Raízen

What Raízen does

Raízen S.A. is a Brazilian integrated energy company formed in 2011 as a 50/50 joint venture between Cosan and Royal Dutch Shell. It operates two core business segments: (1) fuel and lubricant distribution under a licensed Shell brand across Brazil, Argentina, and Paraguay, serving retail consumers via Shell-branded stations (including Shell Select convenience stores and Shell Café), B2B commercial customers, and aviation fuel operations; and (2) sugarcane-based ethanol, sugar, and bioenergy production, encompassing first- and second-generation ethanol, raw/refined/crystal/demerara sugar, biomass-based bioelectricity, and biogas/biomethane. The company operates 30+ sugarcane mills with annual ethanol production of approximately 3.1 billion liters (24'25 harvest) and is the largest biomass-based bioenergy generator in Brazil.

The underlying technology platform is an integrated sugarcane biorefinery in which every part of the cane is converted into value-added outputs, supported by proprietary second-generation ethanol (E2G) technology — the only commercial-scale E2G production globally, yielding 30% lower GHG emissions versus first-generation ethanol and a 50% output increase without new planted area. Raízen monetizes through commodity sales (ethanol, sugar), energy sales (bioelectricity, biogas, biomethane), Shell-branded fuel retail margins and aviation/B2B fuel contracts, and the Shell Box digital payment and loyalty platform with over 20 million registered users. Industrial ethanol and sugar are sold under fixed-price contracts to food, beverage, and pharmaceutical customers, with sugar also exported internationally.

As of early 2026, Raízen is undergoing Brazil's largest-ever out-of-court debt restructuring, with R$65 billion in listed liabilities and R$98 billion in total debt covered. Q3 2025/26 results showed a R$15.6 billion net loss, negative shareholders' equity of R$1.1 billion, leverage of 5.3x, and a going-concern qualification from auditor EY. Shell has committed R$3.5 billion in recapitalization, and the company has proposed splitting into two autonomous units — Raízen Energia and Raízen Combustíveis — to align debt with each segment's cash generation capacity.

Name

Raízen

Legal name

RAÍZEN S.A.

Website

https://raizen.com.br

Company type

Public

Operating status

Operating

Short description

Raízen is a Brazilian joint venture between Cosan and Shell that distributes Shell-branded fuels across Brazil, Argentina, and Paraguay, and produces ethanol, sugar, and bioenergy from sugarcane via 30+ mills, including the world's only commercial-scale second-generation ethanol technology.

Ownership category

akta.pro rank

Product category

Sugarcane-based bioenergy and Shell-branded fuel distribution

NAICS

Ethyl Alcohol Manufacturing (325193), Sugar Manufacturing (31131)

SIC

Medicinal Chemicals & Botanical Products (2833), Beverages (2080)

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)

Keywords

• Sugarcane ethanol production
• Fuel distribution services
• Biomass bioenergy generation
• Renewable sugar manufacturing
• Shell-branded fuel retail

Headquarters

HQ city

Rio de Janeiro

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Fuel Distribution (Shell Brand): Distribution and commercialization of fuels and products for airports, B2B customers, and Shell-branded retail stations under Shell license across Brazil, Argentina, and Paraguay.
2. Ethanol Production and Sales: Production of first and second generation ethanol from sugarcane. Ethanol sold as fuel (hydrated and anhidro), industrial input for pharmaceuticals, cosmetics, and cleaning products, and for export. Production capacity of approximately 3.1 billion liters per year (24'25 harvest).
3. Sugar Production and Sales: Production and commercialization of raw sugar, refined sugar, crystal sugar, and demerara for food industry, pharmaceutical, and beverage sectors. Sugar exported internationally with logistics solutions.
4. Bioenergy: Generation of electricity from biomass (bagasse and sugarcane residues). Largest bioenergy producer from biomass in Brazil. Also produces biogas and biometano from production byproducts.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Raízen operates an integrated sugarcane biorefinery platform that produces first- and second-generation ethanol, raw and refined sugar, bioelectricity, biogas and biomethane, while also distributing Shell-branded fuels (gasoline, diesel, aviation fuel) to retail stations, B2B customers and airports across Brazil, Argentina and Paraguay. With roughly 3.1 billion liters of annual ethanol capacity and the world's only commercial-scale second-generation ethanol production from bagasse, the company serves both industrial buyers (food, beverage, pharmaceutical, chemical sectors) and retail consumers via the Shell Box digital loyalty platform (20M+ users).

Product overview

Raízen operates as an integrated energy company with two core business segments: fuel distribution under the Shell brand (licensed to Raízen in Brazil, Argentina, and Paraguay) and ethanol/sugar/bioenergy production from sugarcane. The fuel distribution segment includes Shell-branded gas stations, aviation fueling, B2B fuel sales, and Shell Select convenience stores/cafés. The bioenergy segment encompasses sugarcane processing to produce 1st and 2nd generation ethanol, sugar for food/beverage/pharmaceutical industries, bioelectricity from biomass, and biogas/biomethane. The company also operates Shell Box, a payment and loyalty platform for the Shell network in Brazil with 20+ million users. As of 2026, Raízen is undergoing a major financial restructuring that includes a planned corporate split into two autonomous units: Raízen Energia (dedicated to ethanol, sugar, bioenergy) and Raízen Combustíveis (dedicated to Shell-branded fuel distribution).

