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Wide Open Agriculture (ASX:WOA) - Managing Director, Ben Cole - The Market Herald
Managing Director, Ben Cole
Source: Wide Open Agriculture
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  • Wide Open Agriculture (WOA) receives board approval to construct a lupin and plant-based protein manufacturing facility in WA
  • The company says it's adequately funded to develop the pilot plant with initial construction estimated to cost $1.6 million
  • The facility will allow WOA to refine its lupin production process, protect existing and build new internal proprietary, and produce pilot-scale, food-grade quantities of modified lupin protein
  • WOA also sees an opportunity to expand its technology to other Australian and WA grown regenerative pulses such as chickpeas, lentils and fava beans
  • Despite the good news, company shares are down 3.2 per cent to 90 cents each at 12:16pm AEST

Wide Open Agriculture (WOA) has received board approval to construct a lupin and plant-based protein manufacturing facility in WA.

Following a pre-feasibility study, the WOA board has given the go-ahead to immediately purchase, construct and operate the facility which is expected to be built close to WOA's Dirty Clean Food operations in Kewdale.

The company said it's adequately funded to develop the pilot plant with initial construction estimated to cost $1.6 million.

WOA's cash position at March 31 was $12.8 million.

Further, the company said the plant is expected to generate a modest revenue stream which it anticipates will offset the operational costs of the facility.

The aim of the facility is to provide a space for WOA to refine its lupin production process, protect existing and build new internal proprietary, and produce pilot-scale, food-grade quantities of modified lupin protein.

Building internal proprietary (IP) know-how is a key purpose of the plant as the company aims to build an IP portfolio including plant-based burgers, drinks, yoghurts and gluten-free noodles.

The company also said being able to investigate other protein extraction processes could result in lower cost and more eco-friendly methods with a reduction in the use of energy, water and chemicals.

With plans to expand its market potential, the company believes there is an opportunity to apply its technology to other plants inputs, including regenerative pulses grown in WA and Australia such as chickpeas, lentils and fava beans.

WOA's Managing Director, Ben Cole, said the in-house pilot plant will "offer WOA
unmatched global capability and know-how in the production of lupin-based proteins with a unique techno-function sourced from WA’s leading regenerative farmers”.

Despite the good news, company shares dropped 3.2 per cent to 90 cents each at 12:16pm AEST.

WOA by the numbers
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