TIDMQBIT
RNS Number : 1230F
Quantum Exponential Group PLC
03 November 2022
3 November 2022
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
Portfolio Company Update - Universal Quantum wins EUR67 million
contract
Quantum Exponential Group plc (AQUIS: QBIT), a company focused
on investing in quantum technology, is pleased to provide an update
from its portfolio company Universal Quantum Limited ('Universal
Quantum'), a company focused on building the world's first million
quantum bit ("qubit") quantum computers.
Universal Quantum's German subsidiary, Universal Quantum
Deutschland GmbH, has been commissioned by the German Aerospace
Centre with building a fully scalable trapped-ion quantum computer.
This comes as part of the German Quantum Computing Initiative
founded by the German Ministry of Economy, a wider quantum
initiative by the German federal government.
The German Aerospace Centre has invested a total of EUR67
million to bring two world-first innovations to Germany: firstly a
single-chip quantum computer which utilises a sophisticated
electronic quantum computer chip, and secondly a multi-chip quantum
computer that will initially consist of up to 100 qubits .
The two machines are being built at the German Aerospace Centre
over the next four years, both machines will utilise the most
powerful chip ever developed for a quantum computer.
Trapped-ion technology is one of the most mature approaches to
building quantum computers and experts believe that in the future
millions of qubits will be required to solve some of the most
complex problems that will benefit society. Universal Quantum's
unique approach to building quantum computers will solve a number
of challenges that are faced when using trapped-ion technology,
namely the reliable connection of chips and temperatures amongst
others.
Universal Quantum focuses on building scalable quantum
computers, and this contract with the German Aerospace Centre means
Germany now follows the UK government-supported projects that
Universal Quantum are involved in.
Commenting on the contract win, CEO of Quantum Exponential
Group, Steven Metcalfe said:
"We are thrilled with the news from Universal Quantum, and
critically that another major NATO government, Germany, is
recognising the need to invest in quantum technology that will help
enable people to solve the biggest challenges humanity is
facing.
"The EUR67 million contract further validates Universal
Quantum's unique and promising technology and looks to only further
expand their technology into new markets going forward.
"Quantum Exponential are excited for the journey ahead with
Universal Quantum and with their vast experience, and importantly
their institutional investor backing, we look forward to being able
to further report on the company's developments."
The Directors take responsibility for this announcement.
**ENDS**
For more information, visit the Company's website:
www.quantum-exponential.co.uk or contact:
Steven Metcalfe, Chief Executive Officer c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate Adviser) Tel: +44 (0)20 7399 9400
David Coffman, George Duxberry
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford
St Brides Partners Limited (Financial PR) quantum@stbridespartners.co.uk
Catherine Leftley, Ana Ribeiro, Isabelle Morris
Notes to Editors
About Quantum Exponential Group plc
Quantum Exponential is a first of its kind, AQSE Growth Market
enterprise company, focused on opportunities in quantum technology
and the wider quantum computing sector, with an advisory board made
up of industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO-allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
About Universal Quantum
Universal Quantum is building the world's first million qubit
quantum computer. Why? Because to unlock the full potential of
quantum computing and change the world for the better, we need to
reach the million-qubit scale.
Based near Brighton in the UK, Universal Quantum is backed by
top VCs, has 15+ years of quantum computing experience and is a
proud member of the Tech Talent Charter. For more information,
please visit: universalquantum.com or email
info@universalquantum.com .
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END
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(END) Dow Jones Newswires
November 03, 2022 03:00 ET (07:00 GMT)
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