Innovation is sweet but profit up front is sweeter still. Shell's $12bn joint venture with Brazilian sugar and ethanol producer Cosan is a bet on the growth of first-generation biofuels. The venture will get access to 2bn litres of ethanol capacity, making it the largest producer in Brazil and second globally. In addition to its extensive Brazilian retail distribution network, Shell will contribute $1.625bn in cash and assume Cosan's $2.5bn in debt. Furthermore, if almost as an afterthought, Shell will contribute stakes in two companies, Iogen and Codexis, that had been at the forefront of “second-generation” technology that allows producers to move away from food crops.
创新是甜蜜的，但眼前利益更甜蜜。壳牌(Shell)与巴西Cosan公司（一家糖与乙醇生产商）成立的价值120亿美元的合资企业，是对第一代生物燃料发展的押注。该合资企业将拥有20亿升乙醇的产能，成为巴西第一大、manbetx app苹果 第二大生产商。合资企业将拥有覆盖巴西的零售分销网络。壳牌还将拿出16.25亿美元现金，并替Cosan承担25亿美元的债务。此外——似乎是事后才产生的想法——壳牌还会向这家合资企业注入其在Iogen和Codexis的股权。这两家公司一直位于“第二代”生物燃料技术的最前沿，这种技术能够让生产商摆脱对粮食作物的依赖。