Media Release: Jet Zero Australia raises $30 million, welcomes POSCO INTERNATIONAL as a strategic investor and secures final development approval from the Queensland Government

07 September 2026

SYDNEY, AUSTRALIA – Jet Zero Australia (Jet Zero) has achieved three major milestones for Project Ulysses (the Project), its proposed commercial-scale Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD) refinery in Townsville:

Completes a $30 million funding round, backed by Qantas and Airbus;
Welcomes POSCO INTERNATIONAL as a new strategic investor; and
Secures Final Development Approval for its proposed refinery site in Townsville from the Queensland Government.

The $30 million funding round, managed by Barrenjoey, received strong institutional investor support, including investment from Qantas and Airbus. The proceeds will primarily fund completion of Front-End Engineering Design (FEED) and the Project’s continued progression towards Final Investment Decision (FID) and construction.

POSCO INTERNATIONAL (CEO Lee Kye-In), a global energy and manufacturing company, becomes Jet Zero’s latest strategic investor. The partnership will explore opportunities across fuel offtake, infrastructure and feedstock, subject to further agreement. The investment represents POSCO INTERNATIONAL's first globally in a SAF and Renewable Diesel developer, reinforcing growing international interest in Queensland’s emerging low carbon liquid fuel industry alongside existing investor Idemitsu Kosan.

Project Ulysses has also received its final Development Permit Decision Notice from the Queensland Office of the Coordinator-General, completing its principal development approvals. These include its Environmental Authority, EPBC Act determination of “not a controlled action” and Cultural Heritage Management Agreement with the Bindal People.

The Project is expected to create approximately 1,000 jobs during construction and 100 permanent operational roles, while helping establish a broader Australian biofuels industry capable of supporting more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics.

The Project is positioned to strengthen Australia's fuel security and sovereign industrial capability, while helping establish North Queensland as a leading hub for Australia's emerging low carbon liquid fuels industry.

The milestones come as the Queensland and Australian Governments progress policies to strengthen fuel security, sovereign manufacturing capability and regional investment, including measures designed to support the development of a domestic low carbon liquid fuels industry.

Deputy Premier Jarrod Bleijie MP said:

“The Crisafulli 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.

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

Ed Mason, Jet Zero Australia Chief Executive Officer, said:

“Completing our $30 million funding round, welcoming POSCO INTERNATIONAL and securing final development approval are defining milestones for Project Ulysses.

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 spokesman on behalf of POSCO INTERNATIONAL said:

“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.

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

Fiona Messent, Qantas Group Chief Sustainability Officer, said:

"Establishing domestic SAF production in Australia 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. It’s great to see Jet Zero successfully complete this funding round and take another step toward production.”

Stephen Forshaw, Airbus Chief Representative for Airbus in Australia, New Zealand and the Pacific, said:

“Australia can generate aviation fuel from what it grows, and Jet Zero's business is founded on that principle. 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.”

About Jet Zero Australia

Jet Zero Australia is an Australian company developing large-scale SAF and RD projects, including Project Ulysses in Townsville and Project Mandala in Gladstone. Our projects are focused on building sovereign fuel capability, strengthening Australia’s fuel security and creating new industrial and regional economic opportunities by enhancing agricultural supply chains and supporting the growth of novel feedstocks.

For media enquiries, please contact Jet Zero Australia’s Media Team at media@jetzero.com.au or +61 422 029 730.