Plant protein ingredient company, Wide Open Agriculture, says it has firm commitments of $2.6 million via a placement of 0.023 cents per share. It will also offer a share purchase plan (SPP) for eligible shareholders to raise up to an additional $500,000.
WOA said the priority will be to accelerate market expansion, with a priority focus accessing the China consumer market. WOA chair, Yaxi Zhan, said the raise meant the company was “set for success”.
“With funds from this capital raising to accelerate growth, building upon the Company’s strong progress in commercialising its lupin protein isolate, as shown by initial sales coming from around the globe and WOA’s exciting market entry in China,” Zhan said.
The SPP offer will close on 7 July.
China distributor appointed
WOA has appointed Univar Solutions China (Univar) as the exclusive distributor for its lupin protein products (LP90 & BP80F) in mainland China.
Terms of the agreement include Univar committing to purchasing a minimum of 50 tonnes of lupin protein isolate over a 12-month period following the initial six-month market preparation period, with pricing to be agreed.
The companies will work together to develop a market strategy targeting the premium ingredients sector, looking to support sustainable, clean-label, high-functionality food innovation in China.
“Univar is a powerhouse in the global ingredient distribution landscape. Partnering with its China team gives us not only a strong local presence, but also the strategic capability to unlock real growth in one of the world’s most dynamic markets for plant-based protein,” Zhan said.
Univar Solutions China, Will Wang, said, “We are excited to co-operate with WOA on its unique plant proteins. WOA’s range of lupin proteins offer a neutral flavour and colour, with exceptional functional performance as an ingredient.
“Univar Solutions will utilize its capability and know how to provide an ingredient-solution to our customers under the support of WOA. We believe this is a premium, high-potential product that represents a breakthrough opportunity for the Chinese market.”
Under the Agreement, Univar Solutions China has been granted exclusive rights to market, promote, distribute and sell WOA’s lupin protein products within the Chinese market for an initial term of six months, with extension of exclusivity for the remainder of the term subject to performance.
