TEL AVIV, Israel–(BUSINESS WIRE)–Sep 1, 2022–
ICL ( NYSE: ICL) (TASE: ICL ), a leading global specialty minerals company, today ushered in a new era for controlled release urea with the launch of eqo.x, a groundbreaking rapidly biodegradable release technology designed for open field agriculture. This innovative solution is achieved through a coating, which will help farmers maximize agricultural crop performance while also limiting environmental impact, by reducing nutrient loss and by increasing nutrient use efficiency (NUE) up to 80%. The release technology also allows for increased or similar yields with reduced fertilizer rates, can help reduce the number and amount of nitrogen applications, and provides consistent and predictable nutrient release.
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Importantly, eqo.x release technology is the first offering in the market to provide a controlled release fertilizer (CRF) coating for urea, which biodegrades more rapidly, and was specifically designed to meet future European fertilizer standards set to go into effect in 2026. The new technology will be applied to ICL’s CRF products for agricultural crops, including its Agromaster and Agrocote brands, and will help achieve a reduction in nutrient losses. This achievement is a key tool of both the European Farm to Fork strategy and the EU Soil Strategy for 2030, which aim to reduce nutrient loss by at least 50% by 2030.
“ICL is proud to introduce our most advanced CRF coating, eqo.x rapidly biodegrading release technology, which will both help regulate the release of nutrients on a daily basis – by responding to each crops’ specific needs – and result in higher nutrient use efficiency,” said Elad Aharonson, president of Innovative Ag Solutions for ICL. “Our innovative, sustainable, new technology will provide precision nutrition through a coating, which biodegrades more rapidly, and helps improve yield, reduce nutrient loss and simplify fertilizer application. Not only will this benefit farmers, it will also help the environment, as it will greatly reduce the leaching of nutrients into both the soil and groundwater, when compared to conventional fertilizers.”
ICL expects to have this innovative, new coating ready for farmers in the European Union by 2023 and, in order to meet expected market demand, is investing $20 million in a new production line for eqo.x release technology at its Heerlen facility in the Netherlands. According to Fortune Business Insights, the global controlled release fertilizer market size was $2.3 billion in 2018 and projected to reach $3.86 billion by 2026, resulting in a CAGR of 6.37% during the forecast period.
For more information on this groundbreaking release technology, visit the eqo.x website.
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.
For more information, visit ICL’s website at www.icl-group.com.
To access ICL’s interactive ESG report, please click here.
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, energy storage and electric vehicle growth, 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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CONTACT: Investor Relations Contact
Peggy Reilly Tharp
VP, Global Investor Relations
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA MIDDLE EAST ISRAEL EUROPE NETHERLANDS
INDUSTRY KEYWORD: ENVIRONMENT TECHNOLOGY AGRITECH CHEMICALS/PLASTICS MANUFACTURING SUSTAINABILITY MINING/MINERALS AGRICULTURE NATURAL RESOURCES
SOURCE: ICL Group LTD
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PUB: 09/01/2022 04:43 PM/DISC: 09/01/2022 04:43 PM