Shell inks deal to acquire energy generation trader

Oil drums containing lubricant oil sit on a conveyor belt as they are prepared for shipping at the Royal Dutch Shell Plc lubricants blending plant in Torzhok, Russia. Photographer: Andrey Rudakov/Bloomberg
Oil drums containing lubricant oil sit on a conveyor belt as they are prepared for shipping at the Royal Dutch Shell Plc lubricants blending plant in Torzhok, Russia. Photographer: Andrey Rudakov/Bloomberg

Oil giant Shell has agreed a deal to acquire an energy generation trader as part of its low carbon transition.

Limejump works with generators to “optimise their generation assets within trading markets” such as the wholesale market.

The firm says it has created a Virtual Power Platform to “maximise asset developers return on investment and reduce the concentration of carbon-emitting energy sources”.

Once the deal is finalised, Limejump will become a wholly owned subsidiary of Shell.

Brian Davis, vice president of energy solutions at Shell New Energies, said: “We are impressed by the Limejump team and their track record of building a digital energy platform that connects and optimises a diverse range of assets.

“Together, we can offer more choices to our customers in the UK as we accelerate the building of a customer-focused energy system in support of Shell’s strategy to offer more and cleaner energy solutions to customers.”

Erik Nygard, chief executive of Limejump, said “This is an exciting moment – we are in the middle of a revolution towards a future where many electricity networks around the world are powered by renewable electricity.

“Shell will help us to drive our innovative technology platform to new heights and support the Limejump team to make a bigger impact on the industry than previously possible. This agreement supports our continued mission to revolutionise the energy industry and to put it simply, we are now super-charged and ready.”

Shell revealed plans to link pay for its top brass to the achievement of emissions targets in December, in another demonstration that it is taking the energy transition seriously.

Shell said it would start setting targets for shorter periods in an effort to cut the net carbon footprint of its energy products by around half by 2050, and 20% by 2035.

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