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

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.

For more information, visit ICL’s website at www.icl-group.com.
To access ICL’s interactive Corporate Social Responsibility report, please
click here.
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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.