Renewell Energy (Series A(+))

Founders: Kemp Gregory, Stefan Streckfus
Company Description: Currently there are over 2 million idle and orphan oil wells in the US, representing a $400B liability to oil & gas companies to clean up these sites. At the same time, the US needs to increase energy storage by 10x to enable full utilization of renewables like solar and wind. Renewell turns these oil & gas liabilities into the cheapest long-duration energy storage system since stored hydro. They convert idle oil and gas wells that have reached their end of life into gravity energy storage devices. Customers want this because it saves them money compared to traditional plug & abandonment, and they receive rental revenue on a previously idle well. Renewell is addressing a $287B total addressable market, and are already piloting these solutions in California.
Location: United States