- Wide Open Agriculture (WOA) signs a two-year supply agreement for its lupin protein concentrate
- The company penned the deal with Monde Nissan Australia (MNA) under the trademark ‘Buntine Protein,’ which MNA plans to use as a key ingredient for a new product
- While specific pricing and tonnages remain under wraps, it’s estimated MNA will purchase around 60 per cent of total production from WOA’s pilot production facility over the agreement period
- The deal is non-exclusive, allowing WOA to continue engaging with other potential partners, however if MNA’s new product is received well, WOA says it will build a large-scale commercial plant to supply the company’s long-term volume requirements
- Wide Open Agriculture is up 5.56 per cent, trading at 57 cents at 10:55 am AEST
Wide Open Agriculture (WOA) has signed a supply agreement for lupin protein concentrate.
The company penned a 24-month the deal with Monde Nissan Australia (MNA) under the trademark ‘Buntine Protein.’
Buntine Protein is a plant-based protein manufactured from Australian sweet lupin, which has been developed to have no carbon footprint or water pollution, and can support the uptake of regenerative farming systems. The protein can be used to create plant-based meat, dairy, noodles, and protein supplements.
“This agreement has the potential to catalyse farmers to grow more regenerative lupins and offer consumers a range of innovative, delicious plant-based products,” CEO Ben Cole said.
MNA has made plans to use the Buntine Protein as a key ingredient for a new product, which would potentially launch in Australia.
While specific pricing and tonnages remain under wraps, it’s estimated MNA will purchase around 60 per cent of total production from the Buntine Protein pilot production facility over a two-year period.
The agreement is non-exclusive, allowing WOA to continue engaging with other potential partners. However, if MNA’s new product is received well within its test market, WOA said it plans to build a large-scale commercial plant to supply the company’s long-term volume requirements.
WOA said it expects its first shipment to be delivered to MNA in June.
Meanwhile, with all key equipment received, WOA said it is on track with its milestones for commissioning its facility for in-house development of plant-based food and beverage products.
Construction of the pilot plant has commenced, with initial production of Buntine Protein anticipated for the fourth quarter of 2022.
Wide Open Agriculture was up 5.56 per cent, trading at 57 cents at 10:55 am AEST.