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.
創新是甜蜜的，但眼前利益更甜蜜。殼牌(Shell)與巴西Cosan公司（一家糖與乙醇生產商）成立的價值120億美元的合資企業，是對第一代生物燃料發展的押注。該合資企業將擁有20億升乙醇的產能，成為巴西第一大、全球第二大生產商。合資企業將擁有覆蓋巴西的零售分銷網絡。殼牌還將拿出16.25億美元現金，并替Cosan承擔25億美元的債務。此外——似乎是事后才產生的想法——殼牌還會向這家合資企業注入其在Iogen和Codexis的股權。這兩家公司一直位于“第二代”生物燃料技術的最前沿，這種技術能夠讓生產商擺脫對糧食作物的依賴。