Nabors Energy Transition II, the second blank check company formed by Nabors Industries targeting the energy transition space, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The Houston, TX-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Nabors Energy Transition II would command a market value of $375 million.
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.
Management's previous SPAC, November 2021 IPO Nabors Energy Transition (NETC; +6% from $10 offer price), announced a merger agreement with Australian solar power plant developer Vast in February 2023.
Nabors Energy Transition II was founded in 2023 and plans to list on the Nasdaq under the symbol NETDU. Citi and Wells Fargo Securities are the joint bookrunners on the deal.
