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Idemitsu, Qantas and Airbus again Australia biofuel refiner with $19.2 mln.
Biofuel refiner Jet Zero Australia stated it had obtained 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 Gas (SAF) mission.
It marks the primary funding by Japanese oil refiner Idemitsu Kosan in a SAF mission outdoors Japan, and was supported by Jet Zero Australia’s foundational traders, together with Qantas and Airbus, Jet Zero stated in a press release.
Qantas and Airbus final 12 months stated it will collectively make investments A$2 million within the mission. Each firms in 2022 arrange a $200 million fund to assist meet Qantas’ aim of utilizing at the least 10% of SAF in its gasoline combine by 2030 after the airline positioned a multibillion-dollar order for Airbus planes.
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The refinery, to be arrange within the state of Queensland, will convert bioethanol from home agricultural by-products into sustainable fuels. It’s anticipated to supply as much as 102 million litres of SAF a 12 months and 11 million litres of renewable diesel as soon as operational.
SAF will be blended with typical jet gasoline and may scale back carbon emissions by as much as about 80%.
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Idemitsu, Qantas and Airbus again Australia biofuel refiner with $19.2 mln, Sydney, March 11, 2024