D-Wave Extends Agreement with Aramco Europe to Explore Quantum-Powered Optimization of Geophysical Problems

Rhea-AI Summary

D-Wave Quantum has extended its collaboration with Aramco Europe to optimize geophysical problems using quantum computing. The Aramco Research Center in Delft has been working with D-Wave for two years, utilizing their quantum technologies for complex seismic imaging. This process involves mapping geological strata using vast amounts of seismic data. D-Wave's quantum computers and Leap™ cloud service have enabled the creation of initial subsurface maps. The goal is to process a terabyte of data by 2024. The collaboration has already demonstrated performance gains over classical computing in both time and scale. Aramco is looking forward to expanding this work to further leverage the benefits of D-Wave's Advantage2TM system.

Positive

• Extension of collaboration with a major global energy company, Aramco.
• Demonstrated performance gains in computational speed and scale with quantum technology.
• Successful creation of initial subsurface maps using seismic data.
• Future aim to process a terabyte of seismic data by 2024.
• Development of hybrid classical-quantum geophysical applications.
• Enhanced time-to-solution using D-Wave’s quantum technologies.
• Utilization of D-Wave’s Leap™ quantum cloud service.

Negative

• No specific financial figures or revenue projections provided.
• Potential high costs associated with quantum computing infrastructure.
• Reliance on continued technological advancements and scalability of quantum computing.
• Uncertainty in achieving the targeted processing of a terabyte of data by 2024.

Tech Expert

The extension of the agreement between D-Wave and Aramco to explore quantum-powered optimization is a significant step forward in the field of computational geophysics. Utilizing quantum computing to handle geophysical optimization problems represents a leap in processing power and efficiency compared to classical computing methods. D-Wave's technology aims to solve intricate subsurface imaging tasks faster and at a larger scale, which can revolutionize how seismic data is processed.

Quantum computing has the potential to reduce the time-to-solution dramatically for computationally intensive tasks, such as seismic imaging. This technology uses quantum bits or qubits, which can exist in multiple states simultaneously, unlike classical bits that can only be in one state at a time. This allows quantum computers to process vast amounts of data and solve complex problems more efficiently.

Looking forward, if D-Wave's quantum computers can indeed process terabytes of seismic data efficiently, it could lead to significant advancements in subsurface mapping technologies, providing more accurate and detailed geological information. This would be invaluable for the energy sector, particularly in exploration and resource management.

However, while these advancements are promising, they are still in the developmental phase. It will be important to monitor the progress and actual implementation results over the coming years to fully understand the long-term impact and viability of quantum computing in this area.

Financial Analyst

From a financial perspective, the extension of the agreement with Aramco could positively impact D-Wave Quantum Inc.'s market position. Collaborating with a global energy giant like Aramco enhances D-Wave's credibility and showcases its potential in solving real-world problems. This could attract further investments and partnerships, bolstering its financial stability and growth prospects.

The potential for quantum computing to optimize complex geophysical problems promises increases in operational efficiency and cost savings in the long run. If D-Wave can continue to demonstrate tangible improvements in subsurface imaging and other applications, it could lead to increased adoption of their technology across the energy and other industries. This, in turn, can drive revenue growth and enhance shareholder value.

However, investors should be cautious about overestimating immediate financial gains, as the full-scale implementation and commercial viability of quantum computing solutions might take time. The focus should remain on the long-term strategic benefits and the company's ability to continuously innovate and maintain technological leadership.

PALO ALTO, Calif.--(BUSINESS WIRE)-- D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software and services, announced today that it has extended its agreement with Aramco, a global integrated energy and chemicals company, to manage geophysical optimization problems through quantum technologies.

Aramco Research Center in Delft, the Netherlands, (the “Center”) is focused on developing advanced computing technologies to help address global energy challenges. For the past two years, it has been working with D-Wave’s powerful quantum technologies on solving highly complex optimization problems involved in computationally intensive seismic imaging, an ultrasound-like technology used to map the various geological strata many kilometers beneath the surface.

With support from D-Wave, the team has been able to create its first subsurface maps, using tens of gigabytes of seismic data as input, with the aim of processing a terabyte of seismic data with the D-Wave quantum computer in 2024. Using D-Wave’s quantum computers and hybrid solvers, accessible through the Leap™ quantum cloud service, Aramco’s team of researchers developed their own hybrid classical-quantum geophysical applications. Using D-Wave’s quantum technologies, the Center has seen performance gains over classical computers in both time-to-solution and scale.

Marcin Dukalski, Quantum Applications Lead with Aramco Research Center in Delft, said: “I’m excited to see how far we’ve been able to push quantum technologies to tackle such a large optimization problem as subsurface imaging. We look forward to expanding our work with D-Wave, which will be centered on reaping even greater tangible benefits from the Advantage2^TM system.”

Trevor Lanting, D-Wave’s Chief Development Officer, said: “Together with Aramco, we are demonstrating our quantum technology’s ability to take on core data challenges in geophysical research. We look forward to helping Aramco researchers maximize quantum’s positive impact on their computational challenges as they look to turn data into usable knowledge of the subsurface.”

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society.

We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.

Forward-Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606263987/en/

D-Wave

Alex Daigle

media@dwavesys.com

Source: D-Wave Quantum Inc.

FAQ

What is D-Wave's recent agreement with Aramco Europe about?

D-Wave has extended its agreement with Aramco Europe to explore quantum-powered optimization of geophysical problems.

How long has Aramco been working with D-Wave's quantum technology?

Aramco has been working with D-Wave's quantum technology for the past two years.

What is the main goal of the collaboration between D-Wave and Aramco?

The main goal is to optimize geophysical problems using quantum technologies, particularly focusing on seismic imaging.

What advancements have been made in the collaboration between D-Wave and Aramco?

Initial subsurface maps have been created using seismic data, and performance gains in computational speed and scale have been achieved.

What is the target for processing seismic data in the D-Wave and Aramco collaboration?

The target is to process a terabyte of seismic data using D-Wave's quantum computer by 2024.

What technology does Aramco use from D-Wave for their research?

Aramco uses D-Wave’s quantum computers, hybrid solvers, and Leap™ quantum cloud service.

What is the significance of the Advantage2TM system in the D-Wave and Aramco collaboration?

The Advantage2TM system is expected to provide even greater tangible benefits in optimizing geophysical problems.