Renewell – Oil Wells that End Well
B&L Pipeco Services is excited to announce the successful completion of our first pilot test with Renewell on a recently plugged idle well in North Texas!
Renewell is a new clean energy storage startup founded in 2020. Their mission is to clean up and convert hundreds of thousands of idle wells into highly flexible gravitational energy storage. The company was founded by Kemp Gregory, Stefan Streckfus who are both graduates from Stanfordâ€™s Atmosphere & Energy Program, along with Walker Colt who graduated from Rice Universityâ€™s executive MBA program.
The EPA estimates there are approximately 2 million abandoned oil wells in the United States and experts believe nearly half of those are orphaned wells. The recently passed 2 trillion-dollar infrastructure bill earmarks approximately 16 billion dollars toward the clean-up of these orphaned wells. Renewell plans on not only sealing and cleaning-out these inactive wells, but also repurposing them into potential energy storage and production sites. Renewell will plan on using their regenerative winch Artemis Prime to raise and lower a cylindrical weight in the repurposed well to produce energy when the grid needs it most.
To learn more about Renewell and their exciting technology please visit their website.