Jet Zero Australia raises $30m for Queensland SAF facility, secures POSCO INTERNATIONAL as strategic investor
Why It MattersThe deal signals growing strategic and institutional backing, including from Qantas and Airbus, for Australian SAF production capacity as biofuel feedstock and offtake partnerships expand.
Jet Zero Australia has raised $30 million in a funding round managed by Barrenjoey, bringing in POSCO INTERNATIONAL as a new strategic investor while also securing final development approval for Project Ulysses, its sustainable aviation fuel facility in Queensland. The round drew institutional support from Qantas and Airbus, among others, with proceeds earmarked mainly for completing Front-End Engineering Design and advancing the project toward a Final Investment Decision and construction.
POSCO INTERNATIONAL, a global energy and manufacturing company led by CEO Lee Kye-In, becomes the newest strategic investor in Jet Zero Australia, joining existing strategic investor Idemitsu Kosan. This marks POSCO INTERNATIONAL's first global stake in a SAF and Renewable Diesel developer, and the two companies plan to explore opportunities in fuel offtake, infrastructure and feedstock, subject to further agreement.
Project Ulysses has also received its final Development Permit Decision Notice from the Queensland Office of the Coordinator-General, completing its principal development approvals, which include an Environmental Authority, an EPBC Act determination of 'not a controlled action', and a Cultural Heritage Management Agreement with the Bindal People. The project is expected to create approximately 1,000 jobs during construction and 100 permanent operational roles, and is intended to support an Australian biofuels industry projected to sustain more than 18,000 jobs by 2040.
Queensland Deputy Premier Jarrod Bleijie MP said the final development approval marked a significant step for regional employment, private investment and fuel security. Jet Zero Australia CEO Ed Mason said the funding, new investment and approvals represented major milestones for Project Ulysses, adding that POSCO INTERNATIONAL's financial strength and understanding of energy markets made it an ideal construction-phase partner.
