today that it has raised $30 million in a new funding round, with proceeds from the financing aimed at advancing the company’s Project Ulysses, a commercial-scale SAF and RD refinery in Townsville, Australia.

Founded in 2021 North Queensland by Ed Mason, Jet Zero develops and operates sustainable aviation fuel (SAF) and renewable diesel projects, focusing on developing a biofuels production capacity in regional Australia.

The company said that the new capital will primarily fund completion of Front-End Engineering Design and support the project’s continued advancement towards Final Investment Decision and construction.

The funding round received backing from institutional investors including Qantas and Airbus, both of which had initially invested in Jet Zero in 2023. Jet Zero also announced that South Korean global trading and energy company Posco International will join the company as a strategic investor, with the companies exploring opportunities across fuel offtake, infrastructure and feedstock, subject to further agreement.

Ed Mason, Jet Zero Australia Chief Executive Officer, said:

“Completing our $30 million funding round, welcoming POSCO INTERNATIONAL and securing final development approval are defining milestones for Project Ulysses… Some organisations will buy low carbon liquid fuels. Others will invest in building the industry. We are fortunate to be backed by organisations committed to doing both.”

Jet Zero said that the new project has received its final Development Permit Decision Notice from the Queensland Office of the Coordinator-General, completing its principal development approvals.

According to the company, the project is expected to create approximately 1,000 jobs during construction and 100 permanent operational roles, while supporting the development of a broader Australian biofuels industry capable of supporting more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics.

Fiona Messent, Qantas Group Chief Sustainability Officer, said:

“Establishing domestic SAF production in Australia will support fuel security, create jobs and help aviation and Australia meet its decarbonisation objectives. Australia has the feedstock and the industry support to refine SAF here, and companies like Jet Zero can help put that to work.”