Quidnet Energy, Energy Reduction Alberta to launch geologic energy storage
Quidnet Energy and Emission Reduction Alberta (ERA) with funding from the Government of Alberta have partnered to develop a geologic energy storage resource in Alberta, utilizing Quidnet's modular pumped hydro storage technology.
The ultra-low-cost, multi-gigawatt (GW) geologic energy storage resource in Alberta will showcase technology that stores energy in water underground, which will complement renewable energy projects. The project has received $5 million in funding from ERA and will take place at Quidnet's geologic test site in Brooks, AB.
"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 long-duration energy storage that can make widespread use of renewable resources reliable and effective," said Joe Zhou, CEO, Quidnet Energy.
"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," Zhou added.
The project on Alberta is an integral part of the company's strategy to develop and deploy similar scale geologic energy storage resources in major wholesale electricity markets throughout North America.
Currently, Quidnet is developing energy storage projects in Texas, Ohio, and New York State. Through these projects, the energy storage provider is demonstrating Geomechanical Pumped Storage (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, Quidnet noted.
"Quidnet's Geomechanical Pumped Storage (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.
On the successful completion of the project, Quidnet will explore opportunities to deploy GPS facilities across the Alberta power grid, including near solar and wind power facilities.
"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," said Steve MacDonald, CEO, ERA.
"This project is another example of Alberta taking action to develop the solutions the world needs to achieve its emissions reduction goals."