PV-magazine-usa discusses how Bill Gates leads $10M investment in Quidnet’s long-duration geomechanical pumped storage. The year of living durationally — the holy grail of energy storage has always been low-cost and long-duration. Venture investors have started putting their money into novel, extended-duration storage technologies.
Quidnet Energy, a startup developing a long-duration energy storage technology, just closed on a $10 million series B financing round. Additionally, the firm announced a contract with the New York State Energy Development Authority (NYSERDA) for a 2 MW/20 MWh demonstration project of its geomechanical pumped storage (GPS) technology.
That’s ten hours of storage versus the four hours typical of the predominant lithium ion battery technology.
Existing investors Breakthrough Energy Ventures (founded by Bill Gates in 2015) and Evok Innovations participated in the round, along with new investors Trafigura and The Jeremy and Hannelore Grantham Environmental Trust.