Qantas and Airbus are among investors that have tipped about $29 million into Jet Zero Australia, the Queensland-based renewable fuels hopeful that is attempting to power planes using ethanol made from agricultural byproducts.

Japan’s Idemitsu Kosan has also committed to the fundraising round for the first time, Street Talk understands. In all, the funding gives the company a valuation of around $100 million, sources close to the raising said.

The transaction was led by Barrenjoey Capital Partners.

The company is working on Project Ulysses, which began feasibility studies in 2022. Eventually, it expects to produce 102 million litres of sustainable aviation fuel and 11 million litres of renewable diesel every year.

Read more here: https://www.afr.com/street-talk/qantas-airbus-and-idemitsu-tip-in-for-sustainable-fuel-play-jet-zero-20240311-p5fbkn