ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, announced its participation in Plantible Foods’ Series B funding round, building upon its initial investment during the Series A round. This follow-on investment strengthens the strategic collaboration between the two companies, emphasizing their shared commitment to innovation and sustainability in the food industry.
In collaboration with Plantible Foods, ICL Food Specialties launched Rovitaris Binding Solution powered by Rubi Protein in October 2023. Recognized as a game-changing clean-label ingredient, Rovitaris recently received the prestigious Ingredient Idol award at the SupplySide West (SSW) conference in November 2024, marking it as the most innovative food ingredient of the year.
With global consumer demand for sustainable and natural products on the rise, ICL’s investment and its innovative offerings like Rovitaris align with key market trends. This strategic partnership supports Plantible Foods’ mission to develop functional plant-based proteins, providing groundbreaking solutions to meet the evolving needs of the clean-label food market, valued at $53 billion in 2024 and projected to nearly double by 2034.
ICL Announces Follow-On Investment in PlantibleFoods and Celebrates Industry
Recognition for Innovative Food IngredientPartnership received Ingredient Idol award at SupplySide West 2024
Tel Aviv, Israel; December 17, 2024 ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today announced a follow-on investment in Plantible Foods, participating in the company’s Series B funding round. This investment builds upon ICL’s initial participation in Plantible’s Series A round and furthers the strategic collaboration between the two companies.
In October 2023, ICL Food Specialties, in collaboration with Plantible Foods, launched Rovitaris Binding Solution powered by Rubi Protein. This innovative ingredient was honored with the Ingredient Idol award at the SupplySide West (SSW) conference in November 2024, recognized as the most innovative food ingredient of the year.
“Our continued investment in Plantible Foods underscores our commitment to advancing sustainable and innovative solutions in the food industry,” said Hadar Sutovsky, vice president of Corporate Investments at ICL. “We are excited to support Plantible’s growth and the development of their groundbreaking plant-based proteins.”
“Receiving the Ingredient Idol award for Rovitaris is a testament to our dedication to delivering cutting-edge, clean-label solutions that meet the evolving demands of consumers seeking healthier and more sustainable food options,” said Rado Sporka, vice president of Food Specialties at ICL. “ICL Food Specialties anticipates increasing demand for Rovitaris Binding Solution in 2025, driven by the growing consumer trend toward clean-label and sustainable food ingredients.”
Tony Martens Fekini, CEO of Plantible Foods, added: “Our partnership with ICL is instrumental in bringing Rubi Protein to market. The recognition at SSW highlights the potential of our collaboration to transform the food industry with sustainable and functional ingredients.”
Market Insights
According to Global Market Research, the global clean label ingredients market is experiencing robust growth, driven by increasing consumer demand for transparency and natural products. In 2024, the market was valued at approximately $53 billion and is projected to reach $99 billion by 2034, growing at a CAGR of more than 6.4% during the forecast period.
ICL Group’s investment in Plantible Foods, and the development of innovative ingredients like Rovitaris Binding Solution, aligns with these market trends and positions the company to meet the evolving demands of consumers while capitalizing on new market opportunities.
About ICL
ICL Group is a leading global specialty minerals company, creating impactful solutions for humanity’s sustainability challenges in the food, agriculture, and industrial markets. The company leverages its unique bromine, potash, and phosphate resources, along with its global professional workforce and sustainability-focused R&D, to drive 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, with 2023 revenues totaling approximately $7.5 billion.
For more information, visit icl-group.com.
To access ICL’s interactive CSR report, visit icl-group-sustainability.com.
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.
Forward-Looking Statements
This announcement contains statements that constitute forward-looking statements, many of which can be identified by the use of 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. Such statements are subject to risks and uncertainties, including, but not limited to:
- Market trends and consumer demand fluctuations.
- Economic, political, and supply chain disruptions.
- Regulatory changes or actions.
Readers are advised to consult the “Risk Factors” section of ICL’s Annual Report on Form 20-F, filed on March 14, 2024, and other filings with the U.S. Securities and Exchange Commission for further details.
Forward-looking statements refer only to the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments.
