HAMILTON, Bermuda and SANTA CLARA, Calif., July 21, 2022 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors") (NYSE: NBR), a leading provider of advanced technology for the global energy industry, today announced that it has invested $7 million in Natron Energy, Inc. ("Natron"), a global leader in the manufacturing of sodium-ion batteries.
>> In Other News: Exelon Foundation and Exelon Corporation Select Nine Startups in Third Round of Climate Change Investment Initiative
Natron plans to use the funds to accelerate the production of its sodium-based battery technology at its Michigan facilities, concentrating on industrial power and energy transition markets. Natron and Nabors are evaluating the introduction of sodium-ion batteries as an energy storage solution for drilling markets.
Natron's batteries, which store sodium ions in electrode materials based on Prussian blue materials, offer higher power density, longer service life, and unique safety characteristics over other battery technologies. Natron leverages existing lithium-ion manufacturing facilities for production, and its supply chain requires zero lithium, cobalt, copper, nickel, or other difficult-to-obtain minerals.
Anthony G. Petrello, Nabors Chairman, CEO and President, said: "As businesses accelerate the electrification of operations, the need for reliable, affordable, and environmentally responsible energy storage solutions is greater than ever before. Natron can provide a safe, cost-effective battery solution for various industrial applications. Together, Natron and Nabors will target drilling operations where Nabors has already started to combine energy storage solutions with traditional fuel-powered generators to lower emissions and fuel consumption. Following our investment in geothermal energy, emissions monitoring, and ultracapacitors, we now welcome Natron to our energy transition venture portfolio. We are excited to add to our clean energy initiatives while leveraging our existing competencies and global scale to help accelerate the commercialization of this exciting technology within the oil and gas industry."
Colin Wessells, Ph.D., Natron Co-Founder and CEO, added: "We are excited to team up with Nabors. Their investment dramatically accelerates Natron's entry into oil and gas markets. Having the global power of Nabors backing us is a game-changer that expands access to the carbon reduction initiatives in the oilfield. With this support from Nabors, Natron is accelerating the rate at which it brings its Michigan factory online for the world's first mass production of sodium-ion batteries."
Nabors Industries is a leading provider of advanced technology for the energy industry. With operations in more than 15 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.
Natron Energy manufactures sodium-ion battery products based on a unique Prussian blue electrode chemistry for a wide variety of industrial power applications ranging from critical backup power systems to EV fast charging and behind-the-meter applications. Natron's mission is to transform industrial and grid energy storage markets by providing customers with lower-cost, longer-lasting, more efficient, safer batteries. Natron's products are UL 1973 listed, offer higher power density, faster recharge, and significantly longer cycle life than incumbent technologies. Natron builds its batteries using commodity materials on existing cell manufacturing lines in Michigan, USA. Learn more about Natron and its sodium-ion technology: www.natron.energy.
SOURCE Nabors Industries Ltd.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue ⚡ DOE Floats New Cuts To Hundreds Of Clean Energy Grants ⛏️ HyTerra Limited Announces Positive Results From McCoy 1 Well 🍁 As Policy Changed, CarbonCapture Moved Its Pilot Projec...
Inside This Issue 🚢 CF Industries, Trafigura, and Envalior Announce Shipment of Certified Low-Carbon Ammonia 🥤 Skytree Validates DAC System to Generate Pure, Beverage-Grade Liquid CO₂ On-Site 💻 Su...
Inside This Issue 💰 Louisiana's $3.5B Carbon Capture Surge Sets National Decarbonization Blueprint 🌍 UN Climate Summit To Feature First-Ever Carbon Removal Pavilion At COP30 🚛 AtmosClear Selects E...
Air Liquide is enhancing its strategic U.S. Gulf Coast network to support new customers' needs. The Group has secured new hydrogen supply agreements with two of the largest refiners in the U.S. and...
As Policy Changed, CarbonCapture Moved Its Pilot Project From Arizona to Alberta
This innovative climate tech startup just moved its first big project from the U.S. to Canada as Trump threatens the industry. At the beginning of this year, a climate tech startup called CarbonCa...
HyTerra Limited Announces Positive Results From McCoy 1 Well
HyTerra Limited (ASX: HYT), a company focused on exploring for natural hydrogen and helium resources near major industrial hubs and the first company to list on the ASX with a focus on white hydrog...
Prometheus Hyperscale Works With Carbon Capture Firms On New Data Center Campus In Wyoming
Says the gas-powered facility will be carbon negative Prometheus Hyperscale has revealed plans for a second AI data center campus in Wyoming, which it says could eventually deliver 1.5GW of IT cap...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.