Nabors Energy Transition II, the second blank check company formed by Nabors Industries targeting the energy transition space, raised $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.
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; +7% from $10 offer price), announced a merger agreement with Australian solar power plant developer Vast in February 2023.
Nabors Energy Transition II plans to list on the Nasdaq under the symbol NETDU. Citi and Wells Fargo Securities acted as joint bookrunners on the deal.
