EIB boosts Europe's quantum computing sector with EUR 35 million
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Loading... - King Thomas
- 06 May 2022
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IQM, the pan-European leader in building quantum computers, unveiled a state-of-the-art fabrication facility in the Finnish city of Espoo last November. Costing around EUR 20 million, the development of the modern site was said to be the company’s largest investment.
Now, the European Investment Bank (EIB) has revealed that it has provided IQM Quantum Computers with EUR 35 million to accelerate the development and commercialisation of their quantum processors in Finland.
How will the financing help IQM?
In a press release, the EIB explained that the financing is part of the European Guarantee Fund’s venture debt product, which helps provide liquidity to SMEs affected by COVID. Explaining how the loan will boost the operations of the company, IQM’s Chief Executive, Dr Jan Goetz, shared:
“Today’s chip shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia. Quantum processors give us an opportunity to learn from this and become self-reliant first, and a global provider for quantum chips in the future.
This EIB loan supports us in building more balanced and resilient quantum development in Europe. We are already working on the most advanced quantum technology in Europe and this loan will also help us create the next-generation European quantum ecosystem.” Read More...
