Announcing $5 Million in Funding for a New Transformative Energy Storage Technology

Source: · ERALBERTA · | June 17, 2021

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

Source: ERA

Edmonton, AB – 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, stores excess energy from renewables in geological formations and dispatches 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

“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.”