Quidnet Energy, a Houston-based energy storage developer, recently received a $10 million Series B financing and signed a contract with the New York State Energy Research and Development Authority (NYSERDA) to plan the deployment of a long-term energy storage commercial demonstration project.The company's CEO Joe Zhou said that the demonstration project will evaluate the performance of this energy storage technology, the ability to connect to the grid and the quality of power generation.

Quidnet said that long-term energy storage technology will play a key role in achieving renewable energy goals.The company's long-term energy storage technology combines traditional pumped storage facilities with existing mature drilling technology to provide long-term energy storage services for utilities and renewable energy developers.