--Company's Modular Pumped Hydro Solution Highlighted This Week on 60 Minutes, Forbes and USA Today--
HOUSTON, Feb. 18, 2021 /PRNewswire/ -- Quidnet Energy today said that on its current development trajectory, its low cost, modular, long duration energy storage technology could be installed across the Texas system in as few as three-five years to prevent failures such as witnessed the third week of February when a polar vortex froze the grid. The company is already developing two projects in the Lone Star State as well as in Ohio and New York.
Quidnet's Geomechanical Pumped Storage (GPS) technology stores excess power when electricity demand is low and saves it to be released to the grid over long periods of time when generators can't keep up with demand such as this week in Texas.
Quidnet was launched in 2016 and is rapidly scaling to deploy this storage technology. It is being widely embraced for its potential as a game changer for maintaining electric reliability in the new world of variable output renewable energy. The company receives support from the US Department of Energy, New York State Energy Research Development Authority, Evok Innovations, Trafigura and Bill Gates' Breakthrough Energy Ventures climate change focused fund.
Quidnet pumps water underground and stores it in-between layers of shale. The natural elasticity of the rock performs like a spring and holds the water under pressure until it is needed, at which time it is released through a hydroelectric turbine to produce electricity to send back to the grid.
The system is closed loop and the primary components of the process are water, clay, and natural salts. The entire process is powered by excess grid electricity. Because the majority of the process is subsurface, there is relatively minor land disturbance (well head, pump and generator building, holding pond), allowing farmers and landowners to generate significant new lease revenue with minor impact.
Quidnet utilizes many of the same subsurface knowledge, workforce, and supply chains as the O&G industry, making it a perfect opportunity to re-channel thousands of displaced workers—and the supply chains they operate--toward accelerating a green energy future. Early resource investigations project sufficient North American shale resources to provide 2-4 times the long duration energy storage needed by the grid at less than half the projected cost of Li-ion batteries and other leading solutions.
"The very talented, dedicated and rapidly-growing Quidnet team is hyper-focused on the imperative to ensure a reliable energy transition," said Joe Zhou, Quidnet CEO. "We are committed to being a major part of the solution."
To view the 60 Minutes, Forbes and USA Today clips and learn more about Quidnet, please visit www.quidnetenergy.com.
About Quidnet Energy – Based in Houston, Texas with offices in San Francisco and Saratoga Springs, Quidnet's patented GPS technology utilizes excess renewable energy to store water beneath ground under pressure. When renewable energy is not producing this pressurized water drives hydroelectric turbines producing electricity to support the grid at a fraction of the cost of Li-ion and for much longer duration. Quidnet's technology is an adaptation of centuries-old gravity-powered "pumped storage," but without the massive land requirements and reliance on elevated terrain. Please visit www.quidnetenergy.com
SOURCE Quidnet Energy