Team of experts will focus on sustainable energy storage opportunities

ICL, a leading global specialty minerals company, announced it has created a dedicated internal unit focused on energy storage. In response to increasing demand for lithium-ion (Li-ion) batteries destined for electric vehicles and other energy storage offerings, the company swiftly adjusted its organizational structure and developed a global, multidisciplinary team, to address these opportunities.

The new unit follows ICL’s successful entry into the lithium iron phosphate (LFP) battery market in China in 2021 and will expand on the company’s current capabilities and refine its product offerings for the rapidly growing energy storage market. The company is looking to expand its presence beyond its existing specialty products used in cathode active materials (CAM) and in bromide-based batteries. Specifically, ICL is evaluating new opportunities for electrolytes currently used in batteries and next-generation solid electrolytes.

“ICL is committed to developing our position in the broader battery market, in both Europe and the U.S. As a result, this new unit has established dedicated battery resources at three of our global R&D centers, and research includes exploring battery end-of-life recycling, as part of our commitment to sustainability and to creating a global circular economy,” said Anantha Desikan, EVP and chief innovation and technology officer of ICL. “We are also investigating ways to advance energy storage and battery performance, and we continue to explore capacity expansions, partnerships and other types of collaborations, as part of these efforts.”

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Electric vehicle (EV) adoption is a key driver for the Li-ion battery market, as this industry and others – such as stationary grid storage and EV charging infrastructure – continue to look for more sustainable, safer and cost-effective solutions. By 2030, Cairn ERA forecasts global demand for the Li-ion battery market will reach more than 2,725 GWh, for a market value of more than $240 billion.

In February, the U.S. Department of Energy announced it expects to invest more than $7 billion over the next five years in the sustainable sourcing and processing of the critical minerals used in battery production. In March, the European Battery Alliance (EBA) also announced plans to fill gaps in the European Union’s sustainable and vertically integrated battery value chain, as it looks to create a self-sufficient battery industry in Europe by 2030.

Source: ICL Group