Repurposing Oil Wells: Renewell’s Vision for a Sustainable Energy Future

Energy storage is a vital cog in building a sustainable grid. It helps us manage the intermittent supply of renewable energy from wind and solar energy sources. Our guest today brings a unique solution to energy storage by repurposing idle gas and oil wells for gravity energy storage.

On the latest episode of Hardware to Save a Planet, brought to you by Synapse, Dylan is joined by Gregory Kemp, Co-founder and CEO of Renewell Energy. Dylan and Kemp discuss Renewell’s innovative approach to repurposing idle oil and gas wells for gravity-based energy storage. Kemp explains how this solution addresses renewable energy’s intermittent supply, repurposes existing infrastructure, and offers economic incentives for oil companies.

They explore challenges like wire rope durability, costs, and regulatory hurdles. Kemp also highlights the future potential of converting thousands of wells into storage systems, which could contribute significantly to clean energy. He emphasizes focusing on specific problems to combat climate change effectively.

The Challenge of Energy Storage

One key challenge with renewable energy sources such as solar and wind is their intermittent nature. These sources do not consistently produce energy, leading to fluctuations in power supply and demand. To address this, energy storage systems are crucial. They store excess energy when supply exceeds demand and release it when demand outstrips supply. Traditional storage solutions have included electrochemical batteries, but they come with high capital costs and environmental concerns related to their lifecycle.

Renewell’s Innovative Solution

Renewell’s approach to energy storage is both novel and practical. By repurposing idle oil and gas wells, the company aims to create gravity-based energy storage systems. This method involves using the existing infrastructure of old wells to store energy through the gravitational potential of heavy weights. Energy is stored by raising a large weight to a certain height. When energy is needed, the weight is lowered, converting its potential energy back into electricity. This system leverages the already existing infrastructure in oil fields, turning an environmental liability into a valuable asset for clean energy storage.

Economic and Environmental Benefits

Kemp explains that Renewell’s approach offers several economic and environmental advantages. For one, repurposing idle wells reduces the need for new infrastructure, which can be costly and resource-intensive. By using existing wells, the company avoids significant capital expenditure and makes use of structures that are already in place. Additionally, this method addresses the environmental concern of idle wells, which can be sources of pollution and require expensive cleanup.

Oil and gas companies also have a significant economic incentive to partner with Renewell. The company provides a cost-effective solution for well cleanup, transforming a financial burden into a revenue-generating asset. This not only helps companies meet their environmental obligations but also provides a new revenue stream through energy storage services.

Comparing Gravity Storage and Electrochemical Batteries

Several key differences emerge when comparing gravity storage systems to traditional electrochemical batteries. One major advantage of Renewell’s gravity storage is its lower capital costs. While lithium-ion batteries are predicted to fall to around $122 per kWh by 2050, Kemp believes that gravity storage systems could achieve costs as low as $5 per kWh by 2030. This significant cost difference makes gravity storage a more economically viable option for large-scale energy storage.

Another benefit of gravity storage is its flexibility. Unlike electrochemical batteries, which have fixed energy storage durations, gravity storage systems can be designed to provide varying energy storage durations. This adaptability allows them to more effectively meet diverse and unpredictable grid demands.

Engineering Challenges and Innovations

The conversation also highlights the engineering challenges associated with gravity storage systems, particularly in the realm of wire rope design. Wire rope is a critical component in the system, used to raise and lower the weights. Kemp explains that current wire ropes last 10-12 years, but the goal is to extend their lifespan to match the equipment’s desired longevity of 30 years. This ambitious target requires innovative approaches to design and materials to ensure the rope can withstand the stresses of repeated use over such an extended period.

The complexity of wire rope design is a testament to the challenges faced in developing reliable energy storage solutions. Different industries require specific characteristics from wire ropes, such as depth or weight capacity. Merging these features into a single, durable design is a key focus for Renewell’s engineering team.

The Future of Renewable Energy Storage

Kemp envisions a future where hundreds of thousands of idle wells are converted into gravity-based energy storage systems. This transformation could significantly enhance the grid’s capacity, providing approximately 132 gigawatt hours of energy storage. While this is a substantial contribution, it is not a panacea for the entire energy storage problem. Developing fast-acting storage systems and addressing regulatory hurdles remain crucial for a comprehensive solution.

Renewell is making progress in overcoming these challenges. In California, the company is working with the SB 23 bill to establish a regulatory framework that recognizes and incentivizes the repurposing of idle wells. This legislative support is vital for scaling up the technology and ensuring its widespread adoption.

Optimism and Innovation

Kemp’s optimism about human ingenuity and innovation is evident throughout the conversation. He believes that addressing climate change requires targeted problem-solving rather than a broad focus. Individuals and companies can make a meaningful impact on the planet by finding specific issues to solve.

In addition to Renewell’s efforts, Kemp highlights other innovative projects, such as SkyCool, a Stanford start-up developing materials to mitigate global warming. These advancements demonstrate the potential for technology to drive positive change in the fight against climate change.

Conclusion

Renewell’s approach to repurposing idle oil and gas wells for gravity energy storage represents a significant leap forward in energy storage technology. By leveraging existing infrastructure and addressing both economic and environmental challenges, this innovative solution has the potential to transform the clean energy landscape. As we continue to explore and implement new technologies, the collaboration between industry, government, and innovators like Kemp will be crucial in driving the transition to a sustainable and resilient energy future.

A Few Words About Kemp Gregory

Kemp Gregory is the CEO and co-founder of Renewell Energy. His career foreshadows the more significant energy transition required to decarbonize the electrical grid. Before Renewell Energy, Kemp worked for Shell for five years, installing cutting-edge downhole technology, managing capital-intensive projects, and coordinating large operations teams across North and South America.

Kemp earned his MS in sustainable engineering from Stanford University and his BS in mechanical engineering from UT Austin. He is an avid ping pong player who even went to the Olympics in 2018…just to watch others play the game.

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The Hardware to Save a Planet podcast explores the technical innovations that give us hope in the fight against climate change. Each episode focuses on a specific climate challenge and explores an emerging physical technology solution, with the person bringing it into reality.

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