HAMILTON, Bermuda, Feb. 12,
2025 /PRNewswire/ -- Nabors Industries Ltd.
("Nabors") (NYSE: NBR) today issued the following statement
regarding the entry into a business combination agreement between
the special purpose acquisition company Nabors formed in 2023,
Nabors Energy Transition Corp. II (NASDAQ: NETD), and e2Companies
LLC ("e2"):
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
- And the ability to supply the grid with power on demand,
offering further cost optimization
This potent combination of solutions supplies a transformative
approach to grid stability and sustainability.
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.
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.
"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."
For additional information about the business combination and
Nabors' previously announced strategic collaboration with e2,
please visit the e2 investor page.
About Nabors Industries
Nabors is a leading provider of advanced technology for the
energy industry. With presence in more than 20 countries, Nabors
has established a global network of people, technology and
equipment to deploy solutions that deliver safe, efficient and
responsible energy production. By leveraging its core competencies,
particularly in drilling, engineering, automation, data science and
manufacturing, Nabors aims to innovate the future of energy and
enable the transition to a lower-carbon world. Learn more about
Nabors and its energy technology leadership: www.nabors.com.
About e2Companies
e2Companies is the first vertically integrated Virtual
Utility® for power generation, distribution, and energy
economics in the marketplace. e2Companies' patented technology, the
R3Di® System, provides automated grid stability for
continuous on-site power and seamless resiliency, independent of
grid conditions. The R3Di® System is continuously
monitored by the Grove365® to optimize resources, track
ESG targets, and unlock new revenue opportunities for customers.
This automated platform is self-sustaining and designed to adapt to
future grid advancements including renewables, hydrogen,
geothermal, biofuel, and autonomous grid operations.
To learn more about e2Companies, visit www.e2companies.com.
About Nabors Energy Transition Corp. II
Nabors Energy Transition Corp. II is a blank check company
formed for the purpose of effecting a merger, amalgamation, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses or
entities. The Company intends to identify solutions, opportunities,
companies or technologies that focus on advancing the energy
transition; specifically, ones that facilitate, improve or
complement the reduction of carbon or greenhouse gas emissions
while satisfying growing energy consumption across markets
globally.
Important Information for Shareholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval.
In connection with the entry into a business combination
agreement between NETD and e2 (the "Transaction" or the "Business
Combination") NETD and e2 will file with the Securities and
Exchange Commission (the "SEC") registration statement on Form S-4
(the "Registration Statement"), which will include (i) a
preliminary prospectus of NETD relating to the offer of securities
to be issued in connection with the Business Combination, (ii) a
preliminary proxy statement of NETD to be distributed to
holders of NETD's capital shares in connection with NETD's
solicitation of proxies for vote by NETD's shareholders with
respect to the Business Combination and other matters described in
the Registration Statement and (iii) a consent solicitation
statement of e2 to be distributed to unitholders of e2 in
connection with e2's solicitation for votes to approve the Business
Combination. NETD and e2 also plan to file other documents
with the SEC regarding the Business Combination. After the
Registration Statement has been declared effective by the SEC, a
definitive proxy statement/prospectus/consent solicitation
statement will be mailed to the shareholders of NETD and
unitholders of e2. INVESTORS AND SECURITY HOLDERS OF NETD AND E2
ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY
STATEMENT/PROSPECTUS/CONSENT SOLICITATION STATEMENT CONTAINED
THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL
OTHER DOCUMENTS RELATING TO THE BUSINESS COMBINATION THAT WILL BE
FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
BUSINESS COMBINATION.
Investors and security holders will be able to obtain free
copies of the proxy statement/prospectus/consent solicitation
statement and other documents containing important information
about NETD and e2 once such documents are filed with the SEC,
through the website maintained by the SEC at http://www.sec.gov. In
addition, the documents filed by NETD may be obtained free of
charge from NETD's website at www.nabors-etcorp.com or by written
request to NETD at 515 West Greens Road, Suite 1200, Houston, TX 77067.
