ICL signs MOU with aleees for production of lithium iron phosphate battery cathode materials.
ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, 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.
Philip Brown, president of ICL Phosphate Specialties and managing director of North American, said:
We’re looking forward to collaborating with Aleees, a premier LFP technology provider, with customers in Japan, South Korea, Europe and the United States.
“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.”
Edward Chang, President of Aleees, said:
The global energy storage market has clearly shifted toward LFP batteries as the dominate 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.
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.
ICL Signs Memorandum of Understanding with Aleees for Production of Lithium Iron Phosphate Battery Cathode Materials, TAOYUAN, July 8, 2022
