Jet Zero Australia closes $30m series C funding round
Australian sustainable aviation fuel (SAF) producer Jet Zero Australia closes its $30m AUD (US$21.6m) series C funding round. The funding round, managed by BarrenJoey, includes backing from strategic investors Airbus and Qantas.
“Establishing domestic SAF production in Australia will support fuel security, create jobs and help aviation and Australia meet its decarbonisation objectives,” says Fiona Messent, CSO, Qantas Group. “Australia has the feedstock and the industry support to refine SAF here, and companies like Jet Zero can help put that to work. It’s great to see Jet Zero successfully complete this funding round and take another step toward production.”
“Australia can generate aviation fuel from what it grows, and Jet Zero’s business is founded on that principle,” says Stephen Forshaw, chief representative for Airbus in Australia, New Zealand and the Pacific, Airbus. “This is why we invested early in Jet Zero, and Airbus is pleased to participate in their latest funding round, bringing the goal of local SAF production closer to reality.”’
Global energy and manufacturing company, POSCO INTERNATIONAL, join the round as the latest strategic investor to join the cap table. The investment also includes provisions for further discussions around SAF offtake, infrastructure and feedstock supply.
“Completing our $30 million funding round, welcoming POSCO INTERNATIONAL and securing final development approval are defining milestones for Project Ulysses,” says Ed Mason, CEO, Jet Zero Australia. “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.”
The series C investment will cover the cost of completing Front-End Engineering and Design (FEED), as well as the continued development of project Ulysses towards Final Investment Decision (FID) and construction.
“We are 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,” says a POSCO INTERNATIONAL spokesperson. “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.”
Project Ulysses has also received its final Development Permit Decision Notice from the Queensland Office of the Coordinator-General. This completes the project’s principal development proposals for the refinery site in Townsville, Queensland.
“The Crisafulli Government backs regional jobs, unlocking private investment and delivering fuel security in Queensland,” says Jarrod Bleije MP, Deputy Premier, Queensland. “Queensland is open for business and the final development approval is another significant step towards this project lifting off. By backing projects like Jet Zero’s, the Crisafulli Government is strengthening Queensland’s sovereign capability, supporting job creation and fuel security.”
Jet Zero Australia’s project is expected to create 1,000 jobs during construction and 100 permanent operational roles.