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Perth-based lupin protein ingredient company Wide Open Agriculture (ASX: WOA) has renegotiated its exclusive global technology licence with Curtin University in a move aimed at improving unit economics as it pursues a capital-light contract manufacturing model to scale production.
The amended licence replaces a tiered royalty structure with a flat 3.5 per cent of net sales, eliminating the previous structure that required WOA to pay $120 per tonne plus 12.5 per cent of revenue above $6,000 per tonne.
The minimum annual royalty has also been reduced to $50,000, down from a three-year ramp that would have climbed to $75,000.
WOA holds the exclusive worldwide licence to Curtin's lupin protein concentrate technology, which underpins its core product line.
The company uses a patented process to extract protein, fibre and oil from Australian sweet lupins, producing ingredients for use in plant-based food and beverage applications.
The renegotiation comes as WOA's newly appointed chief executive Craig Swan looks to shift the company from pilot-scale operations toward commercial volumes through contract manufacturing arrangements with third-party facilities - a strategy the company says will avoid the capital expenditure of building its own plant.
Swan, who assumed the CEO's role on 7 April 2026, says the amended terms will support commercialisation of the company's "whole lupin seed" approach.
“Curtin University has been a valued partner since the outset of this program, and this amendment reflects that partnership in action," says Swan.
"The simplified royalty structure gives WOA a clearer basis for long-term planning and supports our focus on commercialising the whole lupin seed.
"We are grateful to Curtin for their continued support of our commercialisation pathway, and we look forward to building on this relationship as we progress toward scaled production.”
The licence amendment is the first material move under Swan, a former food industry executive who replaced former CEO Jay Albany, who departed in March 2024 after completing a management buyout of WOA's Dirty Clean Food consumer brand subsidiary.
The original licence agreement, announced on 18 May 2020, granted WOA exclusive global rights to develop and commercialise a novel protein technology derived from Australian sweet lupin.
Since then, WOA says it has advanced the protein technology from lab scale to commercial sales, and is now progressing a scaled production strategy targeting full monetisation of the whole lupin seed across multiple applications.
"The amended structure is designed to benefit both parties," says WOA.
"Better economics for WOA improve the company’s ability to compete on pricing in the global protein market, secure larger customer contracts and grow production volumes.
"Higher volumes could mean greater absolute royalty revenue flowing to Curtin University, aligning the interests of both organisations behind WOA’s commercial success.
"The amendment also reflects Curtin University’s ongoing commitment to WOA’s commercialisation pathway and the continuing collaboration between the two organisations across technology development, know-how and R&D."
WOA is operating in a sector attracting growing institutional interest.
Australia is the world's largest producer of sweet lupins, and the legume's high protein content of 40 per cent has positioned it as an alternative to soy and pea protein in the plant-based food ingredients market.
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