Participants in the Solicitation
NETD, Nabors, e2 and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of NETD in connection with the
Business Combination. Information about the directors and executive
officers of NETD is set forth in NETD's Annual Report on Form 10-K
for the year ended December 31, 2023,
filed with the SEC on March 27, 2024.
To the extent that holdings of NETD's securities have changed since
the amounts printed in NETD's Annual Report on Form 10-K for the
year ended December 31, 2023, such
changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC. Other information regarding
the participants in the proxy solicitation and a description of
their direct and indirect interests, by security holdings or
otherwise, will be contained in the proxy
statement/prospectus/consent solicitation statement and other
relevant materials to be filed with the SEC when they become
available. You may obtain free copies of these documents as
described in the preceding paragraph.
Forward Looking Statements
The information included herein and in any oral statements made
in connection herewith include "forward-looking statements". All
statements, other than statements of present or historical fact
included herein, regarding the Business Combination, NETD's and
e2's ability to consummate the Transaction, the benefits of the
Transaction and NETD's and e2's future financial performance
following the Transaction, as well as NETD's and e2's strategy,
future operations, financial position, estimated revenues and
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used herein,
including any oral statements made in connection herewith, the
words "could," "should," "will," "may," "believe," "anticipate,"
"intend," "estimate," "expect," "project," the negative of such
terms and other similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on Nabors, NETD and e2 management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Nabors, NETD and e2 disclaim any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. Nabors, NETD and e2 caution you that these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the control
of Nabors, NETD and e2. These risks include, but are not limited
to, general economic, financial, legal, political and business
conditions and changes in domestic and foreign markets; the
inability of the parties to successfully or timely consummate the
Transaction or to satisfy the conditions to the closing of the
Transaction, including satisfaction of the minimum proceeds
condition and the risk that any required regulatory approvals are
not obtained, are delayed or are subject to unanticipated
conditions that could adversely affect the combined company; the
risk that the approval of the shareholders of NETD for the
Transaction is not obtained; the failure to realize the anticipated
benefits of the Transaction, including as a result of a delay in
consummating the Transaction or difficulty in, or costs associated
with, integrating the businesses of NETD and e2; the amount of
redemption requests made by NETD's shareholders; the outcome of any
current or future legal proceedings or regulatory investigations,
including any that may be instituted against NETD or e2 following
announcement of the Transaction; the occurrence of events that may
give rise to a right of one or both of NETD and e2 to terminate the
definitive agreements related to the Business Combination;
difficulties or delays in the development of e2's business; the
risks related to the rollout of e2's business and the timing of
expected business milestones; potential benefits and commercial
attractiveness to its customers of e2's products; the potential
success of e2's marketing and expansion strategies; the effects of
competition on e2's future business; the ability of e2 to convert
its currently contracted revenues from new original equipment
manufacturer sales and energy service agreements into actual
revenue; the ability of e2 to recruit and retain key executives,
employees and consultants; and the ability of e2 management to
successfully manage a public company. Should one or more of the
risks or uncertainties described herein and in any oral statements
made in connection therewith occur, or should underlying
assumptions prove incorrect, actual results and plans could differ
materially from those expressed in any forward-looking statements.
Additional information concerning these and other factors that may
impact Nabors and NETD's expectations can be found in NETD's
periodic filings with the SEC, including NETD's Annual Report on
Form 10-K filed with the SEC on March 27,
2024 and any subsequently filed Quarterly Reports on Form
10-Q. NETD's SEC filings are available publicly on the SEC's
website at www.sec.gov.
Investor Contacts:
William C. Conroy
+1 281-775-2423
william.conroy@nabors.com
Kara Peak
+1 281-775-4954
kara.peak@nabors.com
View original
content:https://www.prnewswire.com/news-releases/nabors-industries-issues-statement-on-planned-business-combination-between-nabors-energy-transition-corp-ii-and-e2companies-302374256.html
SOURCE Nabors Industries Ltd.
