Jet Zero Australia has achieved three significant milestones for Project Ulysses, its proposed commercial-scale sustainable aviation fuel (SAF) and Renewable Diesel (RD) refinery in Townsville, marking a major step forward for Australia's emerging low-carbon fuels industry.
The company has successfully completed a A$30 million (€18.6 million) funding round, backed by leading investors including Qantas and Airbus, welcomed POSCO INTERNATIONAL as a new strategic investor, and secured final development approval for the project from the Queensland Government.
Managed by Barrenjoey, the funding round received strong support from institutional investors and will primarily fund completion of Front-End Engineering Design (FEED) and support the project's progression towards Final Investment Decision (FID) and construction.
POSCO INTERNATIONAL, a global energy and manufacturing company, has made its first-ever investment in a sustainable aviation fuel and renewable diesel developer.
The partnership will explore opportunities across fuel offtake, infrastructure and feedstock supply, further strengthening international confidence in Queensland's growing low-carbon liquid fuels sector.
Project Ulysses has now secured all principal development approvals, including its Environmental Authority, an EPBC Act determination of "not a controlled action", a Cultural Heritage Management Agreement with the Bindal People, and its final Development Permit Decision Notice from the Queensland Office of the Coordinator-General.
The refinery is expected to create approximately 1,000 jobs during construction and 100 permanent operational positions once operational. More broadly, the project is expected to support the development of an Australian biofuels industry capable of sustaining more than 18,000 jobs by 2040 across agriculture, feedstock production, refining, manufacturing and logistics.
Jet Zero Australia Chief Executive Officer Ed Mason said the achievements represented defining milestones for the project.
"Completing our funding round, welcoming POSCO INTERNATIONAL and securing final development approval are major steps forward for Project Ulysses," Mason said.
"We are building the foundations of a sovereign low-carbon fuels industry that will strengthen Australia's fuel security, industrial capability and regional economy while helping establish North Queensland as a leading hub for sustainable fuels production."
Jet Zero Australia reaches major milestones for Project Ulysses
