Nabors Industries Ltd. invested $7 million in Natron Energy Inc. to be used for the advanced production of Natron's sodium-based battery technology, according to a Nabors press release on July 21.
Natron's batteries store sodium ions in Prussian blue-based electrode materials and can be used for a range of industrial power applications, such as backup power systems and electric vehicle fast charging. The company uses preexisting lithium-ion manufacturing facilities to produce the technology.
Additionally, the technology offers higher power density and longer service life, as well as provides certain safety characteristics other battery technologies exclude. The company's supply chain doesn't require hard-to-obtain metals such as lithium, cobalt, copper or nickel.
At its Michigan facilities, Natron is concentrating on implementing its technology into the industrial power and energy transition markets while it collaborates with Nabors to evaluate the batteries as an energy storage solution for drilling markets.
“Having the global power of Nabors backing us is a game-changer that expands access to the carbon reduction initiatives in the oilfield," Natron co-founder and CEO Colin Wessells commented in the release. "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.”
Together, the two companies will work to combine energy storage solutions with traditional generators, lowering harmful emissions and fuel consumption, Nabors chairman, president and CEO Anthony G. Petrello added in the release.
“As businesses accelerate the electrification of operations, the need for reliable, affordable and environmentally responsible energy storage solutions is greater than ever before," he continued. "Natron can provide a safe, cost-effective battery solution for various industrial applications."
Petrello added that Nabors is excited to add Natron to its existing energy transition portfolio of investment in geothermal energy, emissions monitoring, and ultracapacitors "while leveraging our existing competencies and global scale to help accelerate the commercialization of this exciting technology within the oil and gas industry.”
Recommended Reading
Expand Energy: Chesapeake’s Bankruptcy to Largest Gas Producer in US
2024-11-08 - Before Expand Energy could boast itself as the largest by volume natural gas-weighted E&P in the U.S., its predecessor Chesapeake Energy had to climb out of bankruptcy.
Equinor to Acquire Sval Energi’s Stake in the Halten East Project
2024-11-07 - Equinor now holds 69.5% ownership in the development, which consists of six gas discoveries and three prospects.
Exclusive: How Vital, NOG Aligned Interests Across Multiple Asset Acquisitions
2024-11-06 - Vital Energy CEO Jason Pigott discusses the company’s relationship with Northern Oil and Gas, including transactions across different assets from Forge and Point Energy, and Vital’s priorities going forward, in this Hart Energy Exclusive interview.
Exclusive: ‘Later Innings’ for Energy M&A: Consolidator View Slows Deals
2024-11-05 - John Fossum, managing director at Petrie Partners, delves into the slowing pace of mergers amid companies vying for consolidator status and approaches companies are taking to generate cash, in this Hart Energy Exclusive interview.
Topaz Completes Acquisition of Canadian Royalty Interests from Tourmaline
2024-11-05 - Topaz Energy’s deal to acquire royalty interests from Tourmaline Oil spans across approximately 3 million acres in Western Canada, with over half of the acquired land undeveloped.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.