Quidnet Energy, a pioneer in long-duration energy storage solutions, 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.
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“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.
SOURCE: GlobeNewswire