HOUSTON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Quidnet Energy announced today that it has been selected to receive $10 million in funding from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E). The funding is part of the ARPA-E Seeding Critical Advances for Leading Energy technologies with Untapped Potential (SCALEUP) program, which provides further funding to previous ARPA-E teams that have been determined to be feasible for widespread deployment and commercialization domestically. SCALEUP selectees demonstrate a viable path to commercial deployment and the ability to attract private sector investments.
“We’re honored that ARPA-E has selected Quidnet Energy as an awardee of the SCALEUP program,” said Joe Zhou, CEO of Quidnet Energy. “This funding will support continued work on our Geomechanical Pumped Storage (GPS) project with CPS Energy, which will demonstrate the benefits of using proven pumped hydro technology to create a long-duration energy storage resource that doesn’t require mountainous terrain. We look forward to continuing our partnership with CPS Energy and thank ARPA-E for acknowledging the potential of GPS for long-duration storage.”
Quidnet Energy was launched with the vision of building breakthrough energy technology to accelerate the energy transition. Quidnet Energy’s Geomechanical Pumped Storage (GPS) technology uses existing natural resources to store renewable energy over long durations and in large quantities. Utilizing existing drilling and hydropower machinery supply chains, Quidnet Energy repurposes existing resources to quickly marshal implementable solutions to our most pressing energy and climate challenges.
The funding from ARPA-E will support Quidnet Energy’s project with San Antonio-based CPS Energy, the largest municipal utility in the U.S. Quidnet Energy will scale its GPS to a 1 MW/10 MWh commercial system that will provide CPS Energy with 10+ hour long-duration energy storage. The project will support CPS Energy's “Flexible Path” Resource Plan to reduce net emissions by 80 percent by 2040 while allowing Quidnet Energy to advance GPS from its current pilot scale to MW-scale commercial systems.
For additional information about Quidnet Energy and the GPS project with CPS Energy, please visit www.quidnetenergy.com.
ABOUT
Houston-based Quidnet Energy is an energy storage company that uses the rock beneath our feet as a sustainable natural resource. Quidnet's patented GPS technology utilizes excess renewable energy to store water beneath ground under pressure. When renewable energy is not available, this pressurized water drives hydroelectric turbines, producing electricity to support the grid at a fraction of the cost of lithium-ion batteries and for much longer durations. 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 to learn more.
