Jet Zero wins approval for major Townsville SAF plant

“Completing our $30 million funding round, welcoming Posco International and securing final development approval are defining milestones for Project Ulysses,” said Jet Zero CEO Ed Mason.

“We are particularly pleased to welcome Posco International as a strategic investor. Their financial strength, global reach and deep understanding of energy markets make them an ideal partner as we progress the Project towards construction.

“Some organisations will buy low carbon liquid fuels. Others will invest in building the industry. We are fortunate to be backed by organisations committed to doing both.”

A spokesperson for Posco International said it is “thrilled to partner with Jet Zero Australia at such a pivotal moment”.

“Australia has always been a strategic core hub for Posco International’s traditional energy and mineral businesses, and this investment marks a significant step in transitioning our portfolio towards a decarbonized future,” the spokesperson said.

“By strategically securing essential low carbon liquid fuels like SAF and Renewable Diesel, we are expanding our sustainable energy and feedstock distribution capabilities.

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“Using Project Ulysses as an anchor asset, we look forward to co-developing SAF supply chains that will ultimately grow into a vital hub, contributing to the shared energy security of both South Korea and Australia.”

According to Jet Zero, the project itself will create approximately 1,000 jobs during construction and 100 permanent operational roles, and will support the development of an Australian sovereign biofuels industry.

In a statement, Deputy Premier Jarrod Bleijie MP said the Queensland Government “backs regional jobs, unlocking private investment and delivering fuel security in Queensland”.

“Queensland is open for business and the final development approval is another significant step towards this project lifting off,” he said.

“By backing projects like Jet Zero’s, the Crisafulli Government is strengthening Queensland’s sovereign capability, supporting job creation and fuel security.”

Qantas and Airbus have both thrown their weight behind the project, with Qantas Group chief sustainability officer Fiona Messent saying a domestic SAF industry will “support fuel security, create jobs and help aviation and Australia meet its decarbonisation objectives”.

“Australia has the feedstock and the industry support to refine SAF here, and companies like Jet Zero can help put that to work,” she said.

“It’s great to see Jet Zero successfully complete this funding round and take another step toward production.”

The news comes after the release last month of two consultation papers on the Federal Government’s $14.8 billion Fuel Security and Resilience Package, including investment in low-carbon liquid fuels.