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.
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.
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To learn more about ICL Planet, visit www.icl-group.com/innovation/planet-startup-hub/.
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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.
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Investor Relations Contact
Peggy Reilly Tharp
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VP, External Innovation