Major Korean industrial group POSCO International has joined Qantas and Airbus as strategic investors in Jet Zero’s A$30 million funding round, completed in September 2026.
The proceeds will primarily fund the completion of Front-End Engineering Design (FEED) for Project Ulysses, Jet Zero’s proposed commercial-scale sustainable aviation fuel (SAF) and renewable diesel refinery in Australia. Jet Zero has secured final development approval for Project Ulysses.
It is POSCO International’s first investment globally in a SAF and renewable diesel developer.
POSCO International and Jet Zero will explore opportunities across fuel offtake, infrastructure and feedstock, subject to further agreement.
‘We are thrilled to partner with Jet Zero Australia at such a pivotal moment,’ says a POSCO International spokesperson. ‘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 decarbonised future.
‘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.’
‘We are particularly pleased to welcome POSCO International as a strategic investor,’ says Ed Mason, Jet Zero’s Chief Executive Officer. ‘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.’
Representatives from Jet Zero Australia, Airbus and Qantas welcome POSCO International as a strategic investor.
Manufacturing sustainable fuel
Located in Townsville, Queensland, Project Ulysses is one of the largest and most advanced Alcohol-to-Jet sustainable fuel projects in the world. A feasibility study found the proposed facility has the capacity to produce up to 113 million litres of SAF and renewable diesel per year. The project has previously attracted investment from Qantas, Airbus and Japan’s Idemitsu.
Project Ulysses is expected to create approximately 1,000 jobs during construction and 100 permanent operational roles. It will also help establish a broader Australian biofuels industry capable of supporting more than 18,000 jobs by 2040 across feedstock production, agriculture, refining, manufacturing and logistics.
Jet Zero is developing 2 other SAF projects in Queensland: Project Mandala in North Queensland (HEFA SAF) and Project Silvo Plus, which is trialling the cultivation of pongamia and agave as novel sustainable feedstocks.
Building an Australian low carbon liquid fuels industry
Australia considers developing the ability to make and use low carbon liquid fuels (LCLF) essential for its economic security and the transition to net zero. The Australian Government has identified LCLF as a priority industry under its Future Made in Australia agenda.
Government support programs such as the A$1.1 billion Cleaner Fuels Program and the A$250 million for LCLF under the Future Made in Australia Innovation Fund will help finance new projects.
The Australian Government has also committed to introducing a demand-side measure to provide certainty around investment into LCLF production.
Read more about Australia’s LCLF industry.
Austrade assistance
Austrade has a longstanding relationship with POSCO International, actively supporting the company’s exploration of investment opportunities in Australia, including in SAF. Austrade has:
- connected POSCO International with Australian industry stakeholders
- provided regular updates on government policy and industry trends
- invited the company to relevant industry events and on Austrade-led delegations.
Austrade’s support has led to POSCO International forming partnerships with clean energy companies in Australia and Europe.
How Austrade can help
The Australian Trade and Investment Commission (Austrade) supports foreign investors to establish and expand operations in Australia. Our experts in Australia and around the world can help you through every stage of your investment journey.
We offer the latest industry insights, connections with key stakeholders and decision-makers, and virtual or physical site visits to Australia. Thousands of foreign businesses have worked with us to tap into the Australian market.
For information on investment opportunities in Australia, contact an Austrade investment specialist.
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