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Nabors (NBR) Invests $7 Million in Battery Firm Natron Energy

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The Houston, TX-based American oil and gas drilling contractor — Nabors Industries Ltd. (NBR - Free Report) — recently declared that it has invested $7 million in Natron Energy, Inc. – a California-based company that specializes in manufacturing sodium-based batteries.

Natron intends to use the financing to fast-track the production of its sodium-based battery technology at its facilities in Michigan. Moreover, NBR is working with Natron for evaluating ways to complement traditional fossil fuel power usage in its own drilling operations with the introduction of sodium-ion batteries.

Natron's batteries, which store sodium ions in electrode materials based on Prussian blue materials, are said to have higher power density and longer service life than other battery technologies. Natron’s supply chain for materials does not need minerals like lithium, cobalt, copper and nickel, and it leverages existing lithium-ion manufacturing units for production.

The President, CEO and chairman of Nabors, Anthony Petrello, stated that Natron could offer safe, cost-effective battery solutions for various industrial applications. He also mentioned that the two companies together would target drilling operations where Nabors has already started to combine energy storage solutions with traditional fuel-powered generators to cut down emissions and fuel consumption.

Nabors Industries Ltd. is one of the largest land drilling contractors in the world, conducting oil, gas and geothermal land drilling operations. The American multinational company — active across approximately 20 countries — primarily provides land-based and offshore drilling rigs that serve the oil and gas industry.

Nabors currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include Vermilion Energy (VET - Free Report) , BP (BP - Free Report) and HF Sinclair (DINO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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