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Idemitsu, Qantas and Airbus back Australia biofuel refiner with $19.2 mln.
Biofuel refiner Jet Zero Australia said it had received new funding commitments of A$29 million ($19.2 million) from Idemitsu (5019.T), opens new tab, Qantas (QAN.AX), opens new tab and Airbus (AIR.PA), opens new tab for its flagship Sustainable Aviation Fuel (SAF) project.
It marks the first investment by Japanese oil refiner Idemitsu Kosan in a SAF project outside Japan, and was supported by Jet Zero Australia’s foundational investors, including Qantas and Airbus, Jet Zero said in a statement.
Qantas and Airbus last year said it would jointly invest A$2 million in the project. Both companies in 2022 set up a $200 million fund to help meet Qantas’ goal of using at least 10% of SAF in its fuel mix by 2030 after the airline placed a multibillion-dollar order for Airbus planes.
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The refinery, to be set up in the state of Queensland, will convert bioethanol from domestic agricultural by-products into sustainable fuels. It is expected to produce up to 102 million litres of SAF a year and 11 million litres of renewable diesel once operational.
SAF can be blended with conventional jet fuel and can reduce carbon emissions by up to about 80%.
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Idemitsu, Qantas and Airbus back Australia biofuel refiner with $19.2 mln, Sydney, March 11, 2024
