Kemp Gregory, co-founder and CEO of Renewell Energy, discussed his background in mechanical engineering and petroleum engineering at Shell before transitioning to renewable energy with a master’s from Stanford. He explained that Renewell energy during low-demand periods and releasing it during peak demand, thus increasing grid flexibility.
On episode 316 of The Green Insider, Mike and Kemp discussed their business model of leasing abandoned wells from original producers, offering a revenue-sharing option if the well-owners wish to participate in energy storage revenue. Other items included:
- Proposes converting suitable idle oil and gas wells into energy storage facilities instead of fully plugging and abandoning them
- This alternative can be lower cost than traditional well plugging while still meeting regulatory well-closure requirements
- Benefits regulators (meeting plugging quotas), oil and gas companies (cost savings and potential revenue), and the electric grid (added energy storage)
- Describes a gravity-based storage system that stores energy by lowering and raising a 30,000‑pound weight inside sealed wells
- Wells are sealed to prevent methane leakage, though carbon credits are not relied on for economic viability
- The system functions like a battery, storing excess energy during low demand and releasing it during peak demand
- Repurpose existing wells and electrical infrastructure, avoiding the need for new high-voltage transmission lines
- Business model involves leasing abandoned wells from original producers, with an option for revenue sharing
- Notes that Renewell secured $6.4 million in grants to convert additional wells near Bakersfield, California, and build its first commercial-scale system
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