Differentiator

Problem solved

Functional benefit

Brands

• Shell Box: Payment and loyalty platform for Shell network in Brazil with over 20 million registered users
• Shell Select
• Shell Café

Products and services

• Fuel Distribution (Shell brand)
• Ethanol (First Generation)
• Second Generation Ethanol (E2G)
• Sugar
• Bioenergy (Biomass Electricity)
• Biogas and Biomethane
• Shell Box (Payment and Loyalty Platform)
• Shell Select and Shell Café

Quantifiable outcome

• 80% reduction in GHG emissions compared to Brazilian gasoline
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered minor and core.

• RothschildminorOthers · 9 February 2026Raízen hired Rothschild as financial advisor amid restructuring negotiations.
• Grupo ColoradominorOthers · 10 November 2025Raízen sold its Continental mill in Colombia to Grupo Colorado for R$750 million as part of strategy to maintain scale while reducing complexity and enhancing liquidity.
• ShellcoreOEM/ Whitelabel/ Licensing PartnerShell licenses its brand to Raízen for fuel distribution in Brazil, Argentina, and Paraguay. Raízen distributes and commercializes fuels and products for airports, B2B, and Shell retail stations under the Shell brand. Shell also committed R$3.5 billion to recapitalize Raízen amid its financial restructuring in 2026.
• BNDES Fundo SocioambientalminorStrategic or Co-development PartnerBNDES Fundo Socioambiental partnered with Raízen Foundation for Ativa Comunidade Escolar program executed in 51 municipalities between 2023-2026.
• Instituto Singularidades, CoCriar, IDIS, Prosas, ASEC+ and Tide SocialminorStrategic or Co-development PartnerRaízen Foundation partners with these organizations for implementation of Ativa Comunidade Escolar program focusing on socio-emotional development and teacher/manager training in Brazilian public schools.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Petrobras: Petrobras is Brazil's state-controlled oil major, operating refining, fuel distribution, and downstream businesses. Comparable to Raízen as a major participant in Brazil's fuel value chain, with overlapping B2B and aviation fuel supply activities.
• Cosan: Cosan is the 50% joint-venture parent of Raízen and a major Brazilian conglomerate with interests in logistics (Rumo), fuel distribution, and lubricants (Moove). Directly comparable as the upstream holding company and partner in Raízen's sugar/ethanol and fuel distribution businesses.
• BP (Castrol/BP Energy Brasil): BP is a global oil major with downstream operations and biofuels investments in Brazil. Comparable to Raízen's integrated downstream/fuel distribution business and a strategic competitor in the global biofuels and energy transition space.
• Bunge Global: Bunge is a global agribusiness and food company with major sugar trading and origination operations in Brazil. Overlaps with Raízen's sugar production and export business, and competes in the broader Brazilian sugar/ethanol origination and trading market.

Direct peers

• Jalles Machado: Jalles Machado is a Brazilian sugarcane processor producing ethanol (including 2G), sugar, and bioelectricity with integrated mills in Goiás. Comparable to Raízen's ethanol/sugar/bioenergy operations and a domestic peer in the same sugarcane value chain.
• Atvos: Atvos is a Brazilian sugarcane processor producing ethanol, sugar, and bioelectricity across multiple mills in the Center-South region. Closely comparable to Raízen's ethanol/sugar/bioenergy operations and a direct competitor in the Brazilian sugarcane biorefinery space.
• Vibra Energia (formerly BR Distribuidora): Vibra is Brazil's largest fuel distributor, spun off from Petrobras, operating thousands of service stations across Brazil. Closest direct competitor to Raízen's Shell-licensed fuel distribution segment, serving the same B2B, retail, and aviation channels.
• Adecoagro: Adecoagro is a South American agricultural producer with large-scale sugar/ethanol operations in Brazil (plus rice and dairy in Argentina). Directly comparable to Raízen's ethanol, sugar, and bioelectricity production with similar sugarcane-to-biofuel circular model.
• São Martinho: São Martinho is one of Brazil's largest sugarcane processors, producing ethanol, sugar (VHP/raw and crystal), and bioelectricity. Directly comparable to Raízen's ethanol/sugar/bioenergy segment with integrated mill operations and similar sugarcane biorefinery model.

Emerging players

• Copersucar: Copersucar is Brazil's largest sugar and ethanol trader and logistics operator, marketing for many mills. Comparable as a peer in the Brazilian sugar/ethanol supply chain, providing distribution, trading, and logistics services that parallel Raízen's industrial operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/RaizenEnergia
• Facebookfacebook.com/RaizenOficial?fref=ts
• LinkedInlinkedin.com/company/raizenoficial
• Instagraminstagram.com/raizen

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Raízen