Quidnet Energy and Emissions Reduction Alberta partner to develop transformative energy storage resource

Project showcases technology that stores energy in water underground to compliment renewable energy projects

EDMONTON, Alberta, June 17, 2021 /PRNewswire/ -- Taking a step towards reliable renewable energy in Alberta, Quidnet Energy and Emissions Reduction Alberta (ERA), with funding from the Government of Alberta, launched an ambitious project to develop an ultra-low-cost, multi-gigawatt (GW) geologic energy storage resource in Alberta, utilizing Quidnet's modular pumped hydro storage technology. This project taps into the tremendous talent of Albertans who will continue to build long-lasting careers in the energy industry.

The Alberta project is a key part of Quidnet's mission to accelerate decarbonization by developing and deploying similar-scaled geologic storage resources in major wholesale electricity markets throughout North America. The project has received $5 million in funding from ERA and will take place at Quidnet's geologic test site in Brooks, AB.

Quidnet's Geomechanical Pumped Storage (GPS) technology stores energy in the form of water compressed between layers of shale and enables renewable energy projects to store excess energy for extended periods of time, to be released when the grid needs power. Quidnet's technology provides balance to the grid and optimizes utilization of transmission infrastructure for delivering renewable generation to load centers for grid decarbonization.

"Alberta is seizing the opportunity to invest in reliable renewable energy projects that will continue to support long-lasting careers in the energy sector. Energy storage solutions like the one developed by Quidnet Energy, store excess energy from renewables in geological formations and dispatch it when demand increases on the power grid. By unleashing further private sector investments in clean energy solutions, Albertans can continue to build careers in this dynamic industry that is helping to grow and diversify our provincial economy."
Jason Nixon, Minister of Environment and Parks, Government of Alberta

"Renewable power resources, such as solar projects, work best when their output can be stored until the grid needs it. Quidnet Energy's modular pumped storage technology provides the long-duration energy storage that can make widespread use of renewable resources reliable and effective. We are proud to be working with visionary partners like Emission Reductions Alberta to demonstrate the ways Quidnet's technology can enable solar and other renewable resources to supply emission-free electricity to Alberta and the electric system across North America."
Joe Zhou, Quidnet Energy CEO

"Quidnet's technology is building on the innovation and technical expertise of Alberta's oil and gas industry to help solve a key challenge with renewable energy: the need for reliable and long-term energy storage. This project is another example of Alberta taking action to develop the solutions the world needs to achieve its emissions reduction goals."
Steve MacDonald, ERA CEO.

"This innovative energy storage project with Quidnet Energy—along with Alberta's other investments in carbon lowering technologies--is establishing the province as an international leader in the energy transition and a beacon for others to follow."
Mike Biddle, Evok Innovations Managing Director and Quidnet Board Member

Quidnet is developing energy storage projects in Texas, Ohio, and New York State, demonstrating GPS technology's cost-efficiency, terrain-variable deployment, and modular, long-duration capabilities. With per-kilowatt installed costs projected at less than 50 percent of batteries and traditional pumped storage, the Quidnet Energy systems can be configured for applications with 10-hours or more of storage duration. The modular design allows it to be scaled to the needs of specific projects and built on a diverse array of terrain.

Because Quidnet's technology is built around subsurface technology and processes, it is seizing the opportunity of the tremendous talent of Alberta's oil and gas workers who will continue to build long-lasting careers in the energy industry.

"Quidnet's GPS technology is a novel form of hydroelectric energy storage. It uses time-tested well-drilling and construction technologies to pump water under pressure into subsurface geologic formations to store energy. When the stored energy is needed, the water is released to drive hydroelectric turbines to power the electric grid," Zhou explained.

With successful completion of the project, Quidnet would look to deploy GPS facilities across the Alberta power grid, including near solar and wind power facilities.

ABOUT EMISSIONS REDUCTION ALBERTA (ERA):
For more than 10 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $646 million toward 204 projects worth $4.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 37.7 million tonnes of CO₂e by 2030. Please visit https://eralberta.ca.

ABOUT QUIDNET ENERGY
Based in Houston, Texas with offices in San Francisco and Saratoga Springs, Quidnet's patented GPS 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. Please visit www.quidnetenergy.com.

SOURCE Quidnet Energy

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