Powys company DOVU to run $1 billion US farming scheme

In a “transformative” move for American agriculture and climate finance, Veteran’s Carbon Holdings, Inc. (VCH) announced it will distribute $1.1 billion in direct payments to US farmers and landowners over the next nine years as part of its newly launched carbon development programme.

The monumental investment will go directly into the hands of farmers in the midwest and western United States, who use practices such as no-till farming, cover cropping or rotational grazing to help their soil store carbon.

DOVU is registered in Irfon's hometown of Llanwrtyd Wells - known for the famous Man versus Horse race. The carbon is turned into credits that companies buy to meet their climate goals, with the majority of the money from those sales going straight back to the farmer.

Every credit is tracked and protected by DOVU – a tech company based in Llanwrtyd Wells and co-founded by Irfon Watkins, the son of a local farmer, in 2017.

“We have a platform where carbon is traded, in environmental credits,” said Irfon.

“They’ve been testing a new process with farmers in the US for the last three years. The process enriches the soil and increases yield by five to nine per cent.”

Testing and sampling has been carried out over the last three years and received scientific verification in a partnership with Texas’ Rice University.

“We’re talking about over two million acres of land and this deal is giving farmers over $1 billion over the next nine years,” said Irfon.

“All of it will be put through our company, DOVU, which is registered in Mid Wales, in Llanwrtyd.

“Carbon is a hot topic, love it or hate it.”

Irfon says the VCH deal will essentially keep American families on the lands they have farmed for generations – which certainly hits home back in Powys.

Around 19 council farm tenants have been given notices to quit within 12 months, leaving many with uncertain futures with their job and homes.

Llanwrtyd Wells is famous for its bog snorkelling event. Photo credit: Jacob King/PA Wire. Irfon added: “From a farming perspective, this is keeping families on family farms. In the US families are being driven off by corporate interests buying up the land.

“When you combine it with famers retiring and other things, this is something that shows there’s a company keeping farmers on the land. Growing food and not just planting trees.”

Jaguar Land Rover were DOVU’s first investors, with Irfon revealing he has plans to post a DOVU office in his hometown, famous for bog snorkelling and the annual Man versus Horse race, in the near future.

Tech entrepreneur Irfon Watkins (r), from Llanwrtyd, bought the chapel in his home town alongside Kasabian drummer Ian Matthews. (Image: None) Irfon bought the Irfon Crescent-based Bethesda Methodist Chapel in 2019, along with Kasabian drummer and long-time friend, Ian Matthews, and he says DOVU will soon be more than simply registered in the town.

DOVU, a sustainability-focused technology company, provides the digital system that tracks each carbon credit from your field all the way to the buyer.

Every credit is digitally verified, timestamped and securely recorded, so nothing can be faked or lost.

Farmers can see when their credits are used, who buys them and how much they’re worth.

“We built this with farmers, for farmers,” said Stephen Gorton, chief scientist at VCH.

“With DOVU’s help, we’re making sure farmers are paid fairly and transparently,” added Katie Lorenz, president of the company.