Nabors invests in sodium-ion batteries manufacturer Natron Energy
Nabors Industries, a provider of advanced technology for the energy industry, has invested $7 million in Natron Energy, a manufacturer of sodium-ion batteries based in California.
Natron Energy intends to utilize the funds to expedite the production of its sodium-based battery technology at its facilities in Michigan with a focus on energy transition and industrial power markets.
Colin Wessells — Natron Industries Co-Founder and CEO said: “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 and Nabors Industries are assessing the use of sodium-ion batteries as an energy storage solution for drilling markets.
The batteries of Natron Energy store sodium ions in electrode materials based on Prussian blue materials. The company is said to utilize its existing lithium-ion manufacturing plants for production, and its supply chain needs zero lithium, copper, cobalt, nickel, or other difficult-to-obtain minerals.
Anthony G. Petrello — Nabors Industries 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.”