Jet Zero Australia has reached three defining milestones for Project Ulysses, its planned commercial-scale sustainable aviation fuel and renewable diesel refinery in Townsville, Queensland. The company has completed a $30 million funding round supported by Qantas and Airbus, added POSCO International as a strategic investor, and secured final development approval from the Queensland Government. The announcement marks a significant step toward establishing a domestic low carbon liquid fuels industry in Australia.
Funding Round Backed by Aviation Leaders
The $30 million funding round was managed by Barrenjoey and attracted strong institutional support, including investments from Qantas and Airbus. Proceeds will primarily fund completion of front-end engineering design and continued progress toward a final investment decision and construction. The participation of existing aviation investors reinforces confidence in Jet Zero Australia's plan to produce sustainable aviation fuel locally.
POSCO International Joins as Strategic Investor
POSCO International has become Jet Zero Australia's latest strategic investor, marking its first global investment in a sustainable aviation fuel and renewable diesel developer. The partnership will explore opportunities across fuel offtake, infrastructure and feedstock under future agreements. The move adds to existing international interest from Idemitsu Kosan and signals growing confidence in Queensland's emerging low carbon fuel sector.
Regulatory Clearance and Project Scale
Project Ulysses has received its final development permit decision notice from the Queensland Office of the Coordinator-General, completing its principal development approvals. The project now holds its environmental authority, an EPBC Act determination of not a controlled action, and a cultural heritage management agreement with the Bindal People. It is expected to create about 1,000 construction jobs and 100 permanent operational roles once built.
Economic and Fuel Security Benefits
The project is positioned to strengthen Australia's fuel security and sovereign industrial capability while supporting North Queensland as a hub for low carbon liquid fuels. Jet Zero Australia estimates the broader Australian biofuels industry could support more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics. These benefits align with Queensland and Australian Government policies supporting domestic fuel security and regional investment.
Leadership Response
Deputy Premier Jarrod Bleijie said the Crisafulli Government backs regional jobs, private investment and fuel security in Queensland. Jet Zero Australia Chief Executive Officer Ed Mason described the funding completion, strategic investor and final approval as defining milestones for Project Ulysses. He added that some organisations will buy low carbon liquid fuels while others will invest in building the industry, and Jet Zero is backed by organisations committed to both.
Aviation Industry Backing
Qantas Group Chief Sustainability Officer Fiona Messent said establishing domestic sustainable aviation fuel production in Australia will support fuel security, jobs and aviation decarbonisation objectives. Airbus Chief Representative Stephen Forshaw noted Australia can generate aviation fuel from what it grows and said the company was pleased to participate in the latest funding round. Both aviation partners emphasised the importance of local SAF production for the industry's long-term sustainability.
With the funding round complete, a new strategic investor on board and final development approval secured, Jet Zero Australia is now focused on completing engineering work and moving toward a final investment decision. Project Ulysses has emerged as a significant candidate to anchor Australia's domestic sustainable aviation fuel and renewable diesel production. The milestones highlight growing alignment between industry, government and international partners around the commercial case for low carbon liquid fuels in Australia.