Jet Zero lands final approval + $30M as Project Ulysses moves deeper into FEED
Jet Zero has reached three major Project Ulysses milestones at once — final development approval, a $30 million funding round and POSCO INTERNATIONAL joining as a strategic investor.
The capital is directed primarily toward completing Front-End Engineering Design and progressing the proposed Townsville Sustainable Aviation Fuel and Renewable Diesel refinery toward Final Investment Decision and construction.
For contractors and suppliers, the project now has another tangible signal: four broad full-scope supplier work-package categories are listed through ICN Gateway.
Final approval removes a major pre-FID development gate
Jet Zero says Project Ulysses has received its final Development Permit Decision Notice from Queensland’s Office of the Coordinator-General, completing the project’s principal development approvals.
The approval position includes the project’s Environmental Authority, an Australian Government EPBC Act determination that the proposal is “not a controlled action”, and a Cultural Heritage Management Agreement with the Bindal People.
The cultural heritage agreement was signed in May following more than two years of engagement, workshops and site work between Jet Zero and Bindal elders and representatives.
Completing those approvals materially reduces development risk, but it does not mean the project has reached Final Investment Decision or construction.
Technip Energies, LERA and LanzaJet are already embedded in project development
Technip Energies is leading the Front-End Engineering Design work, while Long Energy & Resources is continuing as Owner’s Engineer. Project Ulysses is designed around LanzaJet’s Alcohol-to-Jet technology.
The FEED phase is intended to refine cost, develop the delivery schedule and prepare the engineering basis and scope required for future Engineering, Procurement and Construction contracts.
That makes the current engineering phase commercially important: this is where later procurement and construction scope is being defined.
The $30 million raise is primarily funding FEED completion
Jet Zero’s latest funding round was managed by Barrenjoey and received institutional support including investment from Qantas and Airbus.
Jet Zero says the proceeds will be used primarily to complete FEED and continue advancing Project Ulysses toward FID and construction.
The latest raise should not be confused with either total project CAPEX or the previously announced FEED program value. Earlier project information identified a $36.8 million FEED program supported by investors, industry partners, the Australian Renewable Energy Agency and the Queensland Government.
Four supplier package groups give contractors an immediate reason to watch
The Project Ulysses listing on ICN Gateway gives the development a more immediate contractor and supplier dimension.
Four broad full-scope categories are listed. Select each package below to see the types of services and equipment identified.
ICN asks interested businesses to maintain a complete supplier profile and register as full-scope suppliers. The listings should be treated as supplier-registration and EOI channels rather than evidence that contracts have been awarded.
The opportunity reaches well beyond the process plant itself
The supplier categories point to potential demand across mechanical equipment, instrumentation and controls, fabrication and materials, logistics, modularisation, heavy lift, civil works, electrical installation, piping and structural construction.
That is particularly relevant to the North Queensland market because industry participation is being gathered before final investment and construction decisions.
Businesses looking for regional capability can also browse the BBI Townsville directory.
POSCO INTERNATIONAL adds another strategic dimension
POSCO INTERNATIONAL has joined Jet Zero as its latest strategic investor, alongside existing strategic backing that includes Qantas, Airbus and Idemitsu Kosan.
Jet Zero says the relationship with POSCO will explore potential cooperation across fuel offtake, infrastructure and feedstock.
Those opportunities remain subject to further agreement and should not yet be treated as executed offtake, infrastructure or supply contracts.
The investment nevertheless adds another international industrial participant while the project is moving through FEED and toward FID.
Project Ulysses targets 113 million litres of annual production
Jet Zero’s current project information identifies planned capacity of approximately 113 million litres per year of Sustainable Aviation Fuel and Renewable Diesel.
Earlier FEED information breaks that target into approximately 102 million litres of SAF and 11 million litres of Renewable Diesel annually, using Australian bioethanol and LanzaJet’s Alcohol-to-Jet process.
Jet Zero has targeted production by 2028 and forecasts approximately 1,000 construction jobs and more than 100 operational roles. Those figures remain project forecasts rather than current employment.
The company is positioning Ulysses as part of a wider North Queensland low-carbon liquid fuels industry linking agriculture, fuel production, logistics, defence and aviation.
Confirmed now versus the next delivery gates
- $30 million funding round completed.
- POSCO INTERNATIONAL has joined as a strategic investor.
- Principal development approvals are complete.
- Project Ulysses remains in FEED.
- Technip Energies is leading FEED.
- LERA is providing Owner’s Engineering services.
- Four broad supplier package groups are listed through ICN.
- Final Investment Decision.
- Final project CAPEX following FEED.
- EPC contracting and delivery strategy.
- Major construction contract awards.
- Confirmed construction mobilisation date.
- Package-specific supplier awards.
- Final POSCO commercial agreements.
- Achievement of the 2028 production target.
The next decisive signal is FID — but suppliers have reason to position before then
Project Ulysses has not crossed into committed construction.
The important difference is that suppliers do not need to wait for a construction headline to begin positioning. Engineering is defining later scope while ICN provides an active industry-engagement channel.
FID, final cost definition, EPC strategy and package awards will determine how much of the present opportunity converts into physical work.
What BBI will watch next
Sources and primary references
- Jet Zero Australia — $30 million raise, POSCO INTERNATIONAL investment and final development approval, 7 September 2026
- Jet Zero Australia — Project Ulysses project profile
- Gateway by ICN — Project Ulysses supplier and package listing
- Jet Zero Australia — Project Ulysses FEED agreements with Technip Energies and Long Energy & Resources.
- Queensland Government — North Queensland Major Projects Pipeline.
- Australian Government EPBC Act Public Portal — Project Ulysses SAF Bio-refinery referral.