Nabors Industries, a leading provider of advanced technology for the energy industry, has announced a business combination agreement between Nabors Energy Transition Corp II (NETD) — a special purpose acquisition company formed by Nabors in 2023 — and e2Companies (e2).
This potent combination of solutions will supply a transformative approach to grid stability and sustainability, the company said.
As a pioneer of an AI-based Virtual Utility, e2 delivers a unique offering in the power market. Unlike conventional power solutions supplying backup power, e2 provides a full solution including:
* Isolated grid power
* The ability to run prime power or in sync with public utility with continuous power conditioning and uninterruptable supply
* Instantaneous load shifting between the grid and multi-source local power (diesel, gas, solar, wind, geothermal, hydrogen or nuclear)
* AI-based cost optimization regulating power draws from the grid at peak pricing times
A* nd the ability to supply the grid with power on demand, offering further cost optimization
Most importantly, e2’s solutions can function behind-the-meter without requiring a grid connection interconnect agreement. This feature enables mission-critical industries – such as data centers, manufacturing, oil and gas, and healthcare – to benefit from reliable, on-site power generation and storage. Whether used as primary power or in sync with public utility, these solutions deliver significant cost savings and emissions reductions, the company said.
Nabors Chairman, President and CEO Anthony G Petrello commented: “We believe the e2 solution has clear, value-creating application in the oilfield sector. We will be working together to drive market penetration of e2’s portfolio.
“Moreover, given the widely acknowledged and increasing challenges to the global electrical grid and surging power demand – driven in part by data centers supporting artificial intelligence and the rapid rise of electrification – we believe e2 is uniquely positioned to capitalise on these market tailwinds.
“Recognising the need for greater grid reliability and energy autonomy among our customers, Nabors began collaborating with e2 last year to introduce its integrated power solutions into our drilling operations, both domestically and internationally. This transaction will significantly strengthen our collaboration and establish a foundation for pursuing more ambitious goals, including comprehensive oilfield electrification. Working together, and with Nabors’ global expertise, industry relationships, supply chains and technology, both Nabors and e2 are well-positioned for accelerated growth in new and existing markets.
“We look forward to supporting e2 as it advances its mission and technology while furthering our commitment to delivering energy without compromise.” - TradeArabia News Service