Wide Open Agriculture Limited (ASX: WOA, "Wide Open Agriculture" or the "Company") is pleased to announce it has successfully developed functionally enhanced protein isolates from both pea and faba using our exclusive proprietary technology.
HIGHLIGHTS
The protein isolates were developed in WOA’s R&D laboratory and produced in our pilot plant in Perth, Australia. The development of the functional protein isolates from both pea and faba is the first successful adaptation of the Company’s technology that is currently used to produce Buntine Protein®. These functionalised versions have the potential to offer superior performance in several areas, including better taste, increased gel strength, enhanced solubility and improved emulsification, all of which are crucial attributes for creating high quality food and beverage products.
This exciting development demonstrates the adaptability of the technology and potential to apply it to a wider range of alternative proteins. Additionally, the new products open additional commercial opportunities for our German production facility, allowing WOA to not only offer its own enhanced pea and faba proteins to the food industry, but also provide contract manufacturing services for producers of pea and faba proteins in Europe. The pea and faba protein markets are large and establis hed, valued at approximately USD$2.1 billion1 and USD$56.7 million2 respectively in 2023 and 2022.
Protein isolates refer to protein that has been separated and extracted from its source. Climate change, a growing global population and scarcity of new agricultural land means the development of palatable, affordable and sustainably produced plant-based proteins is becoming increasing critical. Plant proteins have traditionally presented challenges in food manufacturing, including how they mix with other ingredients, their taste and the requirement for additives such as gums and sweeteners to function effectively. The application of our exclusive technology to the protein isolate extraction process has proved effective in addressing these issues and creating a clean tasting, high functioning plant protein that can be used to in food products without requiring these additional ingredients.
WOA Laboratory Testing Results
Gel strength enhances product texture, stability, and shelf life while improving sensory appeal and functional properties, leading to higher consumer satisfaction and easier handling. The results from our testing show improvements as follows:
‘Control’ – Standard pea and faba proteins without WOAs functional step being applied (wet extraction, Perth Pilot Plant) ‘Functionalised’ – Pea and faba proteins that have undergone WOA’s functional process
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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.
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.
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.
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.
Hannah Hudson is a qualified chartered accountant with 20 years of finance experience across listed companies, agribusiness and the resources sector. Hudson's experience in regulatory reporting, governance, project evaluation and international mergers and acquisitions will be instrumental in driving WOA's growth and operational efficiency.
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.
During Hayder AL-Ali's PhD program, he worked extensively on optimizing lupin protein extractability, techno-functionality and palatability.
Wide Open Agriculture (ASX:WOA,FRA:2WO) is 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. The ag-tech company based in Australia focuses on the next generation of plant protein ingredients for food and drink manufacturers globally.
Lupin, a valuable plant-based superfood, is recognized for its high protein and dietary fibre content, making it a valuable addition to human nutrition. Lupins can 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.
WOA’s value proposition is its patented ag-tech process that transforms lupins into a superfood. WOA produces a protein ingredient that enables food manufacturers to improve and replace traditional ingredients by eliminating the need for sugars and other artificial additives. The company's Buntine Protein is a breakthrough product that offers 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.
This Wide Open Agriculture profile is part of a paid investor education campaign.*
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Similar Bill Moving Through U.S. Senate
Nevada Organic Phosphate Inc. (CSE: NOP) ("NOP" or the "Company), a B.C. based company engaged in the exploration, in Nevada, for organic, sedimentary raw rock phosphate, is pleased to report that phosphate has been added the Canadian Critical Minerals list, expanding the total to thirty-four materials deemed 'essential' for Canada's economic future.
The list was released June 10, 2024 from the office of Energy and Natural Resources Minister Jonathan Wilkinson.
"While our phosphate operations are entirely based in Nevada, we are most pleased to see phosphate recognized in our home country of Canada," stated Nevada Organic Phosphate CEO, Robin Dow. "The classification showcases just how critical phosphate is to so many agricultural applications and affirms our belief that our efforts in Nevada come at at time when the need for phosphate of the highest order is near."
"Inclusion in this highly limited list is congruent with our belief in both phosphate's necessity and a bright future for the commodity," adds Dow.
According to "Mining Weekly" in their reporting following the announcement, "With its addition, Canada joins two of its provinces, Quebec and Ontario, as well as the European Union in recognising the significance of phosphate and adding it to their respective lists."
Similarly, the United States Senate introduced a bi-partisan bill March 19, 2024 that would add key fertilizers phosphate and potash to the list of critical minerals by the US Department of Interior.
"We are hopeful that this important bill will pass," added Dow. "It's an important designation and we believe, an absolute catalyst for phosphate operators and the phosphate market. Both of these governmental initiatives certainly shine a bright spotlight on the value of phosphate."
NOP is a junior exploration company with a sedimentary rock phosphate property (the "Murdock Property") hosting a nearly flat lying sedimentary bed of known phosphate mineralization in NE Nevada.
The increasing interest in organic and sustainable agriculture practices has contributed to the demand for organic fertilizers, including those derived from rock phosphate. Organic rock phosphate is often marketed as a fertilizer that not only provides phosphorus but also contributes to overall soil health.
The Issuer aims to be one of the only certified organic rock phosphate producers with large scale potential in North America. The Murdock Property is situated adjacent to a main highway and the rail head to California.
For More Information
Robin Dow, CEO
T: 604.355.9986
E: robin@dowgroup.ca
Neither the Canadian Securities Exchange nor its regulations services providers have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information ("FLSI") within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. All statements which are not historical statements are considered FLSI. Forward- looking statements in this press release include, but are not limited to, statements regarding the bi-partisan bill. All FLSI is based on assumptions, which may prove inaccurate, and subject to certain risks and uncertainties, including without limitation those risks and uncertainties identified in the Company's public securities filings, which may cause actual events or results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement.
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Microsoft Corp. on Tuesday announced that its board of directors declared a quarterly dividend of $0.75 per share. The dividend is payable Sept. 12, 2024, to shareholders of record on Aug. 15, 2024. The ex-dividend date will be Aug. 15, 2024 .
Microsoft (Nasdaq "MSFT" @Microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
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