In the United States, Royal Dutch Shell (LON:RDSa) plc. RDS.A and General Motors Company (NYSE:GM) GM are collaborating to increase the frequency of electric vehicle (EV) charging and home energy programs that employ renewable resources. Precisely, the carmaker and a Shell-owned power provider, MP2 Energy LLC, recently announced a joint initiative in Texas wherein owners of GM electric vehicles will be able to enjoy free overnight charging.
The aim of this project is to offer complete energy packages to General Motors' consumers and supply-chain partners, such as fixed-rate residential energy plans powered entirely by renewable energy. This program is presently offered in Texas to qualified owners of Chevrolet, Buick, GMC and Cadillac automobiles. Owners of General Motors-branded electric vehicles will be able to choose home energy plans that include free overnight EV charging (from midnight to 5 am) starting this summer.
The alliance comes close on the heels of a slew of low-carbon initiatives between energy providers and manufacturers throughout the world with their climate objectives that primarily include consumer emissions, which are evaluated by investors and campaigners.
Shell is under immense pressure as the Dutch Court recently issued a major verdict in a climate dispute brought forth by environmentalists that might set precedents for other oil firms. The legal order may force the oil supermajor to trim its carbon emissions by 45% within 2030 from its 2019 baseline.
Shell’s EV Push
Shell’s expansion into the EV chargers business is part of its plans to tap the growing popularity of pure energy resources and lower the company’s carbon footprint. The company expects electricity demand to rise in the coming years with more people opting for electric vehicles and switching to cleaner energy resources.
Last October, management announced that the company increased the usage of Shell E-Fluids — its global portfolio of specialized fluids — to battery-electric (BEV) plus fuel-cell electric (FCEV) powertrains for commercial light-, medium- and heavy-duty vehicles. The specialized E-fluids, accelerated by high temperature, provide oxidation stability to prevent any oil changes.
This apart, Shell is coordinating with the commercial vehicle sector to help ensure decarbonisation pathways through Shell E-Fluids as the road transport sector emits 8% of global energy-related carbon dioxide. Per Shell, both BEV and FCEV solutions have a major role to play as the paths and timelines for road freight carbon depletion will differ by geography, sector and duty sector.
About Shell
Shell is one of the primary oil majors, which constitutes a group of U.S. and Europe-based energy giants with global operations. The company is fully integrated as it participates in every aspect related to energy from oil production to refining and marketing.
Zacks Rank & Key Picks
Shell currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are SilverBow Resources (NYSE:SBOW) Inc. SBOW and Oasis Petroleum (NASDAQ:OAS) Inc. OAS, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Royal Dutch Shell PLC (RDS.A): Free Stock Analysis Report
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