Shell To Acquire Retail Energy Supplier Serving Over 200,000 Residential Customers
July 27, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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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 retail energy supplier with joint headquarters in Santa Monica, CA and Philadelphia, PA.
"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," Shell said
Subject to regulatory clearance and the satisfaction of closing conditions, the deal is expected to be completed by Q4 of 2021.
As part of Shell, Inspire intends to "rapidly" scale its offering of access to sustainable energy to U.S. households.
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. Shell has also acquired several additional retail suppliers or customer books this year (see story here)
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 its Renewables & Energy Solutions integrated power business.
The Inspire leadership team and existing employee base will remain in place.