Jet Zero Australia secures $30M for Townsville fuel project

Jet Zero Australia has reached three major milestones for Project Ulysses, a proposed commercial-scale sustainable aviation fuel (SAF) and renewable diesel refinery in Townsville, Queensland. The company completed a AUD$30 million (USD$21.6 million) funding round managed by Barrenjoey, which included backing from Qantas and Airbus.

South Korean energy and manufacturing firm POSCO International has joined as a new strategic investor, marking its first global investment in a renewable diesel and SAF developer. The partnership will explore opportunities regarding feedstock, infrastructure, and fuel offtake. This brings the total funding for the project to over $80 million.

Additionally, the Queensland government has granted final-development approval for the proposed refinery site. The proceeds from the recent funding round will primarily support the completion of front-end engineering design (FEED) as the project moves toward a final investment decision and construction.

Project Ulysses aims to produce up to 113 million litres of SAF and renewable diesel annually, with production anticipated to begin in 2029. The project is expected to create approximately 1,000 jobs during the construction phase and 100 permanent operational roles, contributing to a broader Australian biofuels industry.