June 25, 2021

Shell acquires full ownership of Machinemax - Next gen AI startup

Shweta Saxena assumes MachineMax CEO role
London, June 24,2021

Shell has become the sole owner of MachineMax, acquiring the stakes held by MachineMax’ s two other investors - BCGDigital Ventures and B Capital Group – as well as the company’s two founders. MachineMax helps companies to maximise the profitability and efficiency of their off-highway fleets using smart sensors and next-generation analytics. MachineMax will continue to operate as a stand-alone organisation that benefits from being within Shell’s newly formed Sectors & Decarbonisation business, which consists of expert sectoral teams who will offer MachineMax solutions to mining, construction, manufacturing and agriculture customers globally.

Shweta Saxena, who is a co-founder and the current chief product officer for MachineMax, will take over the position of CEO from Amit Rai, the company’s other co-founder from June 30, 2021.MachineMax has operations based in London as well as Hyderabad, India, and already within three years of founding serves more than 70 customers across 30 markets in six continents.

“We see great potential forMachineMax to mature as a Shell Group business, given its innovative digital solutions can immediately help companies from many or our core customer sectors reduce their emissions and deliver cost savings – two factors under close corporate scrutiny” said Carlos Maurer, Shell Executive Vice President, Sectors & Decarbonisation. “I’d like to thank Amit for his tireless efforts in leading the business from pre-concept to a successful commercial reality. Shweta as the new CEO, with her detailed knowledge of customer needs and her network within Shell’s global businesses is ideally placed to grow MachineMax’s offer around the world.”

“Our growth to date has benefited from our connection to Shell and our access to the company’s extensive and experienced customer sales teams around the world,”said Shweta Saxena, CEO, MachineMax. “And MachineMax will benefit from Shell’s commitment to innovation as a key lever to help accelerate decarbonisation pathways as well as to R&D to grow solutions that customers need to help avoid and reduce their emissions.”

MachineMax offers a digital service that is designed for off-highway vehicles located anywhere in the world. It is powered by an easy to install wireless smart sensor that fits near the engine of any off-highway fleet vehicle. Using artificial intelligence machine learning, it quickly creates a unique machine signature to track vehicles, measure idling and generate other utilisation analytics. Cloud computing is used to deliver real-time data and analysis to operators and site managers with an easy to use interface that can help them optimise their fleet operations and preventative maintenance programmes.

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RoyalDutch Shell plc

RoyalDutch Shell plc is incorporated in England and Wales, has its headquarters inThe Hague and is listed on the London, Amsterdam, and New York stock exchanges.Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, visit www.shell.com.

Cautionary Note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this press release “Shell”, “ShellGroup” and “RoyalDutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our”are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities.‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this press release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as“associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This press release contains forward-looking statements (within the meaning of the U.S.Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal DutchShell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”,“ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’,‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’,‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’,‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions;(i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and(n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell’s Form 20-F for the year ended December 31, 2019(available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, 24 June 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

We may have used certain terms, such as resources, in this press release that the UnitedStates Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

Additionally, it is important to note that as of 24 June 2021, Shell’s operating plans and budgets do not reflect Shell’s Net-Zero Emissions target. Shell’s aim is that, in the future, its operating plans and budgets will change to reflect this movement towards its new Net-Zero Emissions target. However, these plans and budgets need to be in step with the movement towards a Net-Zero Emissions economy within society and among Shell’s customers.

Also, int his press release we may refer to Shell’s “Net Carbon Footprint”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “NetCarbon Footprint” is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries.

Original source: https://www.shell.com/business-customers/lubricants-for-business/news-and-media-releases/2021/shell-acquires-full-ownership-of-machinemax-to-drive-next-phase-of-global-commercialisation-to-multiple-industry-sectors.html

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