Shell wraps up acquisition of US renewable power retailer Inspire

Solar park in California using thin film modules. Author: Russ Ferriday. License: Creative Commons. Attribution-ShareAlike 2.0 Generic

September 17 (Renewables Now) - Shell New Energies US LLC, a unit of oil and gas major Royal Dutch Shell Plc (AMS:RDSA), has finalised the acquisition of Inspire Energy Capital LLC, a US renewable energy retailer targeting the residential segment.

Going forward, Inspire will operate as a wholly-owned subsidiary of Shell, but will retain its brand identity, the firm said.

The parties struck the acquisition agreement this summer without disclosing financial terms.

Patrick Maloney, Founder and CEO of Inspire, commented: ”I couldn't be more excited to embark on this next chapter of Inspire's growth and innovation as part of Shell's Renewables and Energy Solutions portfolio. The planet is at a critical juncture and significant climate action is necessary. I am confident that, together with Shell, we will make the kind of impact needed to help mitigate the carbon emissions associated with the energy consumption of our customers."

Inspire, which has dual headquarters in Santa Monica, California and Philadelphia, Pennsylvania, offers subscription plans and incentives to customers willing to get renewable power supplies. The services are available through a mobile application.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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