ICL Signs Memorandum of Understanding with Aleees for Production of Lithium Iron Phosphate Battery Cathode Materials

ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced it has signed a memorandum of understanding (MOU) with Aleees, a Taiwanese manufacturer of lithium iron phosphate (LFP) battery cathode materials. As part of the understanding, Aleees will grant licensed technology on LFP to ICL and will also provide the company with technical information and support services to accelerate the development of cathode material production in the United States.

Plans call for ICL to establish production of 30,000 metric tons, and also future ramp up, for LFP battery cathode materials at its manufacturing campus in St. Louis, which is also its North American headquarters and where the company has a global R&D center.

“We’re looking forward to collaborating with Aleees, a premier LFP technology provider, with customers in Japan, South Korea, Europe and the United States,” said Philip Brown, president of ICL Phosphate Specialties and managing director of North America. “ICL is excited to lead the establishment of a localized, integrated, sustainable supply chain of LFP battery materials for U.S.-based customers and to reduce the risk for U.S. companies currently dependent on foreign supply of LFP materials.”

“The global energy storage market has clearly shifted toward LFP batteries as the dominant, more sustainable, safer and cost-effective solution, and we expect our future production to be exclusively dedicated to this area, with our demand estimated to surpass 170,000 metric tons by 2025, and 500,000 metric tons by 2028,” said Edward Chang, president of Aleees.

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 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 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.

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About Aleees

Aleees is a manufacturer of lithium iron phosphate battery cathode materials, with a number of world-famous battery, electric vehicles and energy storage customers in Japan, Korea, Europe and the United States. Aleees develops and produces lithium iron phosphate battery cathode materials with high-quality, high cost-performance and high life-cycle. In the 17 years since its establishment, the cumulative shipment has exceeded 15,000 tons, and the cumulative revenue has been nearly $250 million. Adhering to the concept of "sustainable human survival and environment-friendly," Aleees won the National Sustainable Development Award in 2013. In respect of corporate governance, Taiwan Stock Exchange (TWSE) has jointly conducted governance evaluations, and Aleees has been ranked among the top 5% of all listed companies in Taiwan for seven consecutive years, remarkable achievements in corporate governance.

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 “estimate,” “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend” 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, including LFP battery cathode materials production estimates. 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, which are derived from, among other things, that the non-binding MOU, as the underlying transaction, depends and relies upon the fulltime of certain conditions. 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, the consummation of those certain conditions, which the MOU and entire transaction are subject to, 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, LFP market growth, which is dependent, among other things, on energy storage and electric vehicle growth, the potential for new COVID-19 variants, global unrest and conflict, 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. As a result of the foregoing, readers should not place undue reliance on the forward‐looking statements contained in this press release concerning the estimated production quantities, 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 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.

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