QCI launches project to build and operate new quantum computing optical chip manufacturing and research facility

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LEESBURG, Va., Oct. 14, 2022 (GLOBE NEWSWIRE) — Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a leader in accessible end-to-end quantum solutions, announced plans to build and operate a new manufacturing center and research into state-of-the-art quantum nanophotonic technology to expand its current chip development capabilities. The company is negotiating multiple federal, state, and regional financial incentive offers to help fund the project and advance quantum innovation.

The initiative stands to benefit from the recently passed federal CHIPS and Science Act of 2022, which allocates $52 billion to revitalize and relocate semiconductor manufacturing to the United States. The funding includes $39 billion in manufacturing incentives and $13 billion to support new research and development.

These federal funds are expected to flow to state and local governments in the first quarter of 2023. QCI is working closely using its existing relationships with government officials, economic development groups and the business community to engage the resources needed for the effort.

“The passage of the CHIPS Act is a historic opportunity to transform the US semiconductor industry,” said QCI CEO Robert Liscouski. “We are well positioned to play an important role in this effort by applying our engineering expertise and quantum technology to develop the next generation of quantum computing technology, including nanophotonic chips. While there is no absolute certainty of success in securing funding, we are strongly engaged with a number of states that are seizing this initiative to establish leadership in the manufacture of this essential technology. They recognize that our technology is vital to our technology base, but also to the development of a well-educated and trained workforce that will allow the United States to remain a leader in technological innovation.

Optical chips should ultimately provide the greatest scalability and performance benefits for quantum information processing, networking, sensing, and imaging.

For the planned installation, QCI plans to raise $30 million through funding from CHIPS, as well as through national and regional incentives. The new research center would complement research and development activities already underway at QCI’s New Jersey facilities, while expanding and broadening the scope of quantum research efforts.

“The next step in the process is to carefully evaluate and select the best options for QCI,” Liscouski noted. “This includes a thorough review and analysis of the business climate, tax rates, economic growth potential and labor quality among a host of considerations.”

While commercial quantum computing is still relatively nascent, QCI has emerged at the forefront of a technological revolution that uses its technology to solve complex constraint optimization problems facing businesses and governments today. today.

QCI’s entropic quantum computer (EQC), the Dirac 1, solves real-world business problems using breakthrough quantum computing capability that surpasses anything currently available on the market. The system is available through an online subscription service offered directly by QCI.

This advanced proprietary technology supports complete quantum solutions that allow customers to run complex optimization problems on a room-temperature stable desktop platform. As part of QCI’s strategic vision and roadmap, the current system platform technology will migrate from a discrete component architecture to a highly integrated system on a chip design that will further extend the core technology in terms of scalability, stability, performance and cost. This approach will extend core technologies’ capabilities in developing solutions for multibody interaction optimization problems, photonic gate model circuits, quantum cybersecurity and encryption methods, and ultra-sensitive sensing and imaging systems. ; all leveraging the power of photonic quantum engineering.

“We believe that the development of a commercially scalable quantum computer chip represents a huge opportunity, and one that QCI is poised to seize,” Liscouski added. “The launch of this new manufacturing and research project represents a bold first step towards realizing our vision of a new quantum future.”

For more information about QCI and its comprehensive quantum solutions, visit www.quantumcomputinginc.com.

About Quantum Computing Inc.Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company whose mission is to accelerate the value of quantum computing for real-world industrial applications, delivering the future quantum computing today. The combination of QCI’s flagship off-the-shelf software product, Qatalyst, with its industry-leading entropic quantum computing (EQC) system, Dirac 1, provides a widely accessible and affordable enterprise quantum solution capable of solve real business problems now. QCI’s team of finance, IT, security, math and physics experts has over a century of combined experience with complex technologies; from cutting-edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.

Important Cautions Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. These statements include statements regarding the intention, belief or current expectations of Quantum Computing Inc. (the “Company”) and its management, and the assumptions on which such statements are based. Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by these forward-looking statements.

The Company undertakes no obligation to update or revise any forward-looking statements to reflect changed terms. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. may contain certain forward-looking statements. regarding anticipated or projected future plans, performance and developments, and other statements regarding future operations and results. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “aim”, “aim”, “seek” , “attempts”, “aims to”, or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A of the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors that may be described from time to time in the documents filed by the company with the SECONDE.

Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.

Company Contact:Robert Liscouski, CEOQuantum Computing, Inc.+1 (703) 436-2161Email Contact

Contact with Investor Relations:Ron Both or Grant StudeCMA Investor Relations+1 (949) 432-7566Email Contact

Contact person for media relations:Seth MenackerFusion Public Relations+1 (201) 638-7561[email protected]

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Source: Quantum Computing Inc.

Sherry J. Basler