Eliospower and Agri-Light Partner to Generate Power from Agrivoltaic Plants in Italy

Eliospower, a subsidiary of Innovatec, an investment holding company listed on the Euronext Growth Milan market active in the renewables business, and Agri-Light Energy Systems, an Israeli startup (financed by Israeli company Prime Energy) that owns the innovative patented Smart Agri-PV technology for agrivoltaic power generation, have signed an agreement to develop and build new agrivoltaic plants in Italy.

In detail, Agri-Light has developed an innovative unique solar tracking system based on a proprietary agrivoltaic algorithm that enables dual land use, managing the level of radiation to optimize electricity generation while optimizing crop cultivation.

Agri-Light Energy Systems is, moreover, just the latest in a series of Israeli startups that Italian investors are working with But it certainly is peculiar that the deal comes at such a delicate time for Israel and its startup and venture capital ecosystem, which has been strained by the conflict with Hamas.

Read more about the partnership between Eliospower and Agri-Light and find the most important business news from around the world with our companion app Born2Invest.

Eliospower will play the role of general contractor

The company Eliospower will be able to follow the authorization development and construction of the plants in EPC logic, while Agri-Light will follow, as a technology partner, the engineering, supervision to procurement, and construction of the proprietary SAPV system.

The goal of the agreement is to consolidate an industrial-scale portfolio of agri-FV assets built by the group by incorporating and implementing SAPV technology. The agreement provides for the implementation of an initial project, expected to be finalized by 2024, and the joint definition of a pipeline of projects to be implemented, on an exclusive basis, in Italy in the medium term.

The agreement between Eliospower and Agri-Light was conceived in the logic of full adherence to the June 2022 Mnistero dell’Ambiente indications on agri-voltaic plants and in the belief that the development of agri-voltaic energy will represent a primary scenario in the production from renewable sources in the coming years.

Pietro Colucci, Innovatec’s CEO commented, “This strategic agreement between Eliospower and Agri-Light allows us to take a first important step forward also in the Italian agrivoltaic sector. With such an ambitious industrial plan projected to make a strong contribution to the achievement of the EU 2030 goals, we could not fail to devote special attention to innovation in the agrovoltaic sector. Innovatec is constantly seeking green virtuosity; our continuous quest for innovation also requires us to always be consistent with our sustainable spirit through the right combination of the need to provide our country with non-fossil energy resources and the preservation of our agronomic heritage.”

He continued: “The agreement with Agri-Light gives continuity to Innovatec’s strategy, representing a further piece of a strategic path aimed at the growth of the energy efficiency business through the development and implementation of photovoltaic and agrovoltaic fields for the production of energy from renewable sources.

The development and enhancement of photovoltaic assets is in fact one of the key factors for the growth of the group, which intends to play an increasingly central role in the country’s decarbonization process.”

On February 17th, 2022, Innovatec (Eliospower parent company) announced the establishment of Innovatec Venture srl, the Corporate Venture Capital vehicle founded with the intention of promoting sustainable innovation both outside and inside the group, involving various partners in the initiative as it goes along.

Also announced on that occasion was the first partnership in the series, which Innovatec has entered into with Forest Valley Institute srl, a nonprofit venture that aims to combat climate change through the promotion of Climate Innovation, or the development of innovative technologies and solutions to support the ecological transition of industries, cities, and territories.

Under the partnership agreement, Forest Valley will identify innovative start-ups within its scouting and screening activities that fall within the scope of interest of Innovatec Venture, which will be involved in the pitch meetings as a potential equity investor.

Moreover, the launch of Innovatec Venture, with the aim of scouting innovative technology startups in both the circular economy and energy efficiency and renewable energy sectors, had already been anticipated at the beginning of February by the company during the presentation of its Industrial Plan to 2024, which envisages total investments of around 60 million euros.

That includes 12 million in m&a for the consolidation of companies active in the waste treatment and recycling sectors within the circular economy.

Innovatec Venture’s role is not only that of an investor but also that of an industrial partner, making available to the selected start-ups its know-how in the cleantech sector, its facilities dedicated to waste treatment as well as its commercial footprint in the market, with the intention of accelerating their scale up to industrial level.

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(Featured image by fabersam via Pixabay)

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First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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