Raizen

What Raizen does

Raízen S.A. is a Brazilian integrated energy company formed in 2011 as a joint venture between Cosan S.A. and Royal Dutch Shell Plc, and listed on B3 under ticker RAIZ4. The company operates two main segments: fuel distribution under the Shell brand license across Brazil, Argentina, and Paraguay, serving nearly 50 million customers through thousands of service stations, B2B channels, and aviation fuel operations; and ethanol, sugar, and bioenergy production from sugarcane across 36 mills crushing over 100 million tons annually.

Raízen is the only company in the world producing second-generation (E2G) cellulosic ethanol at commercial scale, using bagasse and straw by-products to extract up to 50% additional ethanol from the same planted area with 30% lower greenhouse gas emissions versus first-generation ethanol. The integrated biorefinery model converts every component of sugarcane into commercial products: 1G and 2G ethanol (~3.1 billion liters/year), raw sugar for export, bioelectricity from bagasse cogeneration (exported to Brazil's national grid in 13 of 26 units), biogas, and biomethane from vinasse and filter cake waste. The company holds first-in-world Bonsucro certification and operates the Elos Raízen and Jornada Cultivar supplier programs covering over 1,100 sugarcane management accounts across four Brazilian states.

The business model combines commodity-scale ethanol and sugar sales (approximately 50% and 30% of revenue respectively) with branded fuel distribution economics under the Shell license, supplemented by power generation, biomethane, and Shell Box digital loyalty platform revenue (over 20 million registered users). Q3 2025/26 revenue reached BRL 62.99 billion. As of mid-2026, Raízen is executing Brazil's largest out-of-court debt restructuring covering R$65 billion (~US$12.6 billion), with a planned spin-off into Raízen Energia (sugarcane processing) and Raízen Combustíveis (fuel distribution), alongside divestitures of Argentina downstream operations, distributed solar assets, and the unwinding of the OXXO Brazil joint venture.

Name

Raizen

Legal name

Raízen S.A.

Website

https://raizen.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

10,001+ employees

Short description

Raízen is a Brazilian integrated energy joint venture (Cosan/Shell) operating sugarcane-based ethanol, sugar, and bioenergy production across 36 mills alongside Shell-branded fuel distribution serving nearly 50 million customers in Brazil, Argentina, and Paraguay.

Ownership category

akta.pro rank

Product category

Biofuels and Renewable Energy

NAICS

Ethyl Alcohol Manufacturing (325193), Beverage Manufacturing (3121), Petroleum Refineries (32411), Fuel Dealers (457210)

SIC

Industrial Organic Chemicals (2860), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Petroleum Refining (2911)

akta.pro primary industry

Grain & Sugar-Based Ethanol Production (EUAAAHAA)

akta.pro secondary industries

Biofuel Distribution & Fuel Marketing (Wholesale/Retail) (EUAAAHAI), Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB), Aviation Fuel Marketing (Into-Plane, Airport Fueling) (EUALAIAH)

Keywords

• Biofuel production
• Fuel distribution
• Sugar manufacturing
• Renewable energy
• Biogas production

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Ethanol Sales: Production and sale of first and second-generation ethanol for fuel, industrial, and pharmaceutical applications. Ethanol accounts for approximately 50% of revenue. Production capacity of approximately 3.1 billion liters of ethanol per year.
2. Sugar Production and Export: Production and commercialization of raw sugar for industries in Brazil and international markets. Sugar exports account for approximately 30% of revenue.
3. Fuel Distribution (Shell Brand): Distribution and commercialization of fuels through Shell-branded service stations across Brazil, Argentina, and Paraguay. Includes B2B fuel sales and aviation fuel distribution.
4. Power Generation (Bioenergy): Generation and sale of bioelectricity from bagasse cogeneration. In 13 of 26 units, excess power is exported to Brazil's national grid. Also includes sale of RECs (Renewable Energy Certificates).
5. Biogas and Biomethane: Production and sale of biogas and biomethane from industrial waste (vinasse and filter cake).

