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.”