Shell New Energies to Buy Inspire Energy Capital

By Stephen Nakrosis

Shell New Energies US LLC Tuesday agreed to buy renewable energy residential retailer Inspire Energy Capital LLC.

Shell New Energies is a subsidiary of Royal Dutch Shell PLC.

"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.

Inspire Energy, which has headquarters in Santa Monica, Calif., and Philadelphia, offers renewable energy subscriptions and services and incentivizes customers to manage energy usage via a rewards program within its mobile app, Shell said.

The deal is expected to close in the fourth quarter, the company said.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

07-27-21 1356ET