Wide Open Agriculture (ASX:WOA) is one of the few protein-based food stocks on the ASX, and it just might have a new investor

Wide Open Agriculture (ASX:WOA) has stuck with protein-based foods long after the hype around Beyond Meat faded, and it might be about to reap some major rewards.

All about Wide Open Agriculture

Wide Open Agriculture listed in 2018 specialising in meat produced through regenerative farming — sold under a brand called ‘Dirty Clean Food’. This brand has products commercially available, including an oat milk cold brew ranged with WHSmith.

This is not all it has up its sleeve, however. In 2020, it signed an agreement with Curtin University to develop a plant-based lupin protein technology. Lupin is a high-protein vegetable that is a key ingredient of plant-based meat as well as dairy and egg products.

Why it rose today

Wide Open Agriculture told investors that it signed a non-binding term sheet with Swedish company Inga, a subsidiary of Axel Johnson AB. The deal provides for a ~A$825k investment from Inga and for its right to be the exclusive distributor of lupin-based proteins in Europe.

WOA told investors that a binding agreement with details would be finalised in the coming weeks. If and when this happens, it just might be a sign that plant-based proteins might not just be the dead fad that everyone has thought it was for the last couple of years.

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