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Royal Dutch Shell (RDS.A) is developing new energy technologies including "smart" electric vehicle charging and models to lessen consumers' energy use, Reuters reports.

The British-Dutch multinational oil and gas company also plans to invest upwards of $1 billion a year via its New Energies division by the end of the decade. The move comes as the energy market increasing shifts towards electric and cleaner fuels, and away from its reliance on oil.

Shell is also boosting investments in technology that will help it adapt to the changing market.

"The exciting challenge for New Energies is turning these possibilities into commercial successes," Shell's Mark Gainsborough, executive VP of New Energies, will say on Thursday, according to Reuters.

Shares of Shell were climbing in afternoon trading on Thursday.

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