SPAC
Liquidation
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.
Nabors Energy Transition Corp. II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. NETD intends to identify solutions, opportunities, companies or technologies that focus on advancing the energy transition; specifically, ones that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions...