The initial tranche of the EIB funds will be used for facility expansion, accelerating the research of materials, and developing quantum processors
The quantum fabrication facility of IQM in Finland. (Credit: IQM Finland Oy)
IQM Quantum Computers has secured a loan of €35m from the European Investment Bank (EIB) for its quantum fabrication facility in Espoo, Finland.
The facility was opened by the Finnish quantum computing company in November 2021 with an investment of €20m. Dedicated to quantum processors, the advanced manufacturing facility is designed to fast-track research and development (R&D) and innovation and support the increasing global demand.
The EIB’s loan is expected to expedite the development and commercialisation of the company’s quantum processors built at the facility.
IQM Quantum Computers chief executive Jan Goetz said: “Today’s chips 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.”
The loan is part of the venture debt product of the European Guarantee Fund, which was launched to give liquidity to small and medium-sized firms impacted by the Covid-19 pandemic.
The initial tranche of the funds from the EIB will be allotted towards the facility expansion, accelerating the research of materials, and developing quantum processors.
EIB President Werner Hoyer said: “Quantum computing is still at an early stage. However, it has the potential to revolutionise many sectors, from drug and vaccine development to cybersecurity.
“Given the scale of the potential impact, global competition in quantum computing is fierce. Ensuring that companies such as IQM are well-funded is key to positioning Europe as a technological leader worldwide.”
IQM Quantum Computers builds quantum computers for supercomputing centers and research laboratories.
In late 2021, the Finnish firm was selected to deliver a quantum computing system, which will be integrated into a high performance computing (HPC) supercomputer to develop an accelerator for future scientific research.