HALIFAX, NS / ACCESSWIRE / August 29, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), a global leader in advanced materials and nanotechnology, today announced that it has been awarded a new purchase order for its authentication, nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands.
META has been executing on a multi-year frame agreement with a maximum value of US$41.5 million over a period of up to five years with a confidential G10 central bank customer. The new purchase order represents an additional $2.1MM, bringing the total orders received by META to approximately $16.5MM for continued work under the agreement. The customer may elect to award additional purchase orders to increase the scope of this award.
"We are delighted that this multi-year program with a strategic customer to develop a unique new security feature for a future banknote continues to advance, as evidenced by the continued funding for this exclusive technology," said George Palikaras, President and CEO of META. "Concurrent to this custom program, META is preparing for the commercial launch of our KolourOptik® nano-optic security technology, in collaboration with a number of channel partners, to offer the unparalleled combination of movement, 3D stereoscopic depth, and multicolour effects in an ultrathin form factor, providing next generation security and an engaging authentication experience."
According to Technavio, the banknote market is estimated to grow at a CAGR of 2.97% between 2022 and 2027. The size of the market is forecast to grow by $1.8 billion USD, reaching approximately $10 billion in 2027. The implementation of central bank policies for "clean" banknotes, removing soiled and damaged notes from circulation, is notably driving market growth, along with the development of new security features.
About Meta Materials Inc.
Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround us, making them smarter and more sustainable. META® technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defense, consumer electronics, 5G communications, batteries, authentication, automotive and clean energy. Learn more at www.metamaterial.com.
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Meta Materials Inc.
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Forward Looking Information
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SOURCE: Meta Materials Inc.
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