Nabors Industries, through its special purpose acquisition company, Nabors Energy Transition Corporation, entered into a business combination agreement with a major concentrated solar energy company, Vast.
“We welcome Vast as Nabors’ ninth and largest energy transition investment to date. Vast’s next-generation concentrated solar power platform complements and enhances our existing portfolio of companies seeking clean, renewable energy solutions , distributable and scalable,” said Anthony G. Petrello, chairman, president and CEO of Nabors Industries.
“Nabors has consistently focused our energy transition investments on technologies with material tangencies in the Nabors technology platform. We are developing solutions to decarbonize and electrify our own operations. These technologies are fully transferable to other industries and position us as leaders in the new energy space. Our proven strengths in innovation support our sustainability initiatives,” said Petrello.
Nabors also unveiled a new vision to guide its energy transition efforts, Energy Without Compromise, which unites the company’s sustainability efforts from its core business and its new clean energy initiatives.
“Building a sustainable economy requires affordable, reliable and responsible energy. Unfortunately, there is no single source that can provide them consistently today. So while we should embrace multiple energy sources, the industry needs to focus on removing the existing trade-offs inherent in existing energy alternatives. Oil and gas provide affordable and reliable energy, but we understand that we must overcome the emissions burden associated with their production and consumption,” Petrello said.
“Renewables offer cleaner energy, but supporting the future economy requires eliminating intermittency while balancing costs, efficiency and supply chain trade-offs. Achieving ‘Energy Without Compromise’ will require a relentless focus on innovation and best-in-class performance of our existing drilling business, as well as consistent and consistent execution of our emerging clean energy initiatives.
“Our investment in Vast allows Nabors to participate in an exciting and relatively untapped source of renewable, clean and distributable energy, while helping our new partner scale its technology to provide a significant contribution to the energy need of the world. Vast’s decision to join forces with Nabors validates the efforts we have made to develop our energy transition strategy,” concludes Petrello.
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