First-of-its-kind release technology is a major
advancement for sustainable agriculture and food security and will
allow farmers to meet 2026 EU fertilizer standards
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.
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 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. You can
also learn more about ICL on Facebook, LinkedIn and Instagram.
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
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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
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with respect to, among other things, business and financial
prospects, financial multiples and accretion estimates, future
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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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and the company does not undertake any obligation to update them in
light of new information or future developments or to publicly
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Investor Relations Contact Peggy Reilly Tharp VP, Global
Investor Relations +1-314-983-7665
Peggy.ReillyTharp@icl-group.com
Press Contact Adi Bajayo ICL Spokesperson +972-3-6844459
Adi.Bajayo@icl-group.com
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