Solar panels are sprouting on farmland. These agricultural photovoltaic systems enable farmers to generate energy while engaging in farming and livestock operations. They also do double-duty providing shade to protect crops and livestock from heat and other extreme weather elements.
Feld.Energy, an agrivoltaic startup in Germany, has installed more than 120 megawatts of panels on more than 200 farms. The company raised a seed round exceeding €10 million ($11.6 million) from German early-stage tech investor HV Capital, which also led the company’s €1.7 million pre-seed round last year. Future Energy Ventures, German impact and climate fund AENU and Angel Invest joined in.
Dual use
The agrivoltaics industry is expected to grow by nearly $2 billion by 2028. In Germany, demand is propelled by the country’s goal of producing 80% of its electricity from renewables by 2030 and cutting nearly all energy-related emissions by 2050. Under Feld.Energy’s model, farmers lease their land to the company for 20 years and receive up to €3,000 ($3,500) per hectare (2.5 acres) annually, or get payments from a revenue sharing agreement.
“Agri-PV is rapidly trending because it brilliantly addresses the growing land competition for food and energy production, offering win-win solutions for farmers through diversified income and enhanced crop resilience, all while driving the green energy transition forward,” said Jan Palasinski of Future Energy Ventures.
Feld.Energy, which aims to mainstream agrivoltaics, will use the funding to scale its team and operations.
