Jet Zero Australia, a biofuel refiner, secured new funding of AUD29m (USD19.2m) from Idemitsu, Qantas [QAN:AU], and Airbus [AIR:FP] for its Sustainable Aviation Fuel (SAF) project, as reported by Reuters on March 11. This investment is the first by Idemitsu Kosan in a SAF project outside Japan. Qantas and Airbus had previously committed A$2 million to the project and set up a $200 million fund in 2022 to support Qantas’ aim of using at least 10% SAF in its fuel mix by 2030.

The refinery, located in Queensland, will convert domestic agricultural by-products into sustainable fuels, with an expected production of 102 million liters of SAF and 11 million liters of renewable diesel annually. SAF can be blended with conventional jet fuel, reducing carbon emissions by up to about 80%.

Sources:

https://www.reuters.com/sustainability/idemitsu-qantas-airbus-back-australia-biofuel-refiner-with-192-mln-2024-03-11/