e2Companies (the "Company"), a leading provider of integrated solutions for on-site power generation, distribution and energy cost-optimization, today announced a strategic collaboration with Nabors Industries Ltd. (NYSE: NBR, "Nabors"), one of the world's largest drilling rig, services and technology providers. The collaboration will expand business opportunities for integrated power solutions in the oilfield and broader energy markets.
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e2Companies Announces Strategic Collaboration with Nabors Industries on Integrated Power Solutions for the Oilfield (Photo: Business Wire)
By combining Nabors' global expertise and relationships in oil and gas with e2Companies' Virtual Utility®, the companies aim to develop and market tailored solutions for the unique demands of the oilfield and assess opportunities in geothermal and concentrated solar power. Nabors intends to purchase and implement e2Companies' integrated power systems into its drilling operations through a multi-million dollar purchase order. Additionally, the parties expect to collaborate on U.S.-based energy storage solutions.
Oil and gas operations account for 15% of global energy-related emissions and the global market for oil and gas electrification is expected to grow at a 31% CAGR to more than $23 billion by 2030, according to research by Global Market Insights Inc. Companies transitioning away from diesel-powered operations to reduce costs and emissions require reliable microgrid power solutions that avoid overloading electrical grids, especially considering competing demands from the growth in AI and data centers and increasing industrial electrification. The global microgrid market size is projected to reach $87.8 billion by 2029, growing at a CAGR of 18.5% between 2024 to 2029, according to MarketsandMarkets research.
e2Companies' Virtual Utility® delivers uninterruptible, on-site power generation combined with energy storage and grid optimization services. Virtual Utility® delivers a resilient and customizable alternative to diesel engines and traditional power grids. This includes flexibility across a wide range of fuel sources and the ability to leverage US-based sodium-ion batteries and deploy for geothermal sites.
The Company's patented R3Di® System, the heart of the Virtual Utility®, is a self-contained, turnkey, on-site power platform that can operate behind-the-meter without reliance on a grid interconnect. The R3Di® System has been verified to save approximately 40,000 tons of CO2 emissions per megawatt over its lifetime compared to conventional power systems and is future-proofed for a wide range of renewables. Grove365®, the system's AI-powered grid response optimization monitoring platform, acts as an operational hub, providing real-time data and AI-based predictive analytics.
In the initial phase of the collaboration, e2Companies will install on-site meters at specific drilling sites in the Permian Basin and Bakken Formation. Proprietary software from e2Companies will be leveraged to simulate the supply and demand load requirements, informing the optimal design of Virtual Utility® for oilfield operations. Nabors has already equipped approximately 20 rigs in West Texas and North Dakota, as well as Argentina, to run on highline power as part of its electrification initiative, reflecting the strong and growing interest in electrification from its domestic and international customers.
"This strategic collaboration with Nabors will accelerate the deployment of our innovative on-site power systems in new industry verticals and advance our mission to design and deploy solutions that deliver automated grid stability for our customers," said James Richmond, CEO and Founder of e2Companies. "We look forward to working closely with Nabors and leveraging their global footprint, technology and operational expertise to deliver reliable, affordable, clean power to some of the highest-producing oil gas regions in the world."
"Electrification is a key enabler to reducing emissions," said Anthony Petrello, Chairman, President and CEO of Nabors. "Our view is the industry needs to take a more holistic approach considering the entire lifecycle from drilling and completions through production to design electrification strategies that maximize efficiency and sustainability. We are excited to work alongside e2 to commercialize a Virtual Utility for drilling and pursue viable pathways to achieve more comprehensive oilfield electrification."
About e2Companies
e2Companies is the first vertically integrated Virtual Utility® for power generation, distribution, and energy economics in the marketplace. e2Companies' patented technology, the R3Di System, provides automated grid stability for continuous on-site power and seamless resiliency, independent of grid conditions. The R3Di System is continuously monitored by the Grove365 to optimize resources, track ESG targets, and unlock new revenue opportunities for customers utilizing AI. This automated platform is self-sustaining and designed to adapt to future grid advancements including renewables, hydrogen, biofuel, geothermal power systems, and autonomous grid operations.
To learn more about e2Companies, visit www.e2companies.com.
About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With presence in more than 20 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.
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