The deal supports Shell's strategy to build and scale renewable and low-carbon businesses, and become a net-zero business by 2050
Shell world headquarters in Haagse Hout, The Hague. (Credit: P.L. van Till at nl.wikipedia.)
Shell New Energies US, a company of Royal Dutch Shell, has agreed to fully acquire Inspire Energy Capital, a renewable energy residential retailer, for undisclosed amount.
Inspire is a technology enabled clean energy company established in 2014, with joint headquarters in Santa Monica, California and Philadelphia, Pennsylvania.
It offers renewable energy to customers through various service and subscription plans, along with an incentivised rewards programme within its mobile app.
Currently, Inspire serves nearly 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington DC.
With the acquisition, Shell is enabled to use data-driven, digital platforms to simplify customers’ decarbonisation journeys, and advance its digital ambitions in the power sector.
Also, the deal supports Shell’s strategy to build and scale renewable and low-carbon businesses, and become a net-zero emissions energy business by 2050.
Shell renewables and energy solutions executive vice president Elisabeth Brinton said: “Our goal is to become a major provider of renewable and low-carbon energy, and this acquisition moves us a step closer to achieving that.
“This deal instantly expands our business-to-consumer power offerings in key regions in the U.S., and we are well-positioned to build on Inspire’s advanced digital capabilities to allow more households to benefit from renewable and low-carbon energy.”
The transaction is expected to close by fourth quarter of 2021, subject to regulatory approvals and the satisfaction of closing conditions.
Upon closing, Inspire is expected to operate under its existing brand within Shell’s Renewables and Energy Solutions integrated power business.
The acquisition is not expected to result in any changes to the leadership team and existing employee base of Inspire.
Inspire founder and CEO Patrick Maloney said: “We look forward to joining Shell’s talented team to achieve our energy transition goals together.
“We share the belief that renewable energy should be accessible to everyone and Shell’s resources, reach and ownership of many aspects of the energy value chain will help us scale and advance our mission.”
Reader enquiries should be directed to https://www.inspirecleanenergy.com/plans