Wide Open Agriculture

Investor Insight

A Bloomberg Intelligence report shows the plant-based market could make up to 7.7 percent of the global protein market by 2030, with a value of over $235 billion, up from US$42.7 billion in 2020. Wide Open Agriculture’s value proposition combines technology with the benefits of lupin to create a range of powerful and sustainable plant-based protein products that can leverage a booming market.

Overview

Wide Open Agriculture (ASX:WOA,FRA:2WO) is an ag-tech company based in Australia, focusing on the next generation of plant protein ingredients for food and drink manufacturers globally. The company is focused on harnessing the benefits of lupin as a sustainable and powerful source of protein, offering it as an alternative to traditional plant-based protein products such as soy and pea.

Lupin is increasingly recognized as a valuable plant-based superfood, recognized for their high protein and dietary fibre content, making them a valuable addition to human nutrition. On the sustainability front, lupins have the ability to enrich soil fertility, thereby supporting more environmentally friendly agricultural practices. Their role in crop rotation and their nitrogen-fixing abilities contribute to reduced reliance on synthetic fertilizers, promoting better land management and sustainability. Using lupin-based protein ingredients helps improve manufacturers’ environmental credentials, as well.

Key to WOA’s value proposition is its patented ag-tech process that turns lupins into a superfood, producing a protein ingredient that enables food manufacturers to improve and replace traditional ingredients by eliminating the need for sugars and other artificial additives. WOA’s Buntine Protein is a breakthrough product, offering the most neutral-tasting plant-based protein in the market and allowing food manufacturers to create ‘clean label’ food and drink products. Traditional soy-based and pea-based ingredients often require additional ingredients, like sugars and additives, to make them palatable to consumers.

Company Highlights

• Wide Open Agriculture (WOA) is focused on developing cleaner, better quality and more functional alternatives to current plant-based protein sources.
• WOA plans to leverage its patented agritech process to create protein-rich, lupin-based products and ingredients that do not contain additives like sweeteners, gums and stabilizers traditionally used with conventional soy-based or pea-based proteins.
• Overall, the products created by WOA are cleaner tasting and more functional. The company’s main goal remains to bring its lupin protein isolate, called Buntine Protein® to market as quickly and cost effectively as possible.
• Over the next six to nine months, WOA will work with food companies to get products to market and ramp up production at its world class manufacturing facility in Germany.

Key Products and Process

Through IP licenced from Curtin University in 2020, WOA has worked towards commercializing the IP at scale, combining it with the company’s deep knowledge of lupin protein extraction and processing. As a result, WOA has developed a range of products that provide a healthier, more sustainable alternative to traditional soy-based or pea-based protein products.

WOA opened a pilot production plant early in 2023 to produce its eco-friendly Buntine Protein. The technology targets a constituent part of lupin that allows it to increase the proteins’ ability to blend and mix with other food ingredients.

In October 2023, WOA purchased European lupin protein-isolate producer Prolupin GmbH. The $4.3-million acquisition gives WOA immediate access to commercial-scale manufacturing capacity. Having a foothold in Germany will also help WOA get its Buntine Protein to a wider market. The sale includes Prolupin’s German manufacturing facility and the patents to produce the Prolupin protein isolate.

The German facility has the capacity to produce 500 tons per year of lupin-protein concentrate with the ability to expand production to 1,000 tons per year, with an investment of $3 to $5 million within the next one to two years. Prolupin’s technology will also help diversify and enhance WOA’s lupin-product catalogue, with the capability to produce protein-rich lupin isolates, a protein concentrate in wet form, and a lupin oil.

WOA’s proprietary lupin-based protein ingredients have been successfully integrated into third-party consumer products in Australia and the US. CHONK vegan cookies, sold in Australia, is a gluten-free, egg-free, soy-free and dairy-free treat that uses Buntine Protein as an ingredient. In the US, WOA’s Prolupin isolate LP90 has been integrated into Superitalia’s Instant Superfood Cappuccino brand.

After an extensive R&D program, WOA’s new lupin fibre product, designed for the dietary fibre market projected to reach $16.3 billion by 2032, is now also ready for commercialization.

This year, the company plans to: 1) increase sales by working with international food manufacturers and brands; and 2) monetize co-products like lupin-oil and lupin fibre.

Management Team

Matthew Skinner – Interim Chief Executive Officer

Matthew Skinner started his career at KPMG in Sydney and London, before moving to work for Intertek, a B2B quality assurance and testing company, across a range of finance and management roles in the UK, Africa and the Middle East. Skinner started working with Wide Open Agriculture in May 2022 as CFO before being appointed Interim CEO in March 2024.

Merilyn Elson - Product Strategy and Innovation Manager

Merilyn Elson’s background is in the fast-moving consumer goods industry, where she worked for a WA family-owned food manufacturer for over 30 years.

Hayder Al-Ali – Senior Food Scientist

During Hayder AL-Ali's PhD program, he worked extensively on optimizing lupin protein extractability, techno-functionality and palatability.