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ICL Expands Investment in Plantible Foods Further Collaboration

ICL has signed a five-year, $170 million agreement with AMP Holdings Group Co. Ltd., a leading agricultural distributor in China.

Key Takeaways:

  • ICL participated in Plantible Foods’ Series B funding round, building on its initial investment during the Series A round.
  • The collaboration led to the launch of Rovitaris Binding Solution, powered by Rubi Protein, in October 2023.
  • Rovitaris was recognized with the Ingredient Idol award at the 2024 SupplySide West (SSW) conference as the year’s most innovative food ingredient.
  • The investment underscores ICL’s focus on advancing sustainable, clean-label solutions to meet consumer demand.

Continued Partnership and Investment

ICL (Profile), a global specialty minerals company, announced a follow-on investment in Plantible Foods (Profile) through participation in its Series B funding round. This builds on ICL’s initial investment during Plantible’s Series A round and solidifies the strategic collaboration between the two companies.

The partnership focuses on developing sustainable, plant-based food solutions. In October 2023, ICL Food Specialties and Plantible Foods launched the Rovitaris Binding Solution, powered by Rubi Protein. The product, designed as a functional, clean-label ingredient, addresses the growing demand for healthier and sustainable food alternatives.

Industry Recognition

Rovitaris Binding Solution was honored with the Ingredient Idol award at the 2024 SupplySide West (SSW) conference, recognizing it as the most innovative food ingredient of the year.

Hadar Sutovsky, Vice President of Corporate Investments at ICL, highlighted the significance of the continued collaboration: “Our continued investment in Plantible Foods underscores our commitment to advancing sustainable and innovative solutions in the food industry. We are excited to support Plantible’s growth and the development of their groundbreaking plant-based proteins.”

Rado Sporka, Vice President of Food Specialties at ICL, commented on the growing market potential: “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. 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.”

Plantible Foods Perspective

Plantible Foods CEO Tony Martens Fekini acknowledged the value of the collaboration: “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.”

ICL Latest News

Opens Food Specialty Plant in China (2024/09/25)

ICL, a global specialty minerals company, has opened a new food specialty plant in China. The facility, located in the Zhangjiagang Free Trade Zone, will manufacture innovative food solutions for the meat, poultry, and seafood industries. The plant will offer Chinese consumers tailored food offerings and superior taste, texture, and stability solutions. The plant will strengthen ICL’s presence in China by catering to its existing customer base and seeking new growth opportunities. ICL will focus on customization, empowering customers to enhance their product offerings and market competitiveness. The plant will bring ICL closer to end consumers and is part of the company’s long-term commitment to global food security.

Signs $170M Agreement with China’s AMP Holdings (2024/08/27)

ICL, a global leader in specialty minerals, has signed a five-year agreement with China’s AMP Holdings Group Co. Ltd., valued at around $170 million. The agreement will run until 2028 and focuses on the supply of specialty water-soluble fertilizers for drip irrigation systems used in high-value cash crops like apples, watermelons, vegetables, strawberries, ginger, and grapes. The contract includes a minimum purchase commitment and exclusivity conditions based on brand and region. China’s growing demand for specialty fertilizers is linked to the growth of high-value crops and the adoption of drip irrigation systems. The company is committed to continuous innovation and delivering cutting-edge solutions to its partners, including AMP Holdings. The strategic importance of the partnership is emphasized by Elad Aharonson, president of ICL Growing Solutions, and Ye Hong, general manager of AMP Holdings.

Acquires Custom Ag Formulators to Expand Growing Solutions Offerings (2024/06/30)

ICL (NYSE: ICL) has acquired Custom Ag Formulators (CAF), a North American provider of agriculture formulations and products. The $60 million deal is aimed at expanding ICL’s Growing Solutions product offerings and entering new markets. CAF provides liquid adjuvants, enhanced nutrients, and other specialty agricultural products and operates two U.S. manufacturing facilities. According to Elad Aharonson, president of ICL Growing Solutions, the acquisition will help meet the needs of local growers and enhance customer service. Patrick Murray, principal of Custom Ag Formulators, also expressed enthusiasm for the partnership with ICL.

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