CHICAGO--(BUSINESS WIRE)--GI Endurant, LLC dba GI Energy (GIE) is delighted to announce that an affiliate of Shell New Energies, U.S. LLC (Shell) has made a strategic investment in GIE, purchasing a majority and controlling interest.
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 noted “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’s 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.”
Note to editors
GI Energy is a leading provider of on-site energy solutions in North America. Using world-class engineering and outstanding execution, GIE specializes in distributed energy resource development, financing, construction and advisory services. By integrating solutions into clients’ operations, GIE is enabling the future of sustainable distributed energy. GIE helps customers, including utilities, real estate developers and commercial building owners, leverage state-of-the-art technologies to hedge against volatile energy prices, improve energy reliability and reduce environmental impacts, thereby increasing underlying real estate assets.
Shell’s New Energies business was created in 2016 to explore commercial models supporting the world's energy transition. New Energies focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, which includes low-carbon sources such as wind and solar, as well as natural gas.