Inspire, a company that purchases renewable energy credits (RECS) and retires them on behalf of its customers, announced it has signed an agreement to become a wholly owned subsidiary of Shell New Energies US LLC. As part of Shell, Inspire intends to rapidly scale its offering of access to sustainable energy to U.S. households.
According to its website, Inspire is licensed to do business in several deregulated states and DC. It recruits customers and sells them clean energy for a fixed price.
“We look forward to joining Shell’s talented team to achieve our energy transition goals together,” said Patrick Maloney, Founder & CEO of Inspire. “We share the belief that renewable energy should be accessible to everyone and Shell’s resources, reach and ownership of many aspects of the energy value chain will help us scale and advance our mission.”
“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 will operate under its existing brand within Shell’s Renewables & Energy Solutions integrated power business. The Inspire leadership team and existing employee base will remain in place.
The deal is expected to be completed by Q4 of 2021, subject to regulatory approvals and the satisfaction of closing conditions.
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