“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.
