Quidnet Energy Welcomes Energy/Finance Industry Veteran Jason Craig as Chief Operating Officer
Rapidly Developing Geomechanical Pumped Storage Company Accelerating Expansion to Facilitate Decarbonization of Electric System and Economy
HOUSTON, Oct. 26, 2021 – Quidnet Energy, a leader in long duration energy storage, announced
on Oct. 26 the addition of Jason Craig as Chief Operating Officer, effective Oct.
18.
In
this role, Craig is responsible for assembling and managing the people and
systems necessary to catalyze Quidnet’s rapid scaling across North America. He
brings with him deep understanding of the subsurface processes utilized by Quidnet’s
technology and hands-on experience sourcing and managing energy investment
portfolios. Direct experience managing companies at similar growth stages as
Quidnet provides Craig with insight uniquely suited to help steward Quidnet
through coming years of growth and expansion.
Craig
was most recently with Denham Capital, a global energy, resources, and
sustainable infrastructure investment firm with more than $10 billion of
invested and committed capital. He was a Managing Director on the Energy
Resources team where he sourced, structured, and led controlled portfolio company
investments across a wide range of strategies and geographies. He started his
career at Newfield Exploration directing on- and offshore drilling operations
and later executing evaluation campaigns and development programs to exploit unconventional
resources in the Mid-Continent.
“Jason’s
nuanced understanding of energy resources and subsurface operations, coupled
with his proven financial acumen, will be vital in Quidnet’s next stage of
growth,” said Joe Zhou, CEO. “Our mission at Quidnet is to rapidly deploy our
technology to accelerate the energy transition. Jason’s skills, experience and
network will play a vital role in us achieving this mission, along with the
other members of our dedicated team.”
Already
this year, Quidnet has made two major additions to its leadership team adding
Richard Brody (formerly of Lockheed Martin) and Bunker Hill (formerly of Schlumberger)
as Vice Presidents of Business Development and Engineering respectively.
“I am
excited to join the talented team at Quidnet Energy to help commercialize this
innovative, long-duration energy storage solution that repurposes the
conventional energy infrastructure and labor force I’ve enjoyed working with throughout
my career,” said Craig.
Craig
earned a bachelor’s degree in petroleum engineering from The University of
Texas at Austin and a master’s degree in business administration with high
honors from The University of Chicago Booth School of Business.
Quidnet
uses modern drilling and subsurface engineering techniques to develop wells for
large-scale subsurface pumped hydro energy storage. Quidnet’s technology uses
excess electricity to pump pressurized water between underground rock layers.
When energy is in demand, the water is
released back up the well and through a turbine to generate electricity that
then powers the grid. This closed-loop system is modular and flexible, allowing
for the precise deployment of clean, renewable energy whenever it is needed.
The
company has secured over $37 million of private and public financing from the Prime
Coalition, Breakthrough Energy Ventures, Evok Innovations, Trafigura, the U.S.
Department of Energy (ARPA-E and the Water Power Technology Office), New York
State Energy Research Development Authority (NYSERDA), and Emissions Reduction
Alberta (ERA).
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ABOUT
QUIDNET ENERGY
Based
in Houston, Texas, Quidnet’s patented Geomechanical Pumped Storage 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. For more
information, please visit www.quidnetenergy.com.