ICL Expanding Specialty Product Offerings to Meet Growing Demand from Electric Vehicle Battery Market

Company collaborating with Columbia Electrochemical Energy Center to advance lithium iron phosphate battery technology

TEL AVIV, Israel--(BUSINESS WIRE)--ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it is now able to offer a complete range of mono ammonium phosphate (MAP) solutions from its YPH joint venture plant in China. As YPH controls the entire phosphate value chain, from the mine to the product, it is able to provide both flexibility and cost effectiveness, while also meeting unique customer specifications. ICL is committed to creating additional capacity to meet rapidly increasing customer demand for specialty MAP products, including for the production of lithium iron phosphate (LFP) batteries destined for electric vehicles and other energy storage.

Over the past several years, Chinese producers have been leading in the LFP battery space, which currently accounts for approximately 23% of the global Li-ion battery market and is expected to grow at a 25% CAGR through 2030, per Cairn ERA. LFP-based batteries have benefitted from recent design enhancements, which have improved the energy density of the overall battery, resulting in greater range and created potential additional end-markets for these batteries.

“It’s no surprise LFP is one of the fastest growing sectors of the battery industry, as this technology offers superior safety at a lower cost and with a longer life. LFP also reduces exposure to conflict metals, which aligns with our mission to transform from a company that extracts minerals to a company that uses its minerals to create sustainable solutions for humanity,” said Anantha Desikan, EVP and chief innovation and technology officer of ICL.

ICL considers strong demand for EV and energy storage as a significant source of potential growth for its phosphate- and bromine-based specialty products, in both the short- and long-term. The company is currently exploring partnerships with customers who are focused on expanding the use of LFP, and other specialty technology, in Europe and the United States. By 2030, Cairn ERA forecasts global demand for LFP batteries will reach more than 1 million tons, for a market value of up to $5 billion, due to a shift toward the lower cost cathode materials used in more affordable EV automobile models. ICL expects to leverage both its knowledge of LFP and its global phosphate footprint to capitalize on this emerging trend and is also collaborating with the Columbia Electrochemical Energy Center (CEEC) of Columbia University, to improve battery safety and energy density and is exploring multiscale modeling across lithium iron phosphate, lithium metal and zinc-bromine batteries.

“We’re pleased to build on our previous research collaborations with ICL Group,” said Dan Steingart, co-director of CEEC and the Stanley-Thompson Associate Professor of Chemical Metallurgy at Columbia University. “This new project significantly expands our relationship and allows us to jointly explore strategies to address energy storage and conversion via next generation batteries, by leveraging ICL’s core strengths, including LFP technology.”

About ICL

ICL Group is a leading global specialty minerals company, which also benefits from commodity upside. The company creates impactful solutions for humanity's sustainability challenges in global food, agriculture, and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation to drive growth across its end markets. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2020 revenues totaled approximately $5.0 billion.

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About CEEC

The Columbia Electrochemical Energy Center (CEEC) is using a multiscale approach to discover groundbreaking technology and accelerate commercialization. CEEC joins together faculty and researchers from across Columbia University’s School of Engineering and Applied Sciences who study electrochemical energy with interests ranging from electrons to devices to systems. CEEC’s industry partnerships enable the realization of breakthroughs in electrochemical energy storage and conversion.

Forward-Looking Statements

This announcement contains statements that constitute forward‑looking statements, many of which can be identified by the use of forward‑looking words such as anticipate, believe, could, expect, should, plan, intend, estimate, strive, forecast, target, and potential, among others. Forward‑looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward‑looking statements due to various factors including other risk factors discussed under Item 3 - Key Information - D. Risk Factors in the company's annual report on Form 20-F for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2021 (the Annual Report).