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Raízen distributes and commercializes fuels and products through Shell-branded service stations, B2B fuel sales, and airports across Brazil, Argentina, and Paraguay under a Shell brand license. The company is also Brazil's largest sugarcane-based ethanol producer, manufacturing first-generation ethanol, second-generation cellulosic ethanol (E2G), raw sugar, bioelectricity from bagasse cogeneration, and biogas/biomethane from industrial waste, all through an integrated biorefinery model.

Product overview

Raízen is a Brazilian integrated energy company operating as a joint venture between Cosan and Shell, with two primary business segments: Fuel Distribution under the Shell brand (covering Brazil, Argentina, and Paraguay) and Ethanol, Sugar and Bioenergy production from sugarcane. The Fuel Distribution unit operates thousands of Shell-branded service stations, B2B operations, and aviation fuel services, complemented by the Shell Box digital payment and loyalty platform with 20+ million users. The Ethanol, Sugar and Bioenergy segment encompasses first-generation ethanol (~3.1B liters/year), second-generation ethanol (E2G) from agricultural residues, sugar production and export, bioenergy from bagasse cogeneration, and biogas/biomethane from industrial waste. The company is undergoing financial restructuring with plans to split into two autonomous units: Raízen Energia (sugar/ethanol/bioenergy) and Raízen Combustíveis (fuel distribution).

Differentiator

Problem solved

Functional benefit

Brands

• Shell Box: Digital payment and loyalty platform for Shell fuel stations in Brazil with over 20 million registered users
• Shell Box Clube
• Raízen (bioenergy operations)

Products and services

• Fuel Distribution (Shell-branded) Distribution and commercialization of fuels and products for airports, B2B customers, and Shell-branded service stations across Brazil, Argentina, and Paraguay under the licensed Shell brand. Connects efficiency, innovation, and convenience through an integrated Shell offer covering thousands of retail stations.
• Ethanol (1st Generation) Conventional sugarcane ethanol sold as anhydrous ethanol (for fuel blending), hydrous ethanol (for automotive use), and neutral ethanol (for pharmaceutical production). Production capacity approximately 3.1 billion liters per year.
• Second-Generation Ethanol (E2G) Cellulosic biofuel produced from sugarcane bagasse and straw residues, increasing ethanol output by up to 50% without expanding planted area. Features 30% lower GHG emissions than 1G ethanol and is certified by Bonsucro and ISCC sustainability standards. Raízen is the only company producing this on a commercial scale.
• Sugar Raw sugar produced and commercialized for Brazilian and international markets serving food and pharmaceutical industries. Sugar exports account for approximately 30% of Raízen's revenue.
• Bioenergy (from bagasse cogeneration) Electricity generated from bagasse cogeneration. In 13 of 26 units, Raízen generates more electricity from bagasse than it consumes annually, with excess exported to Brazil's national grid. Renewable Energy Certificates (RECs) are also sold to partners.
• Biogas and Biomethane Renewable gas produced from industrial by-products (vinasse and filter cake) of the sugar and ethanol production process. Biogas can be converted to electricity or purified into biomethane, a renewable substitute for fossil-based natural gas.
• Aviation Fuel Distribution Distribution of aviation fuel to airports through the integrated Shell offering, serving airline and airport customers.

Quantifiable outcome

• 80% fewer GHG emissions compared to Brazilian gasoline for sugarcane ethanol
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor.

