December 14, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

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). Grown in the Wheatbelt of Western Australia this crop was developed to have no carbon footprint, cause no water pollution, and to support the adoption of regenerative farming practices. 

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. 

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. 

The company’s dedication to regenerative agricultural production and its development of an innovative protein source have brought it to the attention of investors looking to make a positive impact. Through its wholly owned subsidiaries Wide Open Plant Protein Pty. Ltd. and Wide Open Agriculture GmbH, Wide Open Agriculture has signed a non-binding agreement with Ingå Group (Ingå) – a UK-based subsidiary of Sweden’s Axel Johnson AB that develops clean, functional, and sustainable ingredient solutions for the food industry – that entails an investment and exclusive European distribution agreement. 

This is only the latest development for WOA in a year filled with rapid growth. 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. 

Then 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. 

WOA explained in October that the capital raised via these 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.

This newest agreement ties WOA closely with Ingå – a subsidiary of Axel Johnson AB, a leading Swedish, family-owned business that builds and develops long-term businesses that address societal challenges in the areas of food, energy, health, and industry, and has built a portfolio that generated net sales of SEK$118 billion (US$11.37 billion) in 2022. 

“Joining forces with Ingå marks a milestone in our journey to revolutionize sustainable food production,” said Jay Albany, CEO, WOA. “Their investment and belief in our vision empower us to scale new heights. Ingå’s impressive track record and commitment to sustainability make them the ideal partner for our European venture. We are excited to leverage their expansive network and expertise to bring Buntine Protein® to new markets, thereby driving our growth and impact.”

According to the terms, Ingå will invest €500,000 (US$541,405) in WOA subsidiary Wide Open Agriculture Germany GmbH in exchange for a 15 percent stake in the company at a pre-money valuation of €2.9 million (US$3.14 million). 

This investment will be used to fund continuing working capital requirements and facilitate the accelerated scaling of capabilities in Germany, and a four-person advisory board will be formed with two seats each for Ingå and Wide Open Agriculture Germany GmbH.

Execution of a distribution agreement will also be forged giving Ingå exclusive rights to market and sell WOA’s lupin-based protein products across Europe, and there will be the execution of an IP exclusivity agreement providing Ingå with partial ownership of the former Prolupin IP that was acquired as part of the asset acquisition agreement. 

“We are thrilled to partner with an innovative company like Wide Open Agriculture,” said Adrian Short, CEO, Ingå Group. “Their commitment to sustainability aligns perfectly with our vision for the future of food. This investment goes beyond financial implications; it’s about fostering a sustainable food ecosystem and supporting Wide Open Agriculture’s potential to be a leader in this space. We are committed to helping them expand their footprint in Europe and beyond.”

~ 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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