Renewell is working to create a low-cost, GHG-abating, flexible energy storage network by repurposing oil and gas infrastructure. Specifically, Renewell incentivizes oil and gas companies to seal and convert inactive oil wells to drastically increase the pace of their clean up at a lower cost, while also reducing methane emissions. Using Renewell’s prototype and mechanical storage of energy, Renewell will create 132GWh of storage (~5% of market share in 2050) uniquely capable of providing both short duration and long duration energy storage. In 2022, Renewell has won $3M in grant funding and raised another $2.4M from its seed round. Their prototype is now successfully operating on a previously idle well in California’s central valley.