ICL launches breakthrough biodegradable coated fertilizer technology
TEL AVIV, Israel–(BUSINESS WIRE)–LCI (NYSE: ICL) (TASE: ICL), a global leader in specialty minerals, today ushered in a new era for controlled-release urea with the launch of eqo.x, a revolutionary biodegradable, rapid-release technology designed for open-field agriculture. This innovative solution is achieved through a coating, which will help farmers maximize crop performance while limiting environmental impact, reducing nutrient loss and increasing nutrient use efficiency (NUE) up to at 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, predictable nutrient release.
Importantly, 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 has been specifically designed to meet future European fertilizer standards 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 for 2030, which aim to reduce nutrient loss by at least 50% by 2030.
“ICL is proud to introduce our most advanced CRF coating, the eqo.x biodegradable rapid release technology, which will help both regulate the release of nutrients on a daily basis – meeting the specific needs of each crop – and improve the nutrient use efficiency,” said Elad Aharonson, president of Innovative Ag Solutions for ICL. “Our new innovative and sustainable technology will deliver precision nutrition through a coating that biodegrades faster and helps improve yield, reduce nutrient loss and simplify fertilizer application. Not only will this benefit farmers, but it will also help the environment, as it will significantly reduce the leaching of nutrients into soil and groundwater, compared to conventional fertilizers.
ICL expects this innovative new coating to be 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 the eqo.x release technology at its factory in 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, which would drive a CAGR of 6.37% at during the forecast period.
For more information on this revolutionary release technology, visit the eqo.x website.
ICL Group is a leading global minerals company which is also benefiting from rising commodity prices. 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, passionate team of talented employees and strong focus on R&D and technology innovation to drive growth in its end markets. ICL shares are dual-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 revenue in 2021 totaled approximately $7 billion.
For more information, visit the ICL 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.
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 current intent, belief or expectations. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. These statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied by the forward-looking statements due to a variety of factors, including, but not limited to: estimates, forecasts and statements as to management’s expectations with respect to, among other things, business and financial outlook, 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, potential for new variants of COVID -19, global unrest and conflict, governmental and regulatory requirements and actions of governmental authorities, including changes to the a government policy, changes in environmental, tax and other laws or regulations and their interpretation. 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” 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 in other documents filed by ICL with the United States Securities and Exchange. Commission from time to time.
Forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to update them in light of new information or future developments or to publicly release any revisions to these statements to reflect subsequent events or circumstances or to reflect the occurrence of unforeseen events.