Nabors Industries Ltd, the Bermudian-based energy driller, has invested $7 million in Natron Energy Inc, a global leader in the manufacturing of sodium-ion batteries.

Natron plans to use the funds to accelerate the production of its sodium-based battery technology at its Michigan facilities, concentrating on industrial power and energy transition markets.

The two companies are evaluating the introduction of sodium-ion batteries as an energy storage solution for drilling markets.

Nabors said Natron's batteries, which store sodium ions in electrode materials based on Prussian blue materials, offer higher power density, longer service life, and unique safety characteristics over other battery technologies.

Natron leverages existing lithium-ion manufacturing facilities for production, and its supply chain requires zero lithium, cobalt, copper, nickel, or other difficult-to-obtain minerals.

Anthony G Petrello, Nabors’ chairman, CEO and president, said: "As businesses accelerate the electrification of operations, the need for reliable, affordable, and environmentally responsible energy storage solutions is greater than ever before.

“Natron can provide a safe, cost-effective battery solution for various industrial applications. Together, Natron and Nabors will target drilling operations where Nabors has already started to combine energy storage solutions with traditional fuel-powered generators to lower emissions and fuel consumption.”

He added: “Following our investment in geothermal energy, emissions monitoring, and ultracapacitors, we now welcome Natron to our energy transition venture portfolio.

“We are excited to add to our clean energy initiatives while leveraging our existing competencies and global scale to help accelerate the commercialisation of this exciting technology within the oil and gas industry."

Colin Wessells, Natron co-founder and CEO, said: "We are excited to team up with Nabors. Their investment dramatically accelerates Natron's entry into oil and gas markets.

“Having the global power of Nabors backing us is a game-changer that expands access to the carbon reduction initiatives in the oilfield.

“With this support from Nabors, Natron is accelerating the rate at which it brings its Michigan factory online for the world's first mass production of sodium-ion batteries."