Shell New Energies US LLC (Shell), a subsidiary of Royal Dutch Shell plc, announced it 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, the statement 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,” 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.”
The acquisition accelerates Shell’s digital ambitions in the power sector by utilizing data-driven, digitally enabled platforms to simplify customers’ decarbonization journeys, the company said.
Subject to regulatory clearance and the satisfaction of closing conditions, the deal is expected to be completed by Q4 of 2021.
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