After increasing their investment in cellulosic biofuel maker Iogen last week, Shell announced today it has taken an undisclosed equity stake in U.S. biotechnology company Virent Energy Systems Inc. to deepen cooperation on the production of biofuels. According to Virent news release, the start up “closed a $46.4 million third round of funding in which Shell and Cargill deepened their commitment to Virent’s breakthrough technology platform.”"This investment demonstrates Shell’s confidence in Virent’s catalytic biofuel production processes,” said Luis Scoffone, Vice President of Alternative Energies at Shell. “The expansion of our joint technology program to include research into the production of diesel from plant sugars offers considerable potential and complements Shell’s wider biofuels portfolio.” Shell and Virent have been conducting a joint research and development effort to make biogasoline from plant sugars since 2007 and late last year they started up a pilot plant. Biodiesel is typically made from vegetable oils.
1 comment:
Shell is one of the leading petrochemicals manufacturer worldwide. This investment of Shell can really be fruitful for them.
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