QCI Launches Project to Build and Operate New Quantum Computing Optical Chip Manufacturing and Research Facility

Rhea-AI Summary

Quantum Computing Inc (NASDAQ: QUBT) announced plans to establish a new advanced quantum nanophotonics manufacturing and research center, enhancing chip development capabilities. The company is pursuing federal, state, and regional funding incentives, anticipating $30 million from the CHIPS and Science Act of 2022, which allocates $52 billion for semiconductor manufacturing. This initiative aims to position QCI as a leader in U.S. quantum computing and technology development, leveraging partnerships with government and economic groups.

Positive

• Plans to establish a state-of-the-art quantum manufacturing facility.
• Anticipates $30 million in funding from the CHIPS Act for the project.
• Potential for expanded research capabilities in quantum technology.

Negative

• No guaranteed funding success, introducing uncertainty in financial planning.

Company to Tap Federal, State and Regional Funding Incentives to Advance Quantum Innovation

LEESBURG, Va., Oct. 14, 2022 (GLOBE NEWSWIRE) -- Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a leader in accessible full stack quantum solutions, announced plans to construct and operate a new state-of-the-art quantum nanophotonics technology manufacturing and research center to expand its current chip development capabilities. The company is negotiating several offers of federal, state and regional funding incentives to help finance the project and advance quantum innovation.

The initiative is expected to benefit from the recently passed federal CHIPS and Science Act of 2022 which allocates $52 billion for the revitalization and onshoring of semiconductor manufacturing in the U.S. The funding includes $39 billion in manufacturing incentives and $13 billion to support new research and development.

These federal funds are expected to be released to state and local governments in the first quarter of 2023. QCI is working closely using its existing relationships with government officials, economic development groups and business communities to marshal the required resources for the endeavor.

“The passage of the CHIPS Act is a historic opportunity to transform the U.S. semiconductor industry,” stated QCI CEO Robert Liscouski. “We are positioned to play a significant role in this effort by applying our engineering expertise and quantum technology to develop the next generation of quantum computing technology, including nanophotonics chips. While there is no absolute certainty for success in getting funding, we are heavily engaged with a number of states that are seizing this initiative to establish leadership in the manufacturing of this critical technology. They recognize that our technology is vital to our technological base but also to the development of a well-educated and trained workforce that will enable the U.S. to remain a leader in technological innovation.”

Optical chips are expected to ultimately provide the greatest scalability and performance advantages for quantum information processing, networking, sensing and imaging.

For the planned facility, QCI expects to raise $30 million from CHIPS funding, as well as through state and regional incentives. The new research center would complement the research and development activities already underway at QCI’s facilities in New Jersey, as well as further scale and broaden the scope of quantum research efforts.

“The next stage in the process is to carefully evaluate and select the best options for QCI,” noted Liscouski. “This includes a thorough review and analysis of the business climate, tax rates, economic growth potential, and workforce quality among the host of considerations.”

While commercial quantum computing is still relatively nascent, QCI has emerged on the forefront of a technological revolution that uses its technology to solve complex constraint optimization problems facing businesses and governments today.

QCI’s Entropy Quantum Computer (EQC), the Dirac 1, is solving real world business problems using game-changing quantum computational capability that surpasses anything currently available on the market. The system is available through an on-line subscription service offered directly by QCI.

This advanced proprietary technology supports full stack quantum solutions that enables customers to run complex optimization problems on a stable, room temperature, desktop platform. As part of QCI’s strategic vision and roadmap, the current system’s platform technology will migrate from a discrete component architecture to a highly integrated system on a chip design that will further extend the core technology in scalability, stability, performance and cost. This approach will extend the core technologies capabilities in developing solutions for multi-body interaction optimization problems, photonic gate-model circuits, quantum cybersecurity and encryption methods, and ultrasensitive sensing and imaging systems; all leveraging the power of photonic quantum engineering.

“We believe the development of a commercially scalable quantum computing chip represents a massive opportunity, and one that QCI is ready to tackle,” added Liscouski. “The launch of this new manufacturing and research project presents a bold first step toward achieving our vision of a new quantum future.”

For more information about QCI and their full stack quantum solutions, visit www.quantumcomputinginc.com.

About Quantum Computing Inc.
Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI’s flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI’s expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the “Company”), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events, and as such all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim to,” or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC.

Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.

Company Contact:
Robert Liscouski, CEO
Quantum Computing, Inc.
+1 (703) 436-2161
Email Contact

Investor Relations Contact:
Ron Both or Grant Stude
CMA Investor Relations
+1 (949) 432-7566
Email Contact

Media Relations Contact:
Seth Menacker
Fusion Public Relations
+1 (201) 638-7561
qci@fusionpr.com

FAQ

What is Quantum Computing Inc's funding plan for its new facility?

Quantum Computing Inc plans to secure $30 million from federal, state, and regional funding incentives to develop its new quantum nanophotonics manufacturing and research center.

How does the CHIPS Act benefit Quantum Computing Inc?

The CHIPS and Science Act allocates $52 billion for revitalizing semiconductor manufacturing in the U.S., which Quantum Computing Inc aims to leverage for its new facility.

What are the anticipated impacts of the new research center by Quantum Computing Inc?

The new research center is expected to enhance chip development and expand QCI's capabilities in quantum technology, positioning the company to address complex optimization problems.

When will the federal funds for Quantum Computing Inc be released?

The federal funds are expected to be released to state and local governments in the first quarter of 2023.

What role does Quantum Computing Inc play in the semiconductor industry according to the press release?

Quantum Computing Inc aims to be a significant player in transforming the U.S. semiconductor industry through advanced quantum technology and manufacturing initiatives.