DENVER, Colo. July 2, 2024 – Today, Elevate Quantum announced that it has received a Tech Hub Phase 2 Implementation award from the Department of Commerce, unlocking more than $127m in new federal and state funding. The award is expected to drive more than $2bn in additional private capital and cement the Mountain West as a global leader for quantum innovation.

In 2023, the US Department Of Commerce’s Economic Development Agency (EDA) designated Elevate Quantum as one of 31 regional Tech Hubs out of nearly 400 applicants, making it eligible for up to $1b in federal investment over the next decade. With $40.5m in initial EDA funding from the Department of Commerce and matching funds from Colorado ($77m) and New Mexico ($10m), today’s investment represents a down payment on the next 50 years of US quantum leadership. Developed under the CHIPS and Science Act, Tech Hub designation is a novel tool to direct domestic investment to globally competitive innovation centers within the U.S.

“This award marks the first large-scale, place-based federal investment in quantum. We are honored to be acknowledged as a driving force in the global race for quantum innovation, and this funding marks a critical milestone in securing U.S. quantum leadership. We thank our partners, consortium members, and the EDA for making this happen,” said Zachary Yerushalmi, CEO of Elevate Quantum. “The Mountain West is home to the largest regional coalition of quantum leaders in the world; this funding cements our status as the capital of quantum and supports us in building a thriving future for all Americans.”

Combined, these federal and state investments will enable the following milestones by 2030:

• Creation of over 10,000 quantum jobs: Filling critical roles across the Mountain West quantum ecosystem, up to 80% of these jobs will be for non-advanced degree holders and offer a median salary of $125,000 per year.
• Establishment of world-class open-access quantum facilities: Access to hardware and fabrication capabilities is a major obstacle to Quantum Innovation. This funding will ensure that researchers and entrepreneurs in the region will have unmatched access to world-class hardware and services.
• Activation of over $2 billion in private capital for quantum: This investment will support quantum startups and scale-ups, driving economic growth and technological advancement in the region.
• Development of a first-class workforce: Our goal is to ensure that the quantum century is diverse, inclusive, and just; we’re filling a growing share of key roles with individuals from historically underserved populations, reflecting our commitment to activating talent from all communities in the region.

“This award will be a game-changer for our industry, providing an opportunity for researchers and companies to innovate side-by-side, accelerating the development and commercialization of quantum technologies,” said Corban Tillemann-Dick, Elevate Quantum co-founder and Chair and CEO of Maybell Quantum. “Moreover, today’s award is a down payment on the quantum future, with up to $960m in additional potential funding available from the federal government over the next decade and billions in play from the private sector.”