Wide Open Agriculture (WOA) announced that it has signed a non-binding term sheet including an exclusive distribution agreement with European sustainable food ingredient developer Ingå Group.
WOA said the agreement outlines the terms of a proposed investment by Ingå as well as for making the company WOA’s sole distributor in Europe for its lupin-based Buntine protein product.
A final distribution agreement is expected to be formalised and signed by 31 December 2023.
As per the agreement, Ingå will invest €500,000 (A$825,000) in Wide Open Agriculture Germany GmbH, a subsidiary of WOA, which is expected to grant the UK firm a 15% stake.
Ingå is a subsidiary of Axel Johnson AB, a Swedish family owned business that builds and develops long-term businesses that address societal challenges in areas such as food, energy, health and industry.
WOA said that the proposed investment represented a significant vote of confidence in the company’s vision and strategy and positioned it for continued growth across the plant-based sector.
WOA CEO Jay Albany said: “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.”
Adrian Short, CEO of Ingå Group, added: “[WOA’s] commitment to sustainability aligns perfectly with our vision for the future of food. This 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.”
WOA recently announced that it was set to become the world’s largest producer of lupin protein after raising $6.2 million to cover its $4.2 million acquisition of Germany-based company Prolupin GmbH.