Wide Open Agriculture: Lupin Project Update

Highlights:

-          Leading food and ingredient companies have received samples of modified lupin protein along with an updated Product Information Form (PIF). These groups were exclusively selected by WOA and are located across Europe, North America and Australia.

-          Product development is advancing with two new oat milk products undergoing testing and additional staff secured to expand scientific, engineering and commercialisation capacity.

-          Internal competitive analysis studies highlight modified lupin protein has advantages over all other major plant-based proteins currently available in the market.

-          The lupin pilot manufacturing facility will be located at WOA’s Distribution Centre in Kewdale, Western Australia. The first tranche of equipment has already been delivered.

-          WOA invited to participate in Western Australia’s Food Innovation Precinct's Protein X accelerator program aiming to take sustainable protein innovations to Asia.

7 October 2021 – Wide Open Agriculture Limited (ASX: WOA) (“WOA” or “the Company”), is pleased to provide an update highlighting positive developments across its lupin protein project, whereby the Company is developing a number of plant-based food and beverage products using proprietary technology with verified competitive advantages.

New product development (NPD) and sampling to external partners

WOA’s internal NPD team has recognised the exciting potential of modified lupin protein and is rapidly progressing prototype development of two products that include high protein, flavoured drinks (20gr/100ml) and an oat milk with protein levels similar to dairy milk (3gr/100ml).

The Company has also identified a number of global food and ingredient companies and is now supplying samples to these potential partners across Europe, North America and Australia. Each potential partner has been chosen based on a specific food or drink category. The future intent is that a number of food and ingredient companies will become off-take partners for the modified lupin protein across a variety of food and drink categories. 

WOA is targeting four plant-based food and beverage sectors (see below):

Modified Lupin Protein Specifications

WOA is conducting competitive analysis studies to determine competitive strengths, with the below table showing specifications of legume plant protein concentrate available across the plant protein market. The table highlights that WOA’s modified lupin protein (MLP) has a higher protein concentration than traditional legumes, this combined with its high gelation properties alongside environmental and nutritional credentials, provides an encouraging competitive edge.

An updated Product Information Form (PIF) for modified lupin protein can be found as an appendix to this announcement. We encourage shareholders to read this form to gain a further understanding of how WOA’s patented production process is used to create a specialised plant protein ideally suited to a broad range of food and beverage applications.

Highly credentialed team in place to advance product development  

WOA has secured the co-inventor of the improved lupin protein technology, Dr. Hayder Al-Ali as the Company’s in-house Senior Food Scientist. Dr. Al-Ali has a PhD in lupin protein chemistry and has a proven capacity to develop new technologies that unlock new and important techno-functions of Australian Sweet Lupin. Dr Al-Ali is supported by a proven and experienced engineering team including a project manager and project engineer.

Site confirmed for lupin manufacturing facility with first equipment arriving

WOA has identified the site for its in-house, pilot manufacturing facility to be located at the Company’s Distribution Centre in Kewdale, Western Australia. The site has a number of advantages, including access to technical and product development team members and Dirty Clean Food’s commercial kitchen.

The first tranche of pilot equipment has been received and will unlock the ability to test the manufacturing technology to enhance gelation and build new trade secrets and know-how for potential patent applications. The facility will eventually allow WOA to develop plant-based proteins for a range of food and beverage products for both Dirty Clean Food and future off-take and strategic partners.

The pilot plant will also enhance opportunities for strategic partnerships and produce food grade quantities of modified lupin protein to generate initial revenues, along with the opportunity to explore applications of the patented technology for other regenerative pulses grown in Australia.

WOA invited to participate in program to take sustainable protein innovations to Asia

WOA is pleased to announce that it has been invited to join the X-Protein Lab, an initiative of the new Western Australian Food Innovation Precinct (WAFIP) which aims to expand the state’s market reach in the burgeoning alternative protein space, with a particular focus on Singapore.

Under the mentorship program, WOA will focus on technology readiness, product-market fit, market acceptance, investment potential and global relevance. The Company will also be presented with opportunities to liaise with Singaporean start-ups and forge connections with key members of the regional and global alternative protein sector.

Concept drawing of the Western Australian Food Innovation Precinct

[ENDS]

This announcement has been authorised and approved in accordance with the Company’s published continuous disclosure policy and has been approved by the Board.

For investor, media or other enquiries please contact:

Sam Wright

Company Secretary - Wide Open Agriculture

[email protected]

+61 408 900 277

About Wide Open Agriculture Ltd

Wide Open Agriculture (WOA) is Australia’s leading ASX-listed regenerative food and agriculture company. The Company’s innovative Dirty Clean Food brand markets and distributes food products with a focus on conscious consumers in Australia and South-East Asia. Products are chosen based on their market potential and the positive impact they deliver to farmers, their farmland and regional communities. The company is based in Australia and operates under a ‘4 Returns’ framework and seeks to deliver measurable outcomes on financial, natural, social and inspirational returns. 

WOA is listed on the Australian Securities Exchange (code: WOA) and the Frankfurt Stock Exchange (code: 2WO) and is the world’s first ‘4 Returns’ publicly listed company.

www.wideopenagriculture.com.au

www.dirtycleanfood.com.au

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