Royal Dutch Shell said on Tuesday its subsidiary, Shell New Energies, would buy renewable energy residential retailer Inspire Energy Capital LLC, as the European major looks to expand its renewable power business in the United States.
According to a press release, Shell New Energies has signed an agreement to buy 100 percent of the equity interests of Inspire Energy Capital LLC, a renewable energy residential retailer with joint headquarters in Santa Monica, CA, and Philadelphia, PA.
According to Reuters, the acquisition is in line with Shell’s Powering Progress initiative to build and scale renewable and low-carbon businesses with a target to becoming a net-zero emissions energy business by 2050.
“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,” said Elisabeth Brinton, EVP of Renewables & Energy Solutions at Shell.
Shell Energy North America has been an early energy supplier to Inspire since 2017. The acquisition will cement Inspire’s position as a power supplier to residential customers in the U.S. alongside MP2 Energy, a wholly-owned subsidiary of Shell Energy North America.
Inspire currently serves 225,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington DC.
According to Market Watch, Inspire offers renewable energy subscriptions and services and incentivizes customers to manage energy usage via a rewards program within its mobile app.
