Shell acquires Inspire Energy Capital and expands its renewable energy business in the United States

HOUSTON, July 27, 2021 / PRNewswire / – Shell New Energies US LLC (Shell), a subsidiary of Royal Dutch Shell plc, has signed an agreement to purchase 100% of the stakes of Inspire Energy Capital LLC (Inspire), a residential renewable energy retailer headquartered in Santa Monica, California and Philadelphia, Pennsylvania.

This acquisition advances Shell’s Powering Progress strategy to create and grow renewable, low-carbon businesses with the goal of becoming a net-zero energy company by 2050, in tune with society.

“Our goal is to become a major supplier of renewable, low-carbon energy, and this acquisition brings us one step closer to that goal,” said Elisabeth Brinton, executive vice president of renewable and energy solutions at Shell. “This agreement instantly expands our business-to-consumer electricity offerings in key regions of the United States, and we are well positioned to take advantage of Inspire’s advanced digital capabilities to enable more households to benefit from energy.” renewable and low carbon emissions. “

Inspire offers renewable energy to customers through a variety of innovative services and subscription plans and encourages customers to manage energy use through a rewards program within its mobile app. The acquisition accelerates Shell’s digital ambitions in the power sector by using data-driven digital platforms to simplify customers’ decarbonization journeys.

Achieving Shell’s net zero emissions target could mean Shell doubles the amount of electricity sold and provides enough renewable electricity to power 50 million homes by 2030. Subject to regulatory clearance and satisfaction of the closing conditions, the deal is expected to be concluded by the fourth quarter. from 2021.

Notes to Editors

  • Shell Energy North America has been one of Inspire’s premier energy suppliers since 2017.
  • Inspire will strengthen Shell’s current position as a supplier of electricity to residential customers in the United States alongside MP2 Energy, a wholly owned subsidiary of Shell Energy North America.
  • Inspire currently serves approximately 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington DC.
  • Subject to regulatory clearance and satisfaction of closing conditions, Inspire will be a wholly owned subsidiary of Shell, operating under its existing brand within our integrated energy business Renewables & Energy Solutions.
  • At February 11, 2021, Shell presented its Powering Progress strategy, including details of how it will achieve its goal of being a net zero-emission energy company by 2050, in line with the company’s progress as it grows strives to meet the Paris Agreement target of limiting the increase in global mean temperature to 1.5 ° C.
  • For more details on Shell’s Powering Progress strategy, please visit www.shell.com/poweringprogress
  • For more details on Shell’s climate goal, please visit www.shell.com/climatetarget

Warning

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this advertisement, “Shell”, “Shell Group” and “Group” are sometimes used for convenience when references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “our” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used when it is not useful to identify the particular entity or entities. “Subsidiaries”, “Subsidiaries of Shell” and “Shell companies” as used in this announcement refer to entities over which Royal Dutch Shell plc has direct or indirect control. Unincorporated entities and arrangements over which Shell exercises joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell exercises significant influence but without control or joint control are called “associates”. The term “Shell Interest” is used for convenience to denote the direct and / or indirect interest held by Shell in an unincorporated entity or partnership, after exclusion of any third party interest.

This announcement contains forward-looking statements (within the meaning of the United States Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and business of Royal Dutch Shell. All statements other than statements of historical fact are, or may be considered, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed. or implied in these statements. Forward-looking statements include, among other things, statements regarding the potential exposure of Royal Dutch Shell market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by the use of terms and expressions such as “aim”, “ambition”, “’anticipate”, “’ believe”, “’”, expect’ ‘,’ ‘goals” , ” intention ”, ” may ”, ” objectives ”, ” perspective ”, ” plan ”, ” probably ”, ” project ”, ” risks ”, ” plan “,” search “,” should “,” target “,” will “and similar terms and expressions. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause these results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) fluctuations in the prices of crude oil and natural gas; (b) changes in demand for Shell products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and competition in the industry; (g) environmental and physical risks; (h) the risks associated with identifying suitable properties and potential acquisition targets, and successfully negotiating and completing such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments, including regulatory measures relating to climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with government entities, delays or advances in project approval and delays in reimbursement of shared costs; (m) the risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) epidemic; and (n) changes in trading conditions. No guarantee is given that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell Form 20-F for the year ended December 31, 2020 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify any forward-looking statements contained in this announcement and should be taken into account by the reader. Each forward-looking statement speaks only as of the date of such announcement, July 27, 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertakes to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly forbids us from including in our documents with the SEC. Investors are urged to carefully review the disclosure in our Form 20-F, File No. 1-32575, available on the SEC website. www.sec.gov.

Shell’s operating plan, outlook and budgets are forecast for a ten-year period and are updated annually. They reflect the current economic environment and what we can reasonably expect over the next ten years. Therefore, Shell’s business plans, outlook, budgets and pricing assumptions do not reflect our goal of net zero emissions. Going forward, as the company moves towards net zero emissions, we expect Shell’s business plans, outlook, budgets and pricing assumptions to reflect this movement.

Additionally, in this announcement we may refer to Shell’s ‘net carbon footprint’ which includes Shell’s carbon emissions resulting from the production of our energy products, carbon emissions from our suppliers when supplying energy for that production and the carbon emissions of our customers associated with their use of the energy products we sell. Shell only controls its own emissions. Use of the term Shell’s “net carbon footprint” is for convenience only and is not intended to suggest that these emissions are those of Shell or its affiliates.

SOURCE Shell Oil Company

Rosemary C. Kearney