ICL Unveils Breakthrough in Flame Retardant Technology

December 13, 2024 at 08:22 AM EST

VeriQuel R100 offers innovative and more sustainable solution for insulation products

ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced the launch of VeriQuel R100, an innovative, reactive phosphorus flame retardant (FR) designed for rigid polyurethane insulation products, such as those used for sheathing, in-wall and PIR roofing - the preferred choice for more than 70% of commercial roofs. ICL invested more than $2 million of R&D into this groundbreaking phosphorus-based product, which offers a more sustainable alternative to traditional additive flame retardants.

VeriQuel R100 is a patented reactive product, which creates built-in flame retardancy, meaning it chemically bonds with the polymer matrix. This next generation technology not only ensures long-lasting performance and stability, it also eliminates the potential for the product to migrate. Additionally, it aligns with stricter global regulations on environmental safety.

Importantly for customers, VeriQuel R100 is fully compatible with current manufacturing processes, making it an easy transition for manufacturers looking to improve their product’s sustainability and compliance without additional formulating costs. To date, four of the leading U.S. commercial roofing companies have launched products with VeriQuel R100, with another six companies in the U.S. and Europe currently in the product development phase.

“VeriQuel R100 has been formulated to meet fire safety standards, but it is also valued for its sustainability properties,” said Yaniv Kabalek, president of ICL’s Industrial Products Division. “As the industry moves towards greener building materials, and demand for sustainable building solutions increases, VeriQuel R100 will be able to provide manufacturers with a high-performance, environmentally responsible solution without compromising on fire safety.”

According to Grand View Research, the global rigid polyurethane foam market size was estimated to be ~$21 billion in 2023 and is expected to grow at a CAGR of 5.8% from 2024 to 2030. The construction industry drives primary demand for rigid polyurethane foam and, as energy efficiency has become more predominant, the market has witnessed an increase in demand, since rigid polyurethane insulation helps reduce energy consumption and overall infrastructure costs.

About ICL

ICL Group is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company's growth across its end markets. ICL shares are dual 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 2023 revenues totaled approximately $7.5 billion.

For more information, visit ICL's website at icl-group.com.

To access ICL's interactive CSR report, visit icl-group-sustainability.com.

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Forward Looking Statements

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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, 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, and war or acts of terror and/or political, economic and military instability in Israel and its region, including the current state of war declared in Israel and any resulting disruptions to our supply and production chains. 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 14, 2024, 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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