5. Unused Oil Wells Remade to Store Wind and Solar Power

An innovative energy storage system from Renewell Energy, transforming unused oil wells into energy storage with their Gravity Well system.
This week's speaker, Kemp Gregory, is the CEO and a co-founder at Renewell Energy. His personal career is a forerunner of the larger energy transition required to decarbonize the electrical grid. Prior to Renewell Energy, Kemp worked for Shell for five years, where he installed cutting-edge downhole technology, managed capital-intensive projects, and coordinated large operations teams across North and South America.
Renewell’s patented technology stems from a simple idea: use pre-existing wells and the power of gravity to store and generate electricity. In times of need, potential energy in our system can be captured by lowering a weight down the well, producing energy by turning a regenerative winch. The weight can remain near the bottom of the well until it makes economic sense to buy energy to lift the weight back to its starting point, thereby ‘charging’ the system. The Gravity Well system is unique among all other energy storage technologies in that, on average, each system will have a net-negative carbon footprint because idle wells are often leaking methane.
Presentation on YouTube - Oil Wells that End Well: https://youtu.be/mNTwSKa0ChQ
Full meeting for the week of March 13, 2023: https://www.siliconvalleyrotary.com/meetings/meeting-03-13-2023
To learn more, go to: https://renewellenergy.com
Or watch: Turning Leaky Oil Wells into Renewable Energy Storage: https://youtu.be/A5rfDKvSH48
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