Shell to buy Inspire Energy Capital, expanding renewable power business in the United States
HOUSTON, July 27, 2021 -- Shell New Energies US LLC (Shell), a subsidiary of Royal Dutch Shell plc, has signed an agreement to buy 100% of the equity interests of Inspire Energy Capital LLC (Inspire), a renewable energy residential retailer with joint headquarters in Santa Monica, CA and Philadelphia, PA.
This acquisition advances Shell's Powering Progress strategy to build and scale renewable and low-carbon businesses with a target to become a net-zero emissions energy business by 2050, in step with society.
"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," said Elisabeth Brinton, Executive Vice President of Renewables & Energy Solutions at Shell. "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."
Inspire offers renewable energy to customers via a variety of innovative services and subscription plans and incentivizes customers to manage energy usage via a rewards program within its mobile app. The acquisition accelerates Shell's digital ambitions in the power sector by utilizing data-driven, digitally enabled platforms to simplify customers' decarbonization journeys.
Achieving Shell's net-zero emissions target could mean that Shell doubles the amount of electricity sold and provides enough renewable electricity to power 50 million households by 2030. Subject to regulatory clearance and the satisfaction of closing conditions, the deal is expected to be completed by Q4 of 2021.
Notes to editors
- Shell Energy North America has been an early energy supplier to Inspire since 2017.
- Inspire will augment Shell's existing position as a power supplier to residential customers in the U.S. alongside MP2 Energy, a wholly owned subsidiary of Shell Energy North America.
- Inspire currently serves approximately 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington DC.
- Subject to regulatory clearance and the satisfaction of closing conditions, Inspire will be a wholly owned subsidiary of Shell, operating under its existing brand within our Renewables & Energy Solutions integrated power business.
- On February 11, 2021, Shell set forth its Powering Progress strategy, including details of how it will achieve its target to be a net-zero emissions energy business by 2050, in step with society's progress as it works towards the Paris Agreement goal of limiting the increase in the average global temperature to 1.5°C.
- For more details on Shell's Powering Progress strategy, please visit www.shell.com/poweringprogress
- For more details on Shell's climate target, please visit www.shell.com/climatetarget
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SOURCE Shell Oil Company