TEL AVIV, Israel–(BUSINESS WIRE)–September 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, an innovative rapidly biodegradable release technology designed for open field agriculture. This innovative solution is achieved through a coating, which will help farmers maximize agricultural crop yields while limiting environmental impact by reducing nutrient loss and increasing nutrient use efficiency. (NUE) up to 80%. Release technology also allows for similar or higher yields at 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, the eqo.x release technology is the first offering on the market to provide a controlled release fertilizer (CRF) coating for urea, which biodegrades faster, and was specifically designed to meet future European standards. of fertilizers that will come 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 reduce nutrient losses. This achievement is a key tool of both the European Farm to Fork Strategy and the EU Soil Strategy 2030, which aims to reduce nutrient loss by at least 50% by 2030.
“ICL is proud to introduce our most advanced CRF coating, eqo.x Biodegradable Rapid Release Technology, which will help regulate nutrient release on a daily basis by responding to the specific needs of each crop, resulting in greater nutrient use efficiency. ”, said Elad Aharonson, president of Innovative Ag Solutions for ICL. “Our innovative and sustainable new technology will deliver precision nutrition through a coating, which biodegrades faster and helps improve yields, reduce nutrient loss and simplify fertilizer application. Not only will this benefit farmers, it will also help the environment as it will greatly reduce nutrient leaching into both the soil and groundwater, compared to conventional fertilisers.”
ICL expects to have this innovative new coating ready for farmers in the European Union by 2023 and, to meet expected market demand, is investing $20 million in a new production line for eqo.x release technology at its manufacturing facility. Heerlen in the Netherlands. . According to Fortune Business Insights, the global controlled-release fertilizer market size was $2.3 billion in 2018 and is projected to reach $3.86 billion by 2026, resulting in a CAGR of 6.37% over the forecast period.
To learn more about this innovative launch technology, visit the eqo.x website.
ICL Group is a world leading specialty minerals company, which also benefits from the raw material advantage. The company creates impactful solutions to 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 technology innovation to drive growth in its end markets. ICL’s shares are 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 revenue was approximately $7 billion.
For more information, visit the ICL website at www.icl-group.com.
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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”. ” “pretend”, “estimate” and “potential”, among others.
Forward-looking statements appear in this press release and include, but are not limited to, statements about the company’s current intent, belief or expectations. Forward-looking statements are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by any forward-looking statements due to various factors, including, but not limited to: estimates, forecasts, and statements about management’s expectations regarding regarding, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, business and market conditions, supply chain and logistics disruptions, storage of energy and electric vehicle growth, the potential for new variants of COVID-19, global unrest and conflict, government and regulatory requirements, and actions by government authorities, including changes in government policy, changes in environmental, tax, and environmental laws or regulations. of another type and the interpretation of them. As a result of the foregoing, readers should not place undue reliance on the forward-looking statements contained in this press release regarding the timing of the transaction or other more specific risks and uncertainties facing ICL, such as those set forth in the “Risk Factors ” of its Annual Report on Form 20-F filed on February 23, 2022, as such risk factors may be updated periodically in its Current Reports on Form 6-K and other filings ICL makes with the Securities and Exchange. US Commission from time to time.
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CONTACT: Investor Relations Contact
Peggy Reilly Tharp
Vice President of Global Investor Relations
[email protected] contact
KEY WORD: NEW YORK UNITED STATES NORTH AMERICA MIDDLE EAST ISRAEL EUROPE NETHERLANDS
INDUSTRY KEYWORD: ENVIRONMENT TECHNOLOGY AGROTECHNOLOGY CHEMICALS/PLASTICS MANUFACTURING SUSTAINABILITY MINING/MINERALS AGRICULTURE NATURAL RESOURCES
SOURCE: ICL Group LTD
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PUB: 09/01/2022 16:43/DISC: 09/01/2022 16:43