Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has announced that it is planning to venture into new energy technologies such as smart electric chargers for electric vehicles as part of its shift towards clean fuels.
The company revealed that it is currently developing a range of new electric technologies in line with its renewed focus towards alternative energy technologies. The European company plans to spend more than $1 billion in the pursuit of new solutions for electrical technologies through its new Energies solution through. Royal Dutch Shell plans to come up with marketable electric solutions by the end of the next 3 years.
Royal Dutch Shell’s decision to pursue electric energy solutions highlights the fact that the energy market has taken a drastic turn and is now focusing its attention toward cleaner energy, especially electricity. This has, in turn, led to less focus on fossil fuels. The company’s investment in these technologies will make it easier for it to adapt to the shifting market.
“The exciting challenge for New Energies is turning these possibilities into commercial successes,” stated Mark Gainsborough, the executive VP of New Energies at Royal Dutch Shell.
The company did not give a detailed report of its electric technology pursuit going forward but it claims that its pipeline charging technology will help the electricity grid to handle the heavy demand by electric vehicles. Gainsborough was speaking at the Amsterdam energy fest when he revealed Royal Dutch Shell’s plans.
New reports that arose over the weekend suggest that the company has plans to set up the first non-petrol fuel station in London. The firm will reportedly replace petrol and diesel pumps with hydrogen fuel cell pumps, biofuels and charging points for electric vehicles. A few weeks ago there were reports that Royal Dutch Shell was one of the firms bidding for the acquisition of Asian renewable energy company, Equis Energy. The latter has a strong portfolio consisting of hydro, wind and solar energy projects in Australia, India, Japan and the Philippines.
Royal Dutch Shell stock closed the latest trading session on Friday at $60.58 after a 0.35 percent gain compared to the value of the stock during the previous close.