ENERGY STORAGE

Long-duration storage company Quidnet Energy enters HEN partnership and receives $10m investment

June 4, 2024

Long-duration energy storage company Quidnet Energy has entered into a “strategic partnership” with Hunt Energy Network (HEN), which includes a $10 million investment in Quidnet.

The two Texas-based companies will collaborate on a ‘build-transfer’ programme for 300 MW of storage projects utilizing Quidnet’s Geomechanical Energy Storage (GES) technology in the Electric Reliability Council of Texas (ERCOT) grid operating region.

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,” a statement said.

As part of the partnership, Todd Benson, chief innovation officer of HEN’s affiliate Hunt Energy, has joined Quidnet’s board of directors.

“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, CEO 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.”

Pat Wood, III, CEO of Hunt Energy Network, added: “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. 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.”

 

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