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.