During the second day of Microgrid 2018 in Chicago, event Silver Sponsor GI Energy shared some big news with the microgrid and energy industry. Rilette Springs — an affiliate of Shell New Energies US — has purchased a controlling and majority interest in GI Energy (GIE).
The companies shared the existing management team at GIE will remain in place, and a couple new C-level executives have been put in place, as well. Dan McDevitt will serve as chief operating officer, while Libby Edgar has been named the new chief financial officer.
A provider of on-site energy solutions, GIE’s customers include real estate developers, campuses, municipalities, hospitals and utilities.
Commenting on the news, 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.
He added: “Working with Shell and some of their innovative portfolio companies, like MP2, means we will be able to offer our customers something truly unique.”
Shell’s New Energies business launched back in 2016, and is designed to explore commercial models that support the world’s energy transition. Its two areas of main focus include new fuels for transport, including biofuels and hydrogen; and power, such as low-carbon sources like wind and solar, and natural gas.
“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,” said Dave Yanni, GIE’s chief development officer. “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.”
GIE operations will continue to be carried out from GIE’s headquarters in Chicago, and offices in New York and California.
Yanni will be presenting at Microgrid 2018 on the processes required to ensure a DER project can address all stakeholder requirements: developers can ensure that end users have reliable clean power, financing partners understand their returns, and seamless interconnection with utilities can be the norm. Case studies include the Parkville Microgrid, San Francisco Naval Shipyard Eco-Grid, Con Edison Energy Storage Demonstration Project and more.
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