Idemitsu, Qantas and Airbus again Australia biofuel refiner with $19.2 mln.
Biofuel refiner Jet Zero Australia mentioned it had acquired 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 Gasoline (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 buyers, together with Qantas and Airbus, Jet Zero mentioned in an announcement.
Qantas and Airbus final 12 months mentioned it could 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 no less than 10% of SAF in its gas 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 may be blended with standard jet gas 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
