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.

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“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 American.  “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 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,” said Edward Chang, President of Aleees.

Source: ICL