Shell buys stake in biofuel joint venture partner Virent; terms not disclosed

CanadianBusiness.com
From The Associated Press, June 08, 2010 - 12:45 a.m.

AMSTERDAM - Royal Dutch Shell PLC (NYSE:RDS.A) said Tuesday it has purchased a stake in U.S. biotech startup Virent Energy Systems Inc., a company that turns plant sugars into fuel closely resembling gasoline.

Shell declined to disclose terms of the deal. It will receive a seat on the board of directors of Virent, based in Madison, Wis..

Virent, with around 70 employees, has previously received $10 million (euro6.4 million) in U.S. government aid and $40 million (euro25.5 million) in venture capital backing.

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