Shell New Energies to acquire US renewables retailer Inspire Energy

Shell New Energies US LLC, a unit of oil and gas major Royal Dutch Shell Plc (AMS:RDSA), has agreed to acquire US renewable energy residential retailer Inspire Energy Capital LLC as part of its environmental strategy.

The agreement aligns with Shell’s goal to ramp up its renewable and low-carbon business and become a net-zero company by 2050, it said on Tuesday without giving financial details. The purchase will also enhance Shell's ambitions for digitising the power sector through digitally-enabled platforms and will augment its position in the residential power supply market.

"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," commented Elisabeth Brinton, executive vice president of renewables and energy solutions at Shell.

Based in Santa Monica, California and Philadelphia, Pennsylvania, Inspire offers subscription plans and incentives to customers willing to get renewable power supplies. The services are available through a mobile application. At present, the company has around 235,000 residential clients across the US.

The acquisition is pending regulatory clearance and is expected to be completed by the last quarter of 2021. After its closing, Inspire will become a wholly-owned subsidiary of Shell and will operate under its Renewables & Energy Solutions integrated power business

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