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Quidnet Energy partners with Hunt Energy Network; receives USD 10 million investment
Alternative Energy
May 22, 2024
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Alternative Energy

Alternative Energy

May 22, 2024

Quidnet Energy partners with Hunt Energy Network; receives USD 10 million investment

Funding
Partnerships

  • Quidnet Energy, a long-duration energy storage solutions provider, has partnered with Hunt Energy Network, a company that develops and operates a network of distributed energy resources. The latter also invested USD 10 million in Quidnet.

  • Under this partnership, the two companies will collaborate on a build-transfer program for 300 MW storage projects using Quidnet geomechanical energy storage technology in the Electric Reliability Council of Texas (ERCOT) grid operating region. As such, Quidnet’s long-duration energy storage will be paired with Hunt Energy’s expertise and subsurface technologies.

  • Analyst QuickTake: Before Hunt Energy’s investment, Quidnet was awarded a USD 10 million grant by the US Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) in November 2022 . The partnership would expand the company’s existing range of projects under development in Texas, New York, Ohio, and Alberta (Canada). 

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