Jet Zero Australia raises funding supported by Idemitsu, Qantas and Airbus

Jet Zero Australia has achieved a significant milestone by successfully receiving funding commitments of A$29 million (€17.5 million).
This is a crucial step towards advancing the engineering activities of Jet Zero Australia’s flagship Alcohol-to-Jet (AtJ) Sustainable Aviation Fuel (SAF) project, Project Ulysses, in North Queensland, Australia.
Funding will also support advancement of other renewable fuel opportunities in the region, many of which will leverage and support Queensland’s globally competitive agricultural sector.
The placement, managed by Barrenjoey, has been strongly supported by Jet Zero Australia’s foundational investors, including Qantas and Airbus who are committed to accelerating the establishment of a SAF industry in Australia.
Project Ulysses is targeting annual production of 102 million litres of SAF and 11 million litres of renewable diesel once operational.
Idemitsu representative, Masahiko Sawa, managing executive officer, assistant to chief executive officer, (manufacturing & tchnology, basic chemicals and carbon neutral transformation), head of CNX strategy headquarters, said: “Idemitsu Kosan is working to establish SAF production in Japan with an annual capacity of 500,000 kilo litres (500M litres) in order to achieve the government and aviation industry's goal of replacing 10% of Japan's jet fuel consumption with SAF by 2030.
“This investment agreement represents our first investment in an overseas SAF project and will contribute to the establishment and strengthening of the global SAF supply chain. Australia, especially Queensland, is an important business partner, and we hope to build a bridge between the two countries in the world of carbon neutrality in addition to the resources business.”
Qantas Group chief sustainability officer, Andrew Parker, said: “A domestic sustainable aviation fuel industry is critical to Australia meeting its emissions reductions targets. Our early investment in Jet Zero’s project was a vote of confidence in its viability and we’re pleased to be able to continue that support at this funding round and we’re pleased to see a major international capital partner has now come onboard.”
Jet Zero Australia CEO, Ed Mason, commented: “Project Ulysses will play a very important role in the growing momentum towards decarbonising the Australian aviation sector while providing fuel security and also developing a new industry in North Queensland.”