Energy Storage
Definitive Agreement
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Bonita Springs, Fla. & Houston – February 12, 2025 – e2Companies LLC, a provider of integrated solutions for power generation, and Nabors Energy Transition Corp. II (Nasdaq: NETD), announced a definitive agreement for a business combination. e2 will become publicly listed on Nasdaq under the ticker symbol "VUTL".
e2, creator of the industry’s first Virtual Utility®, has seen 110% CAGR revenue growth since 2021, reaching $28.7 million in unaudited 2024 revenue. The transaction values e2 at a pre-money equity value of $500 million and is expected to provide approximately $400 million in gross proceeds. Existing e2 shareholders and management will roll 100% of their equity into the new public company. The transaction is expected to close in Q3 2025.
The combined company, e2Companies, Inc., will offer AI-based power solutions addressing challenges in data centers and other sectors. A strategic collaboration with Nabors Industries Ltd. (NYSE: NBR) will expand e2's reach in oilfield and broader energy markets.