Post Tagged with: "depleted wells"

Where You See a Depleted Oil Well, Quidnet Sees Green Energy Storage

Where You See a Depleted Oil Well, Quidnet Sees Green Energy Storage

With Hollywood seed funding, startup is testing abandoned oil and gas wells as grid-scale energy storage solution for wind and solar generation “Our goal is to get to a cost point that’s potentially lower by a factor of about ten times than the batteries that you read about in the popular media, especially from companies like Tesla,” Aaron Mandell, Quidnet founder Fossil fuels may consist of the majority of global energy consumption, but every year green energy continues to grow its footprint. In BP plc’s (ticker: BP) 2015 Statistical Review of World Energy, green energy–renewables–accounted for about 33% of the increase in primary energy use. The form of energy has more than tripled in popularity in the last decade and now accounts for about 3% of energy consumption worldwide. The Energy Information Administration believes domestic energy demand will grow at an annual rate of 0.3% through the year 2040. Scientists, geologists[Read More…]