Nabors Industries Ltd.announced today that its special purpose acquisition company, Nabors Energy Transition Corp. II, formed in 2023, has entered into a business combination agreement with e2Companies LLC (“e2”). e2 is a leader in AI-powered Virtual Utility® solutions, offering an innovative approach to power management. Unlike traditional backup power providers, e2 delivers a comprehensive energy solution that includes independent grid power, continuous power supply that can function as a primary source or alongside public utilities, and seamless switching between grid power and multiple local energy sources such as diesel, gas, solar, wind, geothermal, hydrogen, and nuclear.
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 capitalize on these market tailwinds.”
He further added, “Recognizing 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.”
Additionally, e2’s AI-driven cost optimization helps regulate power usage by reducing reliance on the grid during peak pricing periods while also allowing for power to be supplied back to the grid on demand, improving cost efficiency. These capabilities enhance grid stability and promote sustainability. A key advantage of e2’s technology is that it operates behind-the-meter, eliminating the need for a grid connection interconnect agreement. This feature is particularly valuable for mission-critical industries like data centers, manufacturing, oil and gas, and healthcare, enabling them to benefit from reliable, cost-effective, and lower-emission power generation and storage.
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