Blanch the asparagus and shock in ice water to stop the cooking process. Once cool, cut the asparagus into bite sized pieces and set aside.
In 3-quart skillet, add the butter, olive oil, shallot, and garlic over low-medium heat. Gently saute for 2 minutes.
Add arborio rice. Saute ingredients until the rice begins to turn translucent, leaving a white dot in the middle.
Once the rice begins to turn translucent, add the white wine and sun-dried tomatoes, then saute on medium for 2 minutes.
Slowly (1/4 cup at a time) add stock to the rice. Once the rice has soaked up the majority of the liquid in the skillet add more. This is a slow process, and can easily take 30 minutes (or more) to go through all the liquid. Warning: If you add too much liquid too quickly you may end up with a risotto that is not as creamy as it should be.
When you’ve reached the point where you’ve added 3 1/2 cups of stock to the rice, add the asparagus, parmesan cheese, and red pepper flakes.
Once the rice has become a nice, creamy, and tender texture (sample the rice, and it should be tender, without any crunch but still firm), add your shrimp with the last 1/4 cup of stock, and cook until shrimp are thoroughly cooked, but tender, and almost all liquid is absorbed. This should take 3-5 minutes. Also at this time, add the juice of one half of a lemon.