Non-profit PRIME Coalition leads investors in funding round for Quidnet Energy
Written By: Tracy Dawson Roses
June 16, 2015
On June 16, PRIME Coalition, a 501c3 nonprofit organization bringing philanthropic capital to energy innovation, announced its first investment in Quidnet Energy, a start-up company developing ultra-low-cost, grid-scale energy storage. Along with PRIME, The Sorenson Impact Foundation, the Will and Jada Smith Family Foundation, and multiple individual investors participated in the financing.
In the first close of Quidnet’s seed round, PRIME facilitated investment in multiple forms, including straight convertible debt, a program-related investment, and a recoverable grant.
Quidnet Energy aims to efficiently store electricity at extremely large capacities, utilizing pressurized water within natural geologic formations. Quidnet has designed its approach for breakthrough low cost that could undercut peaking natural gas generation.
Aaron Mandell, co-founder and Chairman of Quidnet Energy remarked:
“Quidnet is a high-risk experiment — but if we’re successful, we could offer an entirely new way to think about providing and storing clean energy. PRIME understands this and has created an incredible network of visionary impact investors who see the value of funding early ventures that are in lockstep with reducing greenhouse gas emissions.”