Inspire Energy Holdings, the Santa Monica company that uses a flat-rate monthly subscription model to attempt to lure customers away from utilities reliant on fossil fuels is itself poised to be acquired by a unit of oil giant Royal Dutch Shell.
The acquisition by Shell New Energies U.S., Shell’s renewable energy subsidiary, was announced July 27.
The deal is set to close in the fourth quarter; financial terms were not disclosed.
According to a spokeswoman for Inspire Energy Holdings, Inspire will continue to operate as a separate subsidiary of Shell New Energies, keeping its headquarters, executive team and employee base.
Inspire, which was founded in 2013, has operated on a simple premise. It charges customers a flat monthly rate for electricity, regardless of how much they actually use or the cost it must pay to obtain that energy, at least some of which comes from renewable sources.
“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,” Elisabeth Brinton, executive vice president of renewables and energy solutions at Shell, said in a statement.