The banknote authentication and brand protection technology specialist said the new contract, which follows a previous agreement announced on February 2, will result in an additional US$1.2mln of development funding which will begin immediately.
WATCH: Spectra Systems receives US patent for its banknote disinfection process against the coronavirus
The contract also raises the total development funding to US$8.7mln, which Spectra said could increase sensor sales revenue by US$7.5mln to US$41.5mln depending on the total order size.
“We are pleased that this technologically sophisticated central bank has provided us with the opportunity to further increase the capabilities of our sensors to address certain types of counterfeits. This is a significant development which underpins the central bank’s confidence in our technology capabilities and further bolsters the case for cash going forward”, Spectra chief executive Nabil Lawandy said in a statement.
Shares in Spectra jumped 4.1% to 184.9p in early deals on Wednesday.