Quantum Computing Inc. Selects Tempe, Arizona as the Site for its Quantum Photonic Chip Foundry

Rhea-AI Summary

Quantum Computing Inc. (QCi) chooses ASU Research Park in Arizona as the location for its new quantum photonic chips manufacturing facility. The facility will accelerate advanced technology development in nanophotonics and optical chip manufacturing. Lithium niobate nanophotonic circuits will be used in QCi's products and for general sale. QCi has placed deposits of $2 million for the facility and plans to begin the buildout in Q4 2023. QCi anticipates chip manufacturing to commence in H1 2024. The company believes it is in a strong position to benefit from the CHIPS and Science Act of 2022. The expansion into Arizona is a strategic initiative for QCi due to the State's leadership in optics and interest in quantum computing. The move is expected to enhance Tempe's economic development and establish a quantum technology sector.

Positive

• QCi's expansion into Arizona and the establishment of a new manufacturing facility for quantum photonic chips may positively impact the company's stock price. The facility will accelerate advanced technology development and the use of lithium niobate nanophotonic circuits in QCi's products. The company has placed deposits for the facility and anticipates chip manufacturing to commence in H1 2024. QCi believes it is in a strong position to benefit from federal funding and tax incentives for semiconductor research and manufacturing. The expansion into Arizona is a strategic initiative due to the State's leadership in optics and interest in quantum computing. The move is expected to enhance Tempe's economic development and establish a quantum technology sector.

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• None.

LEESBURG, Va., Sept. 21, 2023 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, quantum optics and nanophotonics technology company, announces that it has chosen ASU Research Park in Tempe, Arizona, as the location for its new quantum photonic chips manufacturing facility, where it will produce its Thin Film Lithium Niobate (TFLN) chips.

Known for its photonic-based quantum solutions, QCi is expanding production with this new facility to accelerate its advanced technology development in nanophotonics and optical chip manufacturing for use in its high-performance computing, machine learning, cyber security, sensing, and imaging products. A characteristic feature of these chips is heightened scalability and performance advantages such as speed, accuracy and ultra low electric power consumption. Lithium niobate nanophotonic circuits (quantum chips) will be used in QCi's products and for general sale in the market as well.

The State of Arizona is one of the nation's leading semiconductor ecosystems, comprised of more than 100 leading tech companies, built upon a long history of advancing the chip industry dating back to the first Motorola lab in the late 1940s. Importantly, Arizona is a driving force in the field of optics as its government leaders were early in the championing of advanced photonic research by supporting strong research universities interested in exploring mission-ready quantum computing and related technologies.

The location QCi chose for its new facility is on five acres within the extensive 320-acre research park hosted by ASU, a global leader in academic microelectronics research and #1 in Innovation according to U.S. News & World Report. The research park currently provides 2.2 million sf. of Class A office and research facilities for more than 6,700 employees and 50 corporations and organizations, including Honeywell, Texas Instruments, Linear Technology, GE Healthcare, Iridium Satellite and the Institute for Supply Management. The selection of this site aims to promote cooperation, creativity and leverage the park's pre-existing infrastructure and skilled workforce.

To date, QCi has placed deposits for the procurement of critical long-lead equipment and paid other expenses associated with the new chip fabrication facility of approximately $2 million. The Company plans to begin the buildout of the facility during fourth quarter 2023. As a lease incentive, the landlord agreed to provide a significant portion of the leasehold improvements needed to develop the fabrication facility. In addition, there are multiple funding sources available for state-of-the-art manufacturing facilities, including state and federal grants and low single-digit interest rate loans. Importantly, QCi believes it is in a strong position to benefit from the CHIPS and Science Act of 2022, which allocated $113.2 billion in federal funding and tax incentives to companies for the development of semiconductor research and manufacturing in the U.S. QCi anticipates that its chip manufacturing will commence operations first half of 2024, initially with singly purposed chips—such as those physically unclonable functions, electro-optical modulation, quantum entanglement generation—and mass-producing quantum photonics chips with complex nanophotonic circuits by late 2024 / early 2025.

"The quantum photonic chip facility is poised to make a significant impact in the United States by becoming the first US-based developer and producer of thin film lithium niobate chips. This accomplishment not only enhances the nation's manufacturing capabilities but also reduces reliance on foreign chip imports," commented Robert Liscouski, QCi's CEO. "The chips, which will be manufactured domestically, are a central part of QCi's technical and commercial growth strategy and will serve as the foundation for a new wave of innovative quantum technologies, spanning fields such as data processing, hybrid computing, cryptography, sensing, and artificial intelligence. This initiative will serve to keep the US as a leading technology provider and will reinforce supply chain security and solidify QCi's position in the nanophotonics and quantum optics industry."

Mr. Liscouski added, "The multiple benefits of locating in Arizona, and at the ASU Research Park in particular, are expected to accelerate the time-to-market of the first products powered by QCI's quantum photonic chips. Expansion into Arizona represents a strategic initiative for the Company. The location was selected due to the State's leadership in the field of optics, its early recognition of the importance of advanced photonic research, and the presence of numerous State and US Government entities interested in exploring mission-ready quantum computing and related technologies."

Mr. Corey Woods, Mayor of Tempe, Arizona commented, "This expansion by QCi holds great potential for Tempe's economic development. By prioritizing the production of lithium niobate chips, QCi is not only creating job opportunities in engineering and manufacturing but is also establishing a pioneering quantum technology sector in the region. This move is set to enhance Tempe's reputation as a technology hub, attracting talent and promoting an environment conducive to innovation."

About Quantum Computing Inc.

Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an innovative, quantum optics and nanophotonics technology company on a mission to accelerate the value of quantum computing for real-world business solutions, delivering the future of quantum computing, today. The company provides accessible and affordable solutions with real-world industrial applications, using nanophotonic-based quantum entropy that can be used anywhere and with little to no training, operates at normal room temperatures, low power and is not burdened with unique environmental requirements. QCi is competitively advantaged delivering its quantum solutions at greater speed, accuracy, and security at less cost. QCi's core nanophotonic-based technology is applicable to both quantum computing as well as quantum intelligence, cybersecurity, sensing and imaging solutions, providing QCi with a unique position in the marketplace. QCi's core entropy computing capability, the Dirac series, delivers solutions for both binary and integer-based optimization problems using over 11,000 qubits for binary problems and over 1000 (n=64) qubits for integer-based problems, each of which are the highest number of variables and problem size available in quantum computing today. Using the Company's core quantum methodologies, QCi has developed specific quantum applications for AI, cybersecurity, and remote sensing, including its Reservoir Photonic Computer series (intelligence), reprogrammable and non-repeatable Quantum Random Number Generator (cybersecurity) and LiDAR and Vibrometer (sensing) products. For more information about QCi, visit www.quantumcomputinginc.com.

About Quantum Innovative Solutions

Quantum Innovative Solutions (QI Solutions or QIS), a wholly owned subsidiary of Quantum Computing Inc., is an Arizona-based supplier of quantum technology solutions and services to the government and defense industries. With a team of qualified and cleared staff, QIS delivers a range of solutions from entropy quantum computing to quantum communications and sensing, backed by expertise in logistics, manufacturing, R&D and training. The company is exclusively focused on delivering tailored solutions for partners in various government departments and agencies.

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 QCi 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. 

QCi 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. 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 QCi's Annual Report on Form 10-K and other factors as may periodically be described in QCi's filings with the U.S. Securities and Exchange Commission.

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SOURCE Quantum Computing Inc.