Elevate Quantum Tech Hub Receives $40.5 Million Implementation Grant from EDA
The U.S. Economic Development Administration (EDA) has made a groundbreaking announcement, awarding approximately $504 million in implementation grants to 12 Tech Hubs designees, with Elevate Quantum (EQ) leading the charge in a Colorado-New Mexico collaboration focused on quantum information technology (QIT).
This significant funding, authorized by the bipartisan CHIPS and Science Act as part of President Biden’s Investing in America agenda, aims to elevate the economies of communities nationwide while bolstering America’s global leadership in critical technologies. The Tech Hubs Program seeks to accelerate the growth of industries of the future in regions with the potential to become globally competitive, ultimately creating jobs and fostering innovation within the United States.
Among the recipients of the Phase 2 implementation funding is the Elevate Quantum Tech Hub, which received approximately $40.5 million. Working in conjunction with partners in the Mountain West, EQ secured a total of $127 million, including $80 million in committed state incentives from Colorado and New Mexico. The collaboration anticipates the creation of 50 quantum startups, $2 billion in private capital funding, over 10,000 new jobs, and the training of 30,000 skilled workers by 2030.
Quantum technology is poised to revolutionize various sectors of the economy, unlocking trillions of dollars in value and advancing fields such as AI, climate tech, and healthcare. The award to EQ signifies a pivotal moment in establishing the Mountain West region as a hub for quantum excellence, positioning the area as a key player in the global quantum race.
Leaders in New Mexico have expressed their support for the initiative, with Governor Michelle Lujan-Grisham highlighting the state’s history of innovation and the potential impact of Quantum-enabled technology. The federal grant, coupled with state funding and commitments, underscores New Mexico’s dedication to advancing quantum technologies and fostering workforce development.
Through its development pillars focusing on hardware deployment, workforce training, and governance, EQ aims to broaden participation in quantum technology across New Mexico. Collaborative efforts with institutions like the University of New Mexico, Sandia National Laboratories, and Los Alamos National Laboratory aim to harness the state’s resources and expertise to drive quantum innovation and training programs.
The creation of the Quantum Commons Campus, a dedicated workspace for the regional quantum ecosystem, further solidifies the commitment to advancing quantum technology in the Mountain West. This announcement marks a significant milestone in the Tech Hubs Program, showcasing the potential for U.S. leadership in critical and emerging technologies.
For more information on Elevate Quantum and the Tech Hubs Program, visit their website for updates and developments.
