Nabors Industries has invested $7 million in Natron Energy, a developer of sodium-ion batteries. 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.
“As businesses accelerate the electrification of operations, the need for reliable, affordable and environmentally responsible energy storage solutions is greater than ever before,” said Anthony G. Petrello, Nabors Chairman, CEO and President. “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.”
The two companies are evaluating the introduction of sodium-ion batteries as an energy storage solution for drilling markets. 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.
“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,” said Colin Wessells, Natron Co-Founder and CEO.