Energy solutions provider e2Companies has signed a definitive agreement with Nabors Energy Transition Corp II (NETD) to form a combined entity named e2Companies, Inc (e2).
e2 will be a publicly-listed entity on Nasdaq, trading as “VUTL”. The partnership intends to develop customised energy solutions for oilfields.
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The transaction will inject $400m into the new public company, which includes $331m cash from NETD’s trust account and expected private placement proceeds.
The transaction values e2 at a pre-money equity of $500m, offering an attractive entry for NETD shareholders.
The new public company’s pro forma enterprise value is around $770m, with a pro forma equity value of $1bn, assuming no redemptions and expected private placement proceeds.
e2Companies’ current management team will continue to lead post-transaction, with all existing shareholders and management rolling 100% of their equity into the new entity.
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By GlobalDataThe strategic collaboration was announced by the companies on 10 December 2024.
The boards of directors of both companies have unanimously approved the proposed transaction, which is expected to be finalised in the third quarter of 2025.
e2Companies executive chairman and CEO James Richmond stated: “Electric power demand is rising rapidly across a variety of sectors in the economy, including data centres, industrials and oil and gas, exceeding historical highs and on pace to outstrip supply.
“As companies globally electrify their operations to meet decarbonisation goals, our power solutions solve the critical issues of grid resiliency and reliability that have become a focal point for ensuring business continuity.”
The partnership combines Nabors’ global expertise in oil, gas and energy transition with e2Companies’ Virtual Utility platform, focusing on developing tailored solutions for the unique demands of oilfields.
The R3Di system, central to the Virtual Utility platform, is a self-contained on-site power hardware system that operates independently of the grid and is compatible with various renewable power sources.
The Virtual Utility system addresses the challenges posed by the AI data centre boom and global electrification, offering a solution to the backlog in traditional grid infrastructure upgrades.
NETD president and CEO Anthony Petrello stated: “We believe the business combination with NETD will further accelerate e2’s growth and deliver long-term shareholder value while furthering Nabors’ commitment to energy without compromise and the support of companies on the cutting edge of advanced energy technology.”
