Jet Zero Australia has achieved a significant milestone by successfully receiving funding commitments of AU$29 million. This is a crucial step towards advancing the engineering activities of Jet Zero Australia’s flagship alcohol-to-jet (ATJ) 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.
The company also announced the addition of a new strategic shareholder, Idemitsu Kosan Co Ltd (Idemitsu), one of Japan’s largest energy conglomerates. This marks Idemitsu’s first investment in a SAF project outside Japan.
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. The ongoing support from Qantas and Airbus, two leaders in the Australian and international aviation sectors, as well as ongoing investment from our existing shareholders Chancery Hill, Dragonfly Enviro Capital and Audacy has remained crucial to the project’s success. We also welcome Idemitsu as a strategic shareholder with significant financial backing and capabilities in project development and renewable fuels. Alongside Qantas and Airbus, the addition of Idemitsu is a huge boost in our ability to fund the success and future development of our Australian SAF projects.”
Project Ulysses, which has now completed a feasibility study initiated in 2022 with the backing of a AU$760,000 grant from the Queensland Government and has recently applied for additional grant support from the federal government which, if successful, will further assist the Project’s continued development into front end engineering and design (FEED). Jet Zero has also made an application to the Queensland Government’s Industry Partnership Programme to assist the Project move towards final investment decision (FID), construction and operation of the facility.
Project Ulysses is targeting annual production of 102 million litres of SAF and 11 million litres of renewable diesel once operational. (£1.00 = AU$1.94 at time of publication).
