Qnetic
Mechanical battery—the sustainable energy revolution
Overview
Raised: $1,235,000
Total Commitments ($USD)
Wefunder
12/25/2022
06/30/2023
$200
SAFE
Seed
RegCF
$12,000,000
$15,000,000
25%
Rolling Commitments ($USD)
07/01/2023
$6,640
915
2022
Energy, Power, & Natural Resources
Cleantech
B2B
Medium
High
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$0 |
$0 |
|
COGS |
$0 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-79,389 |
$-3,358 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$60,390 |
$7,056 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$63,476 |
$7,056 |
|
Short-Term Debt |
$2,200 |
$0 |
|
Long-Term Debt |
$137,974 |
$10,414 |
|
Total Liabilities |
$140,174 |
$10,414 |
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Analyst Report
The most common source of energy storage is lithium-ion batteries. They are the cheapest solution available for renewable energy farms, and they store electricity instantaneously. But they have some major drawbacks.
Lithium mining isn’t green, which sort of defeats the purpose of using lithium batteries for renewable energy. Every ton of lithium mined releases as much as 15 tons of carbon dioxide into the atmosphere. And lithium batteries can’t provide the kind of storage that renewables really need. They can hold only about four to six hours of energy, which is nowhere near enough to power the grid. And lithium-ion batteries designed to last longer would be too expensive to be practical.
Lithium batteries also have a short lifespan. After 2,000 charge cycles — usually around five years — their storage capacity falls below 80%, so most renewable energy farms need to replace them regularly. This increases their cost over time and multiplies their environmental impact. And lithium batteries are very hard to recycle and release toxic chemicals when they sit in landfills. From start to finish, lithium batteries are far from an ideal solution.
There are existing solutions that actually have a lower environmental impact and a longer lifespan. But none are competitive in terms of price. This is the problem that Qnetic is trying to solve — providing affordable and sustainable energy storage that can power cities from evening peak hours to the next sunrise.
Founder Profile
Qnetic Co-founder Michael Pratt on Rotor-Based Renewable Energy Storage
Demand for “clean” and “green” is blowing up across industries. And at the center of this eco-conscious movement is renewable energy, a space where innovation flows like water out of a dam. But renewable energy storage — the key to having solar energy available on cloudy days — still needs work.
Qnetic’s answer is a storage system that converts electricity to kinetic energy in the form of a spinning rotor. The rotor keeps turning in a vacuum until the energy is needed again, when the process is reversed to release electricity. We reached out to founder and CEO Michael Pratt to learn how to improve the future and why Qnetic located its prototype in Germany.
Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.