Governor JB Pritzker has announced significant investments in EeroQ Corporation, a pioneering quantum computing technology company, to establish its headquarters in Chicago’s Humboldt Park community. The $1.1 million investment, supported by an Economic Development for a Growing Economy (EDGE) for Startups agreement and Illinois Innovation Venture Fund (INVENT) investments, will enable EeroQ to develop the team and tools needed to build a quantum computer. This innovative technology has the potential to revolutionize various fields, including biomedical research, financial modeling, climate change solutions, and more. Founded in 2017, EeroQ is building a commercial-scale quantum computer using electrons floating on top of liquid helium and leveraging existing chip fabrication technology. Key individuals involved include Governor Pritzker, Lt. Governor Juliana Stratton, Nick Farina, co-founder and CEO of EeroQ, and DCEO Director Kristin Richards.
EeroQ’s Quantum Computing Headquarters: A Boost for Illinois’ Economy
The State of Illinois has made a significant investment in EeroQ Corporation, a pioneering quantum computing company, to establish its headquarters in Chicago’s Humboldt Park community. This move is expected to revolutionize various fields and create thousands of high-paying jobs.
EeroQ’s innovative strategy involves building a commercial-scale quantum computer using electrons floating on top of liquid helium and leveraging today’s existing chip fabrication technology. This approach allows the company to scale rapidly and with resource efficiency. The company’s $1.1 million investment in capital expenditures, supported by an Economic Development for a Growing Economy (EDGE) for Startups agreement and Illinois Innovation Venture Fund (INVENT) investments, will enable it to develop the team and tools needed to build a quantum computer.
“Illinois is on a mission to be at the center of this industry,” said Governor JB Pritzker. “We are proud that EeroQ made the decision to make Chicago their headquarters and to put this remarkable research and development facility in Chicago.” The governor’s administration has made attracting federal, state, and private investment in quantum computing technology a major priority, with billions of dollars already committed to building up the Illinois quantum ecosystem.
Quantum Computing: A Game-Changer for Various Industries
Quantum computers process information at an unprecedented speed, making them capable of breakthrough discoveries in areas such as biomedical research, financial modeling, climate change solutions, food production, mineral exploration, manufacturing methodologies, and more. EeroQ’s technology has the potential to transform various industries, creating new opportunities for economic growth and development.
The company’s strategic location in Illinois provides access to top-tier infrastructure, including interstate, rail, and water access, as well as proximity to some of the state’s top quantum communities, such as the University of Illinois at Urbana-Champaign, the University of Chicago, and Argonne National Laboratory. This ecosystem is expected to foster collaboration and innovation, driving progress in the field of quantum computing.
EDGE for Startups: A Boost for Emerging Companies
The EDGE program was expanded to include startups in 2022 to spur additional investment for newer companies that are in their growth stage. The program provides a benefit that allows companies to reduce their payroll withholding instead of their Illinois corporate income tax liability, enabling start-up companies without corporate income tax liabilities to maximize their incentive to reinvest in their expansion project.
EeroQ received an EDGE for Startups tax credit and has committed to making a $1.1 million investment, creating five new full-time jobs and retaining eight full-time jobs. This agreement demonstrates the state’s commitment to supporting emerging companies in the quantum computing sector.
INVENT: A Critical Investment in Emerging Technologies
The Illinois Innovation Venture Fund (INVENT) participated in EeroQ’s recent funding round to help the company further scale its development of this crucial emerging technology. The State’s investments in EeroQ illustrate its commitment to support critical sectors, as highlighted by the Venture Investment for Semiconductor Technology Advancement (VISTA) initiative.
INVENT is a $114 million direct equity capital program funded through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) and administered by DCEO, aligning with Illinois’ economic development priorities. The VISTA initiative will channel investments into businesses within vital sectors such as advanced computing and software, advanced materials, microelectronics, quantum science, and semiconductor manufacturing/packaging.
The state’s investment in EeroQ demonstrates its commitment to supporting the growth of emerging companies in the quantum computing sector, driving innovation and economic development in Illinois.
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