Demand Management, Energy Efficiency, Energy Procurement  -  February 16, 2018

Shell “inspires” increase in renewables

 Shell’s North American unit has agreed to provide financing to Inspire Energy Holding LLC, a Santa Monica, Calif.-based clean-power energy management company.

 According to a report by Bloomberg Technology, this is the latest of several steps taken by Shell to diversify from the bulk of their investments in oil and natural gas. Shell will provide a credit line for trading and a revolving loan facility to Inspire, which will use the funds to expand its reach. In January, Shell purchased a 44% stake in Silicon Ranch Corp., a Nashville-based owner and operator of about 100 U.S. solar plants. The company also announced plans to spend as much as $2 billion a year in what they term "new energies."

The Inspire deal is "further confirmation that it is taking the risks to long-term oil demand seriously amid accelerating electrification of the transport industry and emerging policy pressures to de-carbonize global energy," said Will Hares, a London-based analyst for Bloomberg Intelligence.

Inspire offers clean energy services to monthly subscribers in seven states, where users can manage their power consumption through a smart-phone app. Shell’s support will help facilitate Inspire’s purchase of clean-energy products.