Key Highlights

  • Wide Open Agriculture shares fell 8.33% to $0.011 on 3 September 2026, following its non-binding framework agreement with Proeon Foods B.V. for contract Manufacturing of its lupin-based ingredients.
  • The agreement marks a step toward a definitive commercial Partnership that could unlock a lower-cost, capital-light production model for WOA.
  • The framework grants Proeon exclusive Indian distribution rights once WOA approves commercial production, and includes binding intellectual property protections lasting five years beyond any agreement's term.
  • WOA continues discussions with other manufacturers as it identifies its preferred long-term partner, with no fixed timetable for technology sharing, trial production or a definitive agreement.

Wide Open Agriculture Ltd (ASX:WOA) shares traded at $0.011, down 8.33% on the day. The company announced recently about the confirmation that the company has signed a non-binding framework agreement with Proeon Foods B.V., a plant protein manufacturer with operations in the Netherlands and India. The framework agreement protects WOA's intellectual property and sets out principles for a future Contract Manufacturing Agreement covering WOA's lupin-based ingredients.

Proeon was selected as a preferred contract manufacturing partner due to its manufacturing footprint and experience in developing, manufacturing and Marketing plant protein sourced from mung bean and peanut. The agreement follows a period of mutual Due Diligence undertaken by both parties under a non-disclosure agreement, representing a milestone in WOA's shift toward a lower cost, capital-light contract manufacturing model.

Details of the Framework Agreement

The agreement covers all products derived from the genus Lupinus. WOA retains full ownership of intellectual property relating to lupin products and any joint work undertaken during production optimisation trials, while Proeon may use WOA's intellectual property solely to perform manufacturing obligations without reverse engineering WOA's technology. These protections are binding and enforceable, continuing for five years after termination of any agreement.

The agreement grants Proeon exclusive rights to distribute WOA's lupin products in India, conditional on WOA's approval of commercial production, for a minimum two-year period. Other than the intellectual property protections and provisions relating to confidentiality, costs, governing law and dispute resolution, the agreement is non-binding, with neither party able to claim against the other should a definitive commercial agreement not be executed.

About Proeon Foods

Proeon was founded in 2018 and specialises in next-generation plant protein ingredients. The company is headquartered at the Delft Biotech Campus in the Netherlands, with production operations in Pune, India, developing and manufacturing functional protein isolates including mung bean and peanut protein for food and beverage brands across Europe, North America and Southeast Asia. Proeon's production base in India aligns with WOA's stated intention to secure an Asia-based manufacturing and marketing partner to improve its cost of manufacturing.

Management Commentary and Next Steps

WOA Chief Executive Officer Craig Swan said the agreement is a genuine step forward for the company, allowing it to begin working closely with Proeon on technical and commercial objectives, running trials and building understanding to determine whether Proeon is the right long-term manufacturing partner for WOA's lupin platform. Proeon Foods Founder Kevin Parekh said the companies have long admired WOA's lupin protein technology and are looking forward to exploring what a manufacturing and marketing partnership could look like.

WOA is not required to commit to minimum order volumes or exclusivity with Proeon and continues to progress discussions with additional prospective partners. Next steps include the parties sharing detailed technical information on process steps, equipment, production parameters and specifications, building toward trial production, with both parties also agreeing to investigate potential joint ventures for large-scale commercial manufacturing of lupin protein and co-products in India.

Conclusion

Wide Open Agriculture has signed a non-binding framework agreement with Proeon Foods covering contract manufacturing of its lupin-based ingredients, protecting its intellectual property while opening a pathway toward a lower-cost, capital-light production model, though the company's shares declined on the day of the announcement as it continues evaluating Proeon alongside other prospective manufacturing partners.