HOUSTON, May 22, 2024 (GLOBE NEWSWIRE) -- Quidnet Energy, a pioneer in long-duration energy storage solutions, today announced a strategic partnership with a $10 million investment from Hunt Energy Network (HEN), a leader in energy storage and part of an affiliation of companies with experience in subsurface development. The two Texas-based companies will collaborate on a build-transfer program for 300 MW of storage projects utilizing Quidnet Energy's (Quidnet) innovative Geomechanical Energy Storage (GES) technology in the Electric Reliability Council of Texas (ERCOT) grid operating region.
The two companies will work together to address ERCOT’s urgent need for energy storage as the grid operator onboards an increasing number of intermittent renewable assets. The partnership will pair Quidnet’s long-duration energy storage with Hunt Energy Network’s success in developing storage projects and Hunt Energy’s subsurface technologies similar to Quidnet’s GES.
As part of the partnership, Todd Benson, Chief Innovation Officer of HEN’s affiliate Hunt Energy, has joined Quidnet’s board of directors. Benson previously served as an executive at Helmerich and Payne after its acquisition of Motive Drilling Technologies, where he was the founder and CEO.
“Hunt Energy Network brings an extensive and proven track record across diverse energy businesses, making them an ideal partner to address the need for large-scale, long-duration energy storage in Texas,” said Joe Zhou, Chief Executive Officer of Quidnet Energy. “We’re thrilled to have them as an investor, partner, and board member, and we look forward to jointly advancing the deployment of energy storage solutions, particularly in regions like ERCOT where the need is most pressing.”
“Quidnet Energy's GES technology presents a unique opportunity to revolutionize energy storage, and we’re excited to invest in a solution that purposefully transforms existing resources to expand access to long-duration storage,” said Pat Wood, III, Chief Executive Officer for Hunt Energy Network. “ERCOT's growing supply of renewable energy makes this region ideal for the deployment of our technology, and we’re pleased to work with another Texas innovator to build a more resilient grid for all ERCOT customers.”
Quidnet’s GES technology uses drilling and hydropower machinery to store renewable energy over long durations and in large quantities. This innovative approach allows Quidnet to efficiently deploy 10+ hour storage solutions that avoid many of the limitations of conventional storage technologies. Hunt Energy Network’s expertise will help Quidnet accelerate its commercialization, including developing projects for major clients like CPS Energy, the largest municipal utility in the U.S., in addition to the 300 MW project partnership announced today.
This partnership marks a significant milestone for Quidnet Energy as it continues to accelerate the development and commercialization of its GES technology to support the transition toward clean, sustainable energy sources.
In conjunction with the announcement, Quidnet will be exhibiting at this year’s ARPA-E Energy Innovation Summit in Dallas from May 22-24. Visitors to the show can learn more about the partnership with Hunt Energy Network and Quidnet Energy’s technology at booth 922.
Exhibiting at the summit affirms Quidnet’s strong history with the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E). The company is a participant in SCALEUP, a competitive ARPA-E program which awards energy companies funding to develop commercially scalable, yet highly innovative technology. Quidnet previously announced a $10 million SCALEUP grant from ARPA-E funds for the advancement of the company’s project with CPS Energy.
About Quidnet Energy
Houston-based Quidnet Energy is an energy storage company that uses subsurface rock layers as a sustainable natural resource. Quidnet Energy's patented Geomechanical Energy Storage technology utilizes excess energy to store water beneath ground under pressure, delivering that energy later to support the grid at a fraction of the cost of lithium-ion batteries and for much longer durations. Visit www.quidnetenergy.com to learn more.
About Hunt Energy Network
Hunt Energy Network is a Dallas-based developer and operator of distributed energy resources. The company utilizes its TraDER platform to site distributed energy resources, integrate those resources into competitive markets, and operate those resources as optimized portfolios. HEN was created and incubated within Hunt Energy Enterprises, Hunt’s energy technology venture business unit. It is part of a larger privately-owned group of companies managed by the Ray L. Hunt family that engages in oil and gas exploration, refining, power, real estate, ranching and private equity investments. For more information, visit www.huntenergynetwork.com.
About Hunt Energy
Dallas-based Hunt Energy is a leading energy company with a diverse portfolio in the energy sector, including traditional energy, power generation, power transmission and electricity storage. Hunt Energy Network, its energy storage division, focuses on developing and deploying cutting-edge energy storage technologies to support the clean energy transition. With a global presence and commitment to innovation, Hunt Energy is dedicated to promoting a sustainable and secure energy future. For more information, visit www.huntenergy.com.
Media Contact
Justin Williams
Trevi Communications for Quidnet Energy
justin@trevicomm.com
+1 (978) 539-7157
