Wide Open Agriculture to accelerate its push into plant-based proteins after raising $20m through placement

Wide Open Agriculture will accelerate its plans in the fast-growing plant-based food and drinks market after securing $20 million of new capital. The binding commitments raised through a share placement will be used to create WA’s first commercial-scale oat milk manufacturing plant, which will aim to produce the world’s lowest carbon emissions per litre. WA-based WOA will also advance the scope and capability of its pilot-scale functional lupin protein facility. A site has already been identified and the first tranche of pilot equipment has been received. The capital raising follows a busy 12 months during which WOA accelerated revenues, signed distribution agreements, developed new products and committed to competing in the plant-based food sector by focusing on regeneratively grown oats and lupins. It has grown its oat milk distribution and demonstrated potential for lupin protein to be incorporated into Dirty Clean Food’s high-protein oat milk prototypes. The placement to institutional and sophisticated investors will see WOA issue about 26.7m new fully paid ordinary shares at 75¢ per share. A share purchase plan will also be offered to existing shareholders to raise up to $2m. Existing eligible investors can acquire additional shares worth up to $30,000 at the same price. WOA managing director Ben Cole said over the past seven years the company has been positioned to grow rapidly alongside global consumers’ demands for healthy, nutritious food and drinks that help the planet. “In the last 12 months, we have firmly established the company as the leader in regenerative food and farming in Australia. As we increase our plant-based offerings, we know this segment is well-aligned with our regenerative purpose and represents one of the fastest growing and most attractive markets in the food industry,” he said.