- Shell agrees to buy a residential solar installer, Inspire Energy.
- Shell is looking to increase its residential solar segment activities as it plans to become net-zero by 2050.
Shell New Energies is set to acquire US renewable energy residential solar developer Inspire Energy Capital. Shell has set its sights on increasing its clean energy and low-carbon business and become a net-zero company by 2050. The company is also looking to position itself in the residential solar market segment.
Elisabeth Brinton, executive vice president of renewables and energy solutions at Shell, said: “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.”
Inspire is a subscription-based renewable energy supplier. The company offers its services via remote mobile applications. The company has about 235,000 residential customers across the US. This acquisition which is expected to be completed by the end of the year, will make the company a wholly-owned subsidiary of Shell.