Team of experts will focus on sustainable energy storage opportunities
ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it has created a dedicated internal unit focused on energy storage. In response to increasing demand for lithium-ion (Li-ion) batteries destined for electric vehicles and other energy storage offerings, the company swiftly adjusted its organizational structure and developed a global, multidisciplinary team, to address these opportunities.
The new unit follows ICL’s successful entry into the lithium iron phosphate (LFP) battery market in China in 2021 and will expand on the company’s current capabilities and refine its product offerings for the rapidly growing energy storage market. The company is looking to expand its presence beyond its existing specialty products used in cathode active materials (CAM) and in bromide-based batteries. Specifically, ICL is evaluating new opportunities for electrolytes currently used in batteries and next-generation solid electrolytes.
“ICL is committed to developing our position in the broader battery market, in both Europe and the U.S. As a result, this new unit has established dedicated battery resources at three of our global R&D centers, and research includes exploring battery end-of-life recycling, as part of our commitment to sustainability and to creating a global circular economy,” said Anantha Desikan, EVP and chief innovation and technology officer of ICL. “We are also investigating ways to advance energy storage and battery performance, and we continue to explore capacity expansions, partnerships and other types of collaborations, as part of these efforts.”
Electric vehicle (EV) adoption is a key driver for the Li-ion battery market, as this industry and others – such as stationary grid storage and EV charging infrastructure – continue to look for more sustainable, safer and cost-effective solutions. By 2030, Cairn ERA forecasts global demand for the Li-ion battery market will reach more than 2,725 GWh, for a market value of more than $240 billion.
In February, the U.S. Department of Energy announced it expects to invest more than $7 billion over the next five years in the sustainable sourcing and processing of the critical minerals used in battery production. In March, the European Battery Alliance (EBA) also announced plans to fill gaps in the European Union’s sustainable and vertically integrated battery value chain, as it looks to create a self-sufficient battery industry in Europe by 2030.
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 the 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 2021 revenues totaled approximately $7 billion.
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” and “potential,” among others.
Forward-looking statements appear in this press release and include, but are not limited to, statements regarding the company’s intent, belief or current expectations. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, market and business conditions, supply chain and logistics disruptions, the potential for new COVID-19 variants, global unrest and conflict, governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, changes in environmental, tax and other laws or regulations and the interpretation thereof. As a result of the foregoing, readers should not place undue reliance on the forward‐looking statements contained in this press release concerning the timing of the transaction, or other more specific risks and uncertainties facing ICL, such as those set forth in the “Risk Factors” section of its Annual Report on Form 20-F filed on February 23, 2022, as such risk factors may be updated from time to time in its Current Reports on Form 6-K and other filings ICL makes with the U.S. Securities and Exchange Commission from time to time.
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