ICL Increasing Circular Economy Impact Through Expanded Growth of Fibagro Advance, a Sustainable Peat Alternative

Rhea-AI Summary

ICL (NYSE: ICL) has announced significant growth for its innovative product, Fibagro Advance, a sustainable alternative to peat, sourced from FSC-certified wood in the UK. This product enhances moisture retention and is recognized for its lower carbon footprint. Fibagro Advance's adoption has surged from 12% in 2020 to an expected 50% in 2022, reflecting its growing popularity among professional growers. The product scored 15 points higher in sustainability compared to traditional options, aligning with ICL's commitment to sustainability innovations.

Positive

• Fibagro Advance usage rates increased from 12% in 2020 to an expected 50% in 2022.
• Achieved 15 sustainability points more than average peat alternatives.
• Fibagro Advance contributes to local circular economy targets.

Negative

• None.

Unique and superior woodfibre product is setting the standard for next generation sustainable growing media for professional horticulture

TEL AVIV, Israel--(BUSINESS WIRE)-- ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it expects to see expanded growth of Fibagro Advance, a unique and superior peat alternative manufactured in the UK from home grown Forest Stewardship Council (FSC) sourced wood, which is a by-product of the timber industry. This innovative and advanced woodfibre product is being used as a key component in professional growing media mixes and provides professional growers with a sustainable growing solution.

Fibagro Advance takes waste wood and uses a thermo-mechanical process to create a unique matrix, which improves moisture and nutrient retention. In addition to its superior technical capabilities, Fibagro Advance is produced from local renewable sources and contributes to local circular economy targets. It also has a lower carbon footprint, compared with peat and other peat alternatives, and is setting the standard for the next generation of professional growing media.

Fibagro Advance has achieved 15 sustainability points more than the average of peat and other peat alternatives, according to the Growing Media Association’s Responsible Sourcing Calculator. This resource enables manufacturers and users of growing media to understand and measure the impact of growing media materials across seven criteria: energy and water use, social compliance, habitat and biodiversity, pollution, renewability, and resource use efficiency, as certified by BM TRADA.

The use of Fibagro Advance by professional growers is already changing growing media practices, as customers are experiencing increasing benefits. This has led to use rates increasing from 12% in 2020 to 30% in 2021. It is expected that in 2022, Fibagro Advance will increase to a 50% use rate, versus traditional peat and other peat alternatives.

“ICL is at the forefront of exploring innovative and sustainable solutions, and the investment in and development of Fibagro Advance aligns with our strategy to create impactful solutions for humanity's sustainability challenges,” said Elad Aharonson, president of Innovative Ag Solutions of ICL. “The company is also investing in further internal and external R&D efforts, to develop other suitable sustainable materials. ICL has been collaborating with the University of Manchester and Lancaster University to explore and assess the circular economy for a range of sustainable materials to help improve food security and sustain natural resources.”

ICL is an active member of the UK Horticultural Trades Association and is committed to its sustainability roadmap, which helps members increase the commercial, environmental and social value of their businesses. The company is also a founding member of the UK Growing Media Association’s Responsible Sourcing Scheme for Growing Media and supports its efforts to help manufacturers and growers choose more sustainable materials. The UK is one of the leading countries in Europe transitioning away from peat-based growing media, and this trend is likely to be replicated in other countries in the coming years.

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 totalled 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.
You can also learn more about ICL on Facebook, LinkedIn and Instagram.

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Investor Relations Contacts

Peggy Reilly Tharp

VP, Global Investor Relations

+1-314-983-7665

Peggy.ReillyTharp@icl-group.com

Dudi Musler

Director, Investor Relations

+972-3-684-4448

Dudi.Musler@icl-group.com

Press Contact

Adi Bajayo

Scherf Communications

+972-52-4454789

Adi@scherfcom.com

Source: ICL Group LTD

FAQ

What is Fibagro Advance and why is it significant for ICL?

Fibagro Advance is a sustainable peat alternative made from FSC-certified wood. It's significant for ICL as it represents a growing market trend towards eco-friendly growing media.

How has the adoption of Fibagro Advance changed over the years?

Adoption of Fibagro Advance has increased from 12% in 2020 to an expected 50% in 2022, indicating stronger market acceptance.

What are the sustainability benefits of Fibagro Advance?

Fibagro Advance has scored 15 sustainability points higher than average peat alternatives, showcasing its environmental advantages.

How does ICL plan to enhance its sustainability efforts?

ICL is investing in R&D for sustainable materials and collaborating with universities to assess circular economy solutions.

What is ICL's position in the specialty minerals market?

ICL is a leading global specialty minerals company with a focus on sustainable solutions in food, agriculture, and industrial markets.