The majority of a $40.5 million federal grant to boost the Mountain West’s quantum industry will go toward projects and initiatives in Colorado, shining a national tech spotlight on the Centennial State.
The grant funding was awarded to Elevate Quantum, a 70-plus-member consortium of entities in Colorado and New Mexico, on July 2 by the U.S. Economic Development Administration (EDA). The coalition was one of 12 “tech hub” grant recipients.
More than half of the $40.5 million, five-year implementation grant will go toward projects in Colorado, including a new lab and fabrication facility, said Zachary Yerushalmi, Elevate Quantum’s CEO.
The implementation grant will unlock up to $127 million in federal and state funding to spur development of the region’s quantum industry, he said.
This includes the recently granted $40.5 million, $77 million in matching funds from Colorado – a portion of which will go toward the lab and fabrication facility and an income tax credit program for quantum companies – and $10 million in matching funds from New Mexico.
The region’s tech hub designation also puts it and Elevate Quantum first in line for more than $900 million in additional federal dollars, Yerushalmi said.
“This is the first place-based investment the federal government is doing in quantum across the U.S.,” he said. “It’s an affirmation of our region. It’s an affirmation for quantum and it leads to what we think will be very quick returns of bringing the biggest companies in the world reinforcing their engagement with our region, expanding that engagement with our region and having lots of jobs.”
Elevate Quantum submitted a nearly 400-page document to the EDA earlier this year spelling out initiatives to expand upon the local quantum industry and the estimated cost of the projects.
The EDA prioritized three – capacity building for all quantum technology types, workforce and an entity to oversee the region’s quantum work.
More than half of the implementation grant funding – $22 million – will go toward capacity building and creating a facility for the rapid prototyping and low-volume manufacturing of quantum devices and technology. The lab and fabrication facility has to be live in 12 to 18 months, according to terms of the grant, Yerushalmi said.
Quantum is the physics of the very small and very cold. By manipulating subatomic particles, often at extremely low temperatures, quantum technology can store more information and solve complex problems that may be impossible using traditional computers.
The technology can be used to fight infectious diseases, stabilize financial markets and more, experts say.
The EDA sees capacity building as an “engine for strength for the entire U.S. quantum ecosystem,” Yerushalmi said.
This facility will be in Colorado and is intended to help quantum businesses spin up quickly. Yerushalmi compared the idea to Amazon Web Services, which more than 15 years ago pioneered making large-scale computer power affordable for startups.
“Instead of [it] costing millions of dollars to start your quantum company, the aim is for that to be incremental – hundreds or thousands of dollars to get access to the critical equipment,” Yerushalmi said. “It’s the AWS for quantum.”
A location for the facility has been determined and will be announced soon, he said.
An additional $13.5 million in federal funding will go toward workforce development activities in Colorado and New Mexico, with the Centennial State receiving the majority of funds.
There are currently three job openings in the quantum realm for every one qualified person, Yerushalmi said. Elevate Quantum predicts quantum jobs will exceed 10,000 positions by 2030, with the vast majority of these roles not requiring four-year degrees.
The remaining $5 million will go toward Elevate Quantum’s operations and project oversight.
“This decision shows that America is serious about being a leader in quantum technology,” Gov. Jared Polis said in a statement. “Colorado is the center of the quantum technology ecosystem, and we are thrilled that the Biden Administration is supporting our work to produce the best minds, research, and innovation in the country.”
Colorado is home to several quantum companies, including Atom Computing, Infleqtion, Maybell Quantum, Quantinuum and Vescent. New Mexico is home to several quantum-related research labs at the University of New Mexico, Los Alamos National Laboratory and Sandia National Labs.
