IQM Quantum Factory received a €35 million loan from the European Investment Bank

On April 28, the European Investment Bank (EIB) announced that it had borrowed 35 million euros from IQM Quantum Computers, Europe's leading superconducting quantum computing company. to accelerate the development and commercialization of quantum processors at its Espoo plant in Finland.

In November 2021, IQM announced the opening of its first manufacturing facility in Finland to design, research and manufacture its quantum processors at a cost of €20 million, it is the company's largest investment to date. The new plant is located near IQM's headquarters and Quantum Lab in Espoo, Finland.

IQM Quantum Factory

The EIB's initial funding will be used to expand facilities, accelerate materials research and development of quantum processors, and strengthen its leadership position in Europe.

After securing its first debt financing from the European Investment Bank, Dr Jan Goetz, CEO of IQM, said: "Today's chip shortage exposes how much the world is dependent on Semiconductor manufacturers in Asia. Quantum processors provide us with an opportunity to learn from them and become a global supplier of self-reliant and future quantum chips. This EIB loan supports us to build a more balanced and resilient quantum development in Europe, We are already working on the most advanced quantum technologies in Europe, and this loan will also help us create the next generation of European quantum ecosystems.” Werner Hoyer, president of the EIB, said: "Quantum computing is still in its early stages. However, it has the potential to revolutionize many areas, from drug and vaccine development to cybersecurity. Given the scale of the potential impact, global competition for quantum computing is fierce. Ensuring that companies like IQM are well funded is key to positioning Europe as a global technology leader. ”

IQM quantum computer

Thomas Östros, Vice President of the European Investment Bank, added: "Since we consider quantum computing to be an area of strategic importance, we are delighted to support FINLAND-based IQM. With our financing, we are not only maintaining and creating jobs in a highly innovative industry, but also developing the technology ourselves. Europe has a strong tradition of quantum research, funding IQM to ensure that the results of this research will be put into practice in real-world innovations. ”

About IQM Quantum Computers:

IQM is a European leader in building quantum computers. IQM provides local quantum computers and full access to their hardware for supercomputing centers and research labs; for industrial customers, IQM offers quantum advantages through a unique, application-specific approach to collaborative design.

IQM is working with Finland's National Centre for Technology Research (VTT) to build Finland's first commercial 54-qubit quantum computer to commercialize application-specific quantum processors; a consortium led by IQM (Q-Exa) is building a quantum computer in Germany. Today, IQM has offices in Espoo, Finland, Munich, Germany, and Bilbao, Spain.

Reference Links:

https://meetiqm.com/articles/press-releases/iqm-quantum-computers-opens-a-new-fabrication-facility-in-finland/#

https://meetiqm.com/articles/press-releases/iqm-gets-35-million-boost-from-eib/