October 19, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Historically, the vast majority of all lupin production has been used for livestock feed with only 4 percent of global production allocated for human food. But the potential for this protein in the human food space is huge. Lupin is considered a super high protein legume with protein content between 32-40 percent. It has a low glycemic index rating, high digestibility rating and high fiber content, and can be produced on marginal, low-nutrient soil due to its ability to fix atmospheric nitrogen and its use in crop rotation. 

Wide Open Agriculture (WOA), Australia’s leading ASX-listed regenerative food and agriculture company, has been a pioneer in the use of Buntine Protein – a proprietary high-value, plant-based protein concentrate made from regeneratively grown Australian Sweet Lupin (Lupinus angustifolius) in the Wheatbelt of Western Australia that was developed to have no carbon footprint, cause no water pollution, and to support the adoption of regenerative farming practices.

In March 2023, WOA announced it had secured up to A$12 million (US$8 million) in debt facilities with National Australia Bank (NAB) to support the company’s growth in manufacturing plant-based beverages. 

Now, only seven months later, the company announced it has secured binding commitments to raise approximately A$6.2 million, and will additionally launch a Share Purchase Plan to raise up to A$1.5 million, under which, existing eligible WOA shareholders will have the opportunity to acquire shares at the same issue price as shares issued under the placement. 

Fanja Pan, WOA’s largest shareholder, is the cornerstone investor for the placement, which also attracted strong support from both new and existing shareholders as well as WOA directors. 

WOA explained that the capital raised via binding commitments will enable it to acquire Prolupin GmbH’s assets for A$4.2 million, making WOA the largest producer of lupin protein in the world, accelerating the global launch of its flagship product Buntine Protein.

“We are incredibly proud to announce this monumental step in Wide Open Agriculture’s journey,” said Jay Albany, CEO, WOA. “The Acquisition of Prolupin’s assets not only represents a major milestone for our company but also cements our position as the world’s premier lupin protein producer.”

Manufactured under a globally protected patent, Buntine Protein® is a versatile ingredient used to create plant-based dairy, meats, baked goods, and protein supplements, and is steadily gaining traction among Australian and global food companies through WOA’s brand Dirty Clean Food. 

Prolupin has more than 25 years of experience in lupin production in Germany, and has a facility with an initial production capacity of 500 tons per annum, which is expected to double to 1000 tons per annum within 1-2 years. 

This acquisition will give WOA a state-of-the-art production facility and an immediate and significant operational presence in Europe, accelerating the company’s timeline to commercial-scale production and its global launch.

Furthermore, this facility is expected to generate notable positive cash flows, which the company explained will fund future investment in Germany and at the site of its production partner in Australia. 

“I would like to extend gratitude to all our investors who have shown immense faith in our vision and have supported us in this capital raise,” said Albany. “This acquisition is not just a transaction, but a pivotal moment in our journey. The Asset Purchase Agreement between Wide Open Agriculture and Prolupin is set to redefine the landscape of protein production globally, positioning us as leaders in the lupin protein market.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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