Shell New Energies, U.S., through one of its affiliates has acquired a majority stake in North American on-site energy solutions provider GI Endurant trading as GI Energy (GIE) for an undisclosed price.
The existing GIE management team remains in place and has expanded to include Dan McDevitt and Libby Edgar, as COO and CFO, respectively. Operations continue to be carried out from GIE’s headquarters in Chicago, and offices in New York and California.
GIE’s customers include real estate developers, campuses, municipalities, hospitals and utilities. These all require a provider that has the ability to operate at scale.
GIE CEO Tom Chadwick said: “Our relationship with Shell means we can combine our development strengths with their appetite for long-term asset ownership, their balance sheet and their ability to solve commodity pricing challenges. Working with Shell and some of their innovative portfolio companies, like MP2, means we will be able to offer our customers something truly unique.”
GIE chief development officer Dave Yanni said: “GIE’s DNA has always been our entrepreneurial spirit, and our willingness to adapt and respond to the needs of our clients. Our partnership with Shell allows us to build on that platform. This is a milestone for our company and the emerging energy market.
“To address the converging problems of climate change, population growth and how to improve living standards in the developing world, we need a new consensus around how we produce, use and conserve energy.
“Shell is adapting to lead that effort and drive sustainable change. We’re excited to play our part in helping them do it.”
Source: Company Press Release.