Wide Open Agriculture Secures R&D Tax Rebate to Boost Lupin Protein Expansion

Wide Open Agriculture Ltd. ( (AU:WOA) ) has provided an announcement.

Wide Open Agriculture Ltd has received a tax rebate of $1,277,758 from the Australian Government’s R&D tax incentive scheme for its research and development activities in the 2023-24 financial year. This rebate will support the company’s operational expenses related to the commercialization of its lupin protein and strengthen its balance sheet by repaying a $500,000 R&D loan. The funding will also aid in pursuing strategic objectives, such as entering the South East Asian market for lupin protein, potentially enhancing the company’s industry positioning and stakeholder value.

More about Wide Open Agriculture Ltd.

Wide Open Agriculture Ltd is an ASX-listed company specializing in the development of next-generation plant protein ingredients for global food and drink manufacturers. The company uses its unique Intellectual Property to produce a range of plant proteins and fibers, with its flagship product being Buntine Protein®, a versatile plant-based protein derived from lupins. This product is used across various categories, including plant-based dairy, meats, baked goods, and health foods.

YTD Price Performance: 20.0%

Average Trading Volume: 32,884

Technical Sentiment Signal: Buy

Current Market Cap: €6.55M

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