In a bold move set to reshape the energy sector, e2Companies LLC announced Wednesday its plans to go public through a merger with Nabors Energy Transition Corp. II, a special purpose acquisition company (SPAC). The deal, which assigns a pro forma enterprise value of $770 million to the combined entity, is expected to fuel E2’s expansion of its cutting-edge energy solutions.

Once finalized, the merged company will list on the Nasdaq under the ticker symbol VUTL, according to a statement.

AI-Powered Energy Solutions to Meet Growing Demand

E2 has pioneered the energy industry’s first AI-driven platform, Virtual Utility, designed to integrate on-site power generation, storage, and distribution with advanced cost-efficiency solutions. The company’s technology caters to industries such as manufacturing, data centers, oil and gas, and healthcare, addressing the increasing demand for resilient and cost-effective energy solutions.

With over 165 global deployments and contracts, E2’s customer list boasts major names like Liberty Mutual, FedEx, ESPN, Geico, and Frontier Communications.

"The world’s demand for electric power is skyrocketing, creating major grid resiliency challenges," said E2 Executive Chairman and CEO James Richmond. "As businesses push for decarbonization, our solutions provide the reliability they need to ensure uninterrupted operations."

A Strategic Partnership to Drive Market Penetration

The SPAC deal is backed by Nabors Energy Transition Corp. II, a subsidiary of Nabors Industries Ltd., which specializes in advanced energy technologies. The two companies formed a strategic partnership in December, setting the stage for a collaboration that combines Nabors’ expertise in oil and gas with E2’s AI-driven power solutions.

"We see huge potential for E2’s technology in the oilfield sector," said Anthony Petrello, CEO of Nabors and the SPAC. "This merger will accelerate market penetration and create lasting value for shareholders while advancing our commitment to ‘Energy Without Compromise.’"

The Road to Nasdaq

SPACs, also known as blank check companies, raise capital through an IPO with the purpose of acquiring and taking a private company public. This transaction will provide E2 with the financial backing needed to scale its operations and develop next-generation energy solutions.

Following the anticipated third-quarter 2025 closing, E2’s current management team will continue leading the company, ensuring a seamless transition and long-term stability.

The Milbank team advising Nabors was led by partners Brett Nadritch and Scott Golenbock, while Haynes Boone and Vinson & Elkins LLP are advising the merging parties. Further legal counsel details were not immediately available.