Meta Materials Inc., a leading developer of high-performance functional materials and nanocomposites, recently announced the receipt of a new purchase order for its authentication, nano-optic security business. This purchase order marks an additional $855K to the $4.3MM base award previously received from a confidential G10 central bank customer in September 2022, bringing the total orders received to approximately $14.4MM for continued work under the multi-year agreement.
George Palikaras, President and CEO of META, described the purchase order as “the largest in the history of banknote security feature development” and noted that it marks the progress of a prestigious and important contract for the company.
META has estimated the total addressable market segment for their authentication solutions in banknotes and brand protection to be $1.32B in 2022, and it is expected to grow to $1.55B by 2026. In 2023, META plans to launch KolourOptik®, a revolutionary metamaterial nano-optic technology that combines multi-directional movement, 3D stereo-depth, high resolution, and multiple colors. KolourOptik® promises to provide exceptional security and visual engagement for banknotes and other documents.
With the new purchase order, META is well-positioned to be the leader in banknote security feature development and authentication solutions. In the coming years, the company is expected to make further progress in this field and help to make counterfeiting much more difficult.