Shell New Energies US, a subsidiary of Royal Dutch Shell plc, recently signed an agreement to purchase Inspire Energy Capital, a renewable energy residential retailer with joint headquarters in Philadelphia and Santa Monica, Calif., for an undisclosed amount.
Shell purchased all equity interests.
“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,” Elisabeth Brinton, Shell executive vice president of renewables and energy solutions, said. “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.”
Shell’s goal is to become a net-zero emissions energy business by 2050. Purchasing Inspire allows the company to accelerate this goal by utilizing data-driven, digitally enabled platforms.
Shell Energy North America has been an early energy supplier to Inspire since 2017.
Inspire offers renewable energy to approximately 235,000 residential customers in eight states and Washington, D.C. It will become a wholly owned subsidiary of Shell operating within the Renewables & Energy Solutions business.
The deal is expected to close by the fourth quarter and is subject to regulatory and closing conditions.