Quidnet Energy Gets ARPA-E Money
Posted on 03/07/2023
On November 29, 2022, Houston-based Quidnet Energy was selected to receive US$ 10 million in funding from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E). The funding is part of the ARPA-E Seeding Critical Advances for Leading Energy technologies with Untapped Potential (SCALEUP) program, which provides further funding to previous ARPA-E teams that have been determined to be feasible for widespread deployment and commercialization domestically. SCALEUP selectees demonstrate a viable path to commercial deployment and the ability to attract private sector investments. Quidnet Energy is working on a Geomechanical Pumped Storage (GPS) project with San Antonio-based CPS Energy. Quidnet Energy’s Geomechanical Pumped Storage technology uses existing natural resources to store renewable energy over long durations and in large quantities.
In 2020, Quidnet Energy raised US$ 10 million in Series B funding from Trafigura, The Jeremy and Hannelore Grantham Environmental Trust, and return backers Bill Gates’ Breakthrough Energy Ventures and Evok Innovations. Founded in 2016, Evok Innovations is a fund that focuses on early-stage companies in the areas of clean tech.
