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Quantum Tech Hub Awarded $41M in Colorado, New Mexico

Elevate Quantum awarded funding as part of $504M fund to bring innovative industries to underinvested areas

July 3, 2024

2 Min Read
President Biden
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The Biden Administration has awarded the Elevate Quantum Tech Hub, a consortium of businesses and academic institutions in Colorado and New Mexico, $41 million to support its aim of establishing the region as a quantum information technology leader.

Led by Elevate Quantum, the hub plans to bring together the regional research community and industry to move quantum computing, sensing and network products to market using local expertise and assets, including national laboratories.

“This award marks the first large-scale, place-based federal investment in quantum,” said Elevate Quantum CEO Zachary Yerushalmi. “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.

“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.” 

The award is one of 12 with a total value of $504 million awarded to regional tech hubs leading the “industries of the future,” including semiconductors, clean energy, biotechnology and artificial intelligence, as well as quantum computing. 

Authorized by the CHIPS (creating helpful incentives to produce semiconductors) and Science Act, the Tech Hubs program aims to bring innovative industries and jobs to previously underinvested areas, as part of the administration’s Investing in America agenda.

Related:Biden Administration Designates Chicago, Colorado Quantum Tech Hubs

Participants include companies, state, local and tribal governments, higher education institutions, labor unions and nonprofit organizations to support regional economic growth.

“Every American deserves the opportunity to thrive, no matter where they live,” said Vice President Kamala Harris. 

“Today’s announcement that the Department of Commerce is investing $504 million in Regional Technology and Innovation Hubs across the country will ensure that the benefits of the industries of the future – from artificial intelligence and clean energy to biotechnology and more – are shared with communities that have been overlooked for far too long, including rural, Tribal, industrial and disadvantaged communities.” 

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