• Mercuria Energy GroupminorStrategic or Co-development Partner · 8 June 2026Swiss energy trading house Mercuria acquired 100% of Raízen's downstream operations in Argentina including the Dock Sud refinery and approximately 700 gas stations for US$1.42 billion. Transaction subject to regulatory approvals. Deal drew competing interest from Vitol Group with BTG Pactual involved in negotiations.
• Gera EnergiaminorStrategic or Co-development Partner · 27 March 2026Brazil's antitrust agency CADE approved Gera Energia's acquisition of Raízen GD (distributed generation solar assets). Transaction part of Raízen's divestment plan. Raízen sold several distributed generation assets to various companies since 2023.
• FEMSA (OXXO Brazil)minorStrategic or Co-development PartnerFEMSA completed separation of Grupo Nós joint venture with Raízen in Brazil, retaining full ownership of all OXXO stores. Joint venture arrangement concluded; FEMSA now has sole control over OXXO operations in Brazil.
• CMM (Offshore Vessel Owner)minorStrategic or Co-development PartnerShipowner CMM partnered with Wärtsilä to develop first ethanol-powered platform supply vessels. Raízen's agreement with Wärtsilä supports this initiative for offshore vessel decarbonization.
• SEBRAEminorStrategic or Co-development PartnerRaízen Desenvolve Program in partnership with SEBRAE supporting 110 micro and small businesses.
• GranBiominorStrategic or Co-development PartnerGranBio and Raízen identified as leaders in cellulosic ethanol revival, both scaling commercial production for low-carbon feedstock to produce sustainable aviation fuel (SAF) via Alcohol-to-Jet technology.
• PetrobrasminorStrategic or Co-development PartnerPetrobras reportedly considered investment in Raízen to re-enter ethanol market, but sources indicate Petrobras favors corn over cane for ethanol and may exclude Raízen. Raízen chairman Rubens Ometto denied any partnership discussions with Petrobras regarding ethanol.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Cosan S.A. Cosan is Raízen's 44% joint venture parent and a major Brazilian sugar/ethanol producer in its own right, with overlapping milling operations and downstream logistics (Rumo, Compass). Direct sugar/ethanol competitor and structural counterparty in the ongoing Raízen restructuring.
• Atvos: Brazilian sugarcane ethanol and sugar producer that emerged from judicial recovery in 2022. Operates multiple mills and is one of the closest Brazilian direct competitors to Raízen's sugarcane processing business, with similar product mix and customer base.
• São Martinho S.A. One of Brazil's largest publicly traded sugar-ethanol producers, operating mills in São Paulo state. Direct Brazilian peer with comparable sugarcane processing scale, ethanol and sugar production, and exposure to RenovaBio decarbonization credits.
• Adecoagro S.A. Latin American agribusiness operator with significant sugar/ethanol production in Brazil and Argentina. Comparable in sugarcane farming, milling, and renewable energy generation, with overlapping geographic footprint pre-Raízen Argentina divestment.

Broad incumbents

• Tereos: French-headquartered global sugar, ethanol, and starch producer with major Brazilian sugarcane operations (formerly Guarani). Comparable in product mix (sugar, ethanol, bioenergy) and a direct competitor in global sugar export markets.
• Louis Dreyfus Company: Global agribusiness merchant with significant Brazilian sugar and ethanol origination operations. Comparable in commodity trading, sugar exports, and integrated origination — though operating as a privately held merchant rather than a miller.
• Bunge Global SA: Global agribusiness and food company with major Brazilian sugar/ethanol milling operations (Bunge Açúcar & Bioenergia). Comparable in sugarcane processing scale, sugar exports, and integrated origination-to-export value chain.
• Petrobras: Brazilian state-controlled oil major with refining, fuel distribution, and now potential corn ethanol ambitions. Comparable in downstream fuel distribution and Brazilian energy market presence; potential partner or competitor depending on Petrobras's ethanol re-entry strategy.

Emerging players

• GranBio: Brazilian biotech pioneer in 2G cellulosic ethanol using proprietary technology. Direct technology peer in the second-generation ethanol space, identified alongside Raízen as a leader in cellulosic ethanol revival for SAF feedstocks.

Others

• Cargill: Global agribusiness giant with significant Brazilian sugar origination and trading operations. Adjacent peer as a major sugar merchant and counterparty in global agricultural commodity markets where Raízen exports raw sugar.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/RaizenEnergia
• Facebookfacebook.com/RaizenOficial
• LinkedInlinkedin.com/company/raizenoficial
• Instagraminstagram.com/raizen
• Xx.com/raizenoficial

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raizen