Wide Open Agriculture Limited (WOA), an Australian-based regenerative food and agriculture company, announced that it has signed a non-binding term sheet alongside Ingå Group (Ingå), a sustainable food ingredient developer. The term sheet outlines a proposed distribution and investment agreement that positions Ingå as the exclusive distributor of WOA’s lupin-based proteins in Europe.
Recently acquired from German lupin protein producer ProLupin, WOA’s lupin-based protein isolates, which the company has branded Buntine Protein®, can be used in plant-based dairy, alternative meats, baked goods, and protein supplements.
“The investment goes beyond financial implications; it’s about fostering a sustainable food ecosystem”
As part of the agreement, Ingå will invest €500,000 (A$825,000) in Wide Open Agriculture Germany GmbH, a subsidiary of WOA. This investment is expected to grant Ingå a 15% stake in Wide Open Agriculture Germany GmbH, valued at €2.9 million, and support the acceleration of its capability expansion.
“The investment and belief in our vision empower us to scale new heights. Ingå’s impressive track record and commitment to sustainability make them the ideal partner for our European venture. We are excited to leverage their expansive network and expertise to bring Buntine Protein® to new markets, thereby driving our growth and impact,” commented Jay Albany, CEO of Wide Open Agriculture.
Accelerating expansion capabilities
The capital infusion from Ingå aims to accelerate the expansion of capabilities in Germany, contributing to ongoing working capital requirements. Additionally, the proposed agreement includes forming an advisory board with up to four members, offering strategic guidance to the management of Wide Open Agriculture Germany GmbH.
“The investment goes beyond financial implications; it’s about fostering a sustainable food ecosystem and supporting Wide Open Agriculture’s potential to be a leader in this space. We are committed to helping them expand their footprint in Europe and beyond,” remarked Adrian Short, CEO of Ingå Group.
Both companies anticipate finalizing the distribution agreement by December 31, 2023.
