Inspire Energy Capital Acquired By Shell

Santa Monica-based Inspire Energy Capital, a provider of renewable energy to the residential market, has been acquired by oil and gas giant Shell, the companies said Tuesday afternoon. According to the companies, Shell New Energies US LLC (Shell), a subsidiary of Royal Dutch Shell plc, has signed an agreement to buy 100% of the equity interests of Inspire Energy Capital LLC, which is jointly headquartered in Santa Monica and Philadelphia. Financial details of the acquisition were not announced. According to Shell, the acquisition will help it in offering up renewable and low-carbon energy, particularly in the business-to-consumer power market. Inspire offers up renewable energy subscriptions to customers. Inspire serves approximately 235,000 residential customers in Delaware, Illinois, Massachusetts, Maryland, New Jersey, New York, Ohio, Pennsylvania, and Washington, D.C.