Yesterday, Shell Energy North America announced that they have officially signed an agreement to purchase MP2 Energy LLC. The signed agreement is only the first step in the acquisition process, as the agreement still needs to be approved by regulators. This approval process is expected to wrap up before the last few months of 2017.
According to a recent press release published by Cision PR Newswire, Glenn Wright, Vice President of Shell Energy North America provided the following statement: “We are proud to bring MP2 into the Shell Energy North America family,” he said. “MP2 has established itself as a significant player in the large end-user electricity market, and achieved its position by combining optimally designed energy solutions and exceptional customer service.”
About Shell Energy North America
Shell Energy North America is one of the leading oil and gas companies in the United States. Established in 1942, the company has since made incredible strides in oil exploration and eventually production. With over 93,000 employees operating in countries across the globe, Shell Energy North America now provides service to customers looking for both electricity and natural gas market related services.
About MP2 Energy LLC
MP2 Energy LLC is a retail electricity provider and generator with headquarters located in the Woodlands, Texas. The company is focused on providing reliable and affordable energy to its consumers, and strives to ensure that each team member is and remains up to speed on the market and its trends.
Shell Energy North America has made it clear that the acquisition would not change much about MP2 Energy LLC’s current operations. Along America’s west coast, the company currently targets large industrial and commercial energy consumers. MP2 Energy LLC, in addition to their extensive Rolodex of consultants, brokers and aggregators will help them to continue to grow into more eastern areas of the United States, including Texas.
Why the Acquisition?
Shell Energy North America hopes to be able to expand their business into more eastern areas of the United States, especially Texas (where Mp2 Energy LLC is based). Mp2 will provide additional resources to Shell Energy North America, including a slew of self-developed energy tools, resources, and technologies.
Due to Mp2 Energy LLC’s commitment to it’s customers, the acquisition will help Shell Energy North America to provide improved options to their consumers as well.