Nabors Energy Transition, a blank check company formed by Nabors Industries targeting the energy transition space, raised $240 million by offering 24 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Anthony Petrello, who currently serves as the CEO of global oil and gas drilling contractor Nabors Industries (NYSE: NBR). The company plans to target the energy transition space, specifically focusing on alternative energy, energy storage, emissions reduction, and carbon capture, utilization, and sequestration. It also intends to prioritize ESG factors advancing the energy transition.
The Houston, TX-based company plans to list on the NYSE under the symbol NETC.U. Citi and Wells Fargo Securities acted as joint bookrunners on the deal.
