Shell Purchased US-Based Solar Energy and Storage Firm ‘Savion’

For the purpose of achieving the net-zero emission target by the year 2050, the company ‘Shell’ has been planning to expand the company’s global solar portfolio with the purchase of Savion, a solar and energy storage company based in the United States.

Shell said, under the agreement of the acquisition, the renewable and low carbon energy subsidiary of Shell known as the Shell New Energies, is going to be acquire Savion, that has been operating more than 130 solar and energy storage projects in different stages of the development across the 26 states of the United States along with a combined capacity of 18 GW.

Wael Sawan, director of integrated gas and renewables and energy solutions at Shell said, as one of the fast growing and low cost source of renewable energy, the solar power has been a critical element of their renewable energy portfolio as they have been accelerating the company’s drive for reaching the net zero target.

 Shell is going to acquire Savion from the Green Investment Group of Macquaire and Savion is also going to become a wholly owned subsidy of Shell within the renewable energy subsidiary business of shell.

This acquisition has been a part of the strategy of shell for the purpose of developing an integrated power business for the purpose of achieving the goals of net zero, and the company has also updated the net zero target in the month of February 2021 after the determination of the total emissions of the company in 2018.