ICL Planet Startup Hub Continues to Invest in Plant-Based Proteins

Rhea-AI Summary

ICL (NYSE: ICL) announces a partnership with Plantible Foods, focusing on innovative alternative protein products derived from lemna. This collaboration includes a multi-million-dollar supply agreement covering the U.S., Europe, Brazil, and Israel. This strategic move capitalizes on the growing alternative protein market, projected to reach $290 billion by 2035. ICL's investment follows its previous partnership with Protera and aligns with its goal to accelerate the development of sustainable food solutions.

Positive

• Strategic investment in Plantible Foods enhances ICL's position in the alternative protein market.
• Collaboration includes a multi-million-dollar supply agreement for key markets: U.S., Europe, Brazil, and Israel.
• Projected growth of the alternative protein market to $290 billion by 2035 supports the long-term prospects.

Negative

• None.

New hub announces partnership with Plantible Foods

TEL AVIV, Israel--(BUSINESS WIRE)--

ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced its innovation platform, ICL Planet Startup Hub, has invested in – and will be partnering with – Plantible Foods, a vertically integrated agricultural platform producing a functional protein derived from lemna. The investment follows Plantible Food’s Series A funding round last September, which was led by Astanor Ventures, a global leader in agriFood impact investing.

Complementary to this investment, ICL and Plantible Foods have signed a multi-million-dollar supply agreement for the U.S., Europe, Brazil and Israel. The two companies will also further collaborate to expand the potential of Plantible’s products across key food categories. Through this partnership, Plantible will participate in joint food applications development and be joined by ICL’s world class food scientists.

"We are excited to be partnering with Plantible on the creation, development and marketing of new alternative protein products, an area where ICL is a becoming a leading player, as demonstrated by its recently launched new alternative protein facility in the U.S.," said Hadar Sutovsky, vice president of External Innovation and general manager of ICL Planet. "The global alternative protein market has been boosted by continued consumer demand and is estimated to reach at least $290 billion by 2035, according to a report by Boston Consulting Group and Blue Horizon Corporation."

"The key growth drivers for the alternative protein market are healthy lifestyle changes, shifting consumer perceptions, and more effective sustainable production capabilities," said Rado Sporka, vice president of the Food Specialties Commercial Business for ICL. "Our collaboration with Plantible Foods is a part of our Impacting Better Food strategy, bringing next generation protein technology to market faster."

This is the second investment for ICL Planet Startup Hub, which is the platform ICL uses to invest in and collaborate with innovative companies in the foodTech and agriTech domains. Last July, ICL Planet invested in Protera – an AI-driven start-up that is designing and developing new proteins – and both investments align with the platform’s focus on clean label functional food ingredients, which is also an integral part of ICL’s global food strategy.

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 2021 revenues totaled approximately $7 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.
To learn more about ICL Planet, visit www.icl-group.com/innovation/planet-startup-hub/.
You can also learn more about ICL on Facebook, LinkedIn and Instagram.

About Plantible Foods
Plantible Foods is a business-to-business food technology company with the goal of developing the most functional and applicable plant-based protein in the world by harnessing lemna: one of the most sustainable and nutrient-dense plants in the world.

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 intent, belief or current expectations. Forward-looking statements 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 statements due to various factors, including, but not limited to: estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, market and business conditions, supply chain and logistics disruptions, the potential for new COVID-19 variants, governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, changes in environmental, tax and other laws or regulations and the interpretation thereof, and the potential for partnerships, collaborations and marketing efforts related to new products, expansions and initiatives. 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 March 2, 2021, 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.

Forward-looking statements refer only to the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments or to publicly release any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220216005930/en/

Investor Relations Contact

Peggy Reilly Tharp

VP, Global Investor Relations

Peggy.ReillyTharp@icl-group.com

Media Contact

Hadar Sutovsky

VP, External Innovation

Hadar.Sutovsky@icl-group.com

Source: ICL Group LTD

FAQ

What is the recent partnership announced by ICL?

ICL announced a partnership with Plantible Foods to develop alternative protein products derived from lemna.

How much is the supply agreement between ICL and Plantible Foods worth?

The supply agreement is a multi-million-dollar deal covering markets in the U.S., Europe, Brazil, and Israel.

What is the projected size of the alternative protein market by 2035?

The alternative protein market is projected to reach at least $290 billion by 2035.

Who led the Series A funding round for Plantible Foods?

The Series A funding round for Plantible Foods was led by Astanor Ventures.

What was ICL's previous investment before Plantible Foods?

ICL's previous investment was in Protera, an AI-driven startup focused on developing new proteins.