Quidnet successfully completed demonstration and testing of its Geomechanical Energy Storage (GES) at megawatt-hour (MWh) scale at its site in Greater Houston
The two companies will collaborate to deploy 300 MW of geomechanical energy storage projects in Texas, addressing the state’s need for grid reliability.
In October 2022, Quidnet presented their modular Geomechanical Pumped Storage (GPS) technology at the first ever Breakthrough Energy Summit. Quidnet was one of the first companies selected for funding by Breakthrough Energy Ventures, the investment division of Breakthrough Energy.
At the Breakthrough Energy Summit, Quidnet CEO Joe Zhou introduced Bill Gates and Roki Guidero to a wellhead from an early GPS installation.
The Department of Energy's ARPA-E division selected Quidnet as one of just eight companies to receive funding through the 2022 iteration of SCALEUP, an initiative which supports energy technologies determined to be feasible for commercialization. The agency awarded Quidnet $10 million to support the company's previously announced project with CPS Energy, the largest municipal utility in the U.S.
CEO Joe Zhou attended the launch of the Long Duration Energy Storage Council (LDES Council) in Glasgow during COP26. The Council has released with McKinsey & Company a landmark report detailing how long-duration energy storage technologies like Quidnet's modular Geomechanical Pumped Storage (GPS) are vital to our clean energy future.
Joining a handful of innovative organizations tackling the energy/climate challenge, Joe Zhou outlined how Quidnet's use of existing oil and gas supply chains for its modular energy storage technology can help accelerate the energy transition.
Innovative energy storage used oil and gas technology and talent to support CPS' flexible path emissions reduction by 80 percent by 2040.