In a large pot over medium heat, melt butter until foaming. Add olive oil, shallots, and pear. Season well with salt and ground pepper, and cook, stirring occasionally, until tender, about 5 minutes.
Add celery and thyme, season with more salt and pepper, and sweat until most of the liquid has evaporated and the celery has just started to soften, about 12 minutes.
Add broth and water, increase heat to high, and bring to a boil. Once boiling, reduce heat to medium and simmer until celery is tender, about 10 minutes.
Using a blender, purée soup in batches until smooth. Return soup to the stove to reheat. Season well with salt and pepper.