IonQ Announces Agreement with the United Arab Emirates Quantum Research Center - Technology Innovation Institute

Rhea-AI Summary

IonQ (NYSE: IONQ) announced a new agreement with Abu Dhabi's Quantum Research Center (QRC-TII), allowing access to the IonQ Aria quantum computer for developing quantum algorithms.

CEO Peter Chapman highlighted the significance of this collaboration, emphasizing IonQ's role in quantum hardware innovation.

QRC-TII aims to enhance quantum algorithm performance and device characterization through this access, supported by UAE's substantial investment in quantum computing.

This initiative continues IonQ's international expansion, following recent strategic acquisitions and collaborations in Canada, Germany, and Israel.

Positive

• New agreement with QRC-TII enables access to IonQ Aria for algorithm development.
• Strengthens IonQ's position as a leader in quantum hardware innovation.
• Support from UAE government enhances collaboration and development potential.

Negative

• None.

• Contract to provide engineers, computer scientists, and physicists with direct access to IonQ Aria system for quantum algorithm experimentation

COLLEGE PARK, Md.--(BUSINESS WIRE)-- IonQ (NYSE: IONQ), an industry leader in quantum computing, today announced a new agreement with Abu Dhabi’s Quantum Research Center - Technology Innovation Institute (QRC-TII) in the United Arab Emirates. The agreement will provide QRC-TII with access to IonQ’s industry-leading Aria quantum computer, enabling the testing and execution of quantum algorithms.

“We are pleased to provide the Technology Innovation Institute with access to what we believe is the world’s most powerful, commercially available quantum computer, as they look to develop quantum algorithms to tackle today’s most complex problems,” said Peter Chapman, CEO & President of IonQ. “Interest in quantum computing has grown throughout the region these last few years, and IonQ is proud to be recognized as a leading driver of quantum hardware innovation and accessibility.”

In recent years, the UAE government has allocated millions of dollars to support the QRC-TII and advance the country’s burgeoning quantum computing industry. Consisting of a wide array of the world’s leading scientists, researchers, and engineers, the institute focuses its attention on creating better quantum algorithms on commercially available quantum systems. Today’s announcement furthers QRC-TII’s efforts for developing, benchmarking, and optimizing novel quantum algorithms as well as quantum device characterization and quantum error mitigation techniques.

“Access to IonQ Aria will provide QRC-TII developers the opportunity to test and optimize novel quantum-enhanced algorithms for computational challenges. These complex problems range from heuristic variational quantum circuits for optimization problems, to prototype implementations of rigorous quantum algorithms for matrix arithmetics and quantum simulation,” said Prof. José Ignacio Latorre, Chief Researcher, QRC-TII. “Additionally, users can more easily explore quantum device characterization and error mitigation techniques, potentially leading to more accurate algorithms.”

IonQ’s agreement with QRC-TII in the UAE is the latest in a string of international developments for IonQ in recent months. In January of this year, IonQ acquired Canadian-based startup Entangled Networks for its quantum networking expertise, opening its first office in Canada. The move closely followed the establishment of two international business entities in Germany and Israel last year, making IonQ’s world-class systems accessible to a range of European companies, states, and governments.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ Aria is the latest in a line of cutting-edge commercial quantum systems, boasting industry-leading 25 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale.

IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Dr. Christopher Monroe and Dr. Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

IonQ Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward- looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ’s quantum computing capabilities and plans; access to IonQ’s quantum computers; the ability to test and execute quantum algorithms on IonQ’s quantum computers; the opportunity to test and optimize novel quantum-enhanced algorithms for computational challenges on IonQ’s quantum computers; the ability to implement characterization and error correction techniques; the accuracy of quantum algorithms run on IonQ’s quantum computers; and the problems that can be solved by IonQ’s quantum computers. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and IonQ’s products, services and solutions; the ability of IonQ to protect its intellectual property; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ’s business; IonQ’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic and/or increased inflationary pressures. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of IonQ’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005872/en/

IonQ Media contact:

Tyler Ogoshi

press@ionq.com

IonQ Investor Contact:

investors@ionq.com

Source: IonQ

FAQ

What is the significance of IonQ's agreement with QRC-TII?

The agreement allows QRC-TII to access IonQ's Aria quantum computer for developing and testing quantum algorithms.

How will the quantum computing partnership impact IonQ's growth?

The partnership with QRC-TII reinforces IonQ's leadership in quantum computing, potentially leading to advancements in algorithm development.

When was the agreement with QRC-TII announced?

The agreement was announced on April 26, 2023.

What capabilities does the IonQ Aria quantum computer have?

IonQ Aria features 25 algorithmic qubits, making it one of the most powerful commercially available quantum computers.

How does this partnership align with IonQ's international strategy?

This agreement is part of IonQ's broader strategy to expand globally, following acquisitions and partnerships in countries like Canada, Germany, and Israel.