DENVER ~ Denver, CO - In a move that solidifies America's commitment to being a global leader in quantum technology, the Economic Development Administration (EDA) has awarded $40.5 million in funding to Elevate Quantum (EQ). The announcement was made today by Governor Jared Polis and the Colorado Office of Economic Development and International Trade (OEDIT).

EQ, a consortium of private and public sector organizations, academic institutions, and nonprofits across Colorado, New Mexico, and Wyoming, was among the 31 Tech Hubs designated by the Biden Administration in October 2023. This funding is part of the EDA's Phase 2 Tech Hub grant program.

Governor Polis expressed his excitement about this decision, stating that it shows America's dedication to being at the forefront of quantum technology. He also highlighted Colorado's role as the center of the quantum technology ecosystem and expressed gratitude for the Biden Administration's support in developing top-notch minds, research, and innovation within the state.

The state of Colorado has also shown its commitment to advancing quantum technology through recent bipartisan legislation. This legislation includes an additional $74 million investment in the industry's development. Of this amount, $44 million will be allocated for refundable tax credits to fund a shared quantum research facility, while $30 million will go towards creating greater access to capital for small and medium-sized quantum companies.

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According to Governor Polis, establishing Colorado as a global hub for quantum computing is projected to have a significant economic impact statewide. It is expected to create over 10,000 jobs through initiatives made possible by today's funding announcement. The state is ready for this growth with plans to scale from thousands of current quantum jobs to tens of thousands within five years.

Colorado is already home to the largest consortium of quantum organizations in the country. This fact was highlighted earlier this year when Governors Polis and Lujan-Grisham from New Mexico urged the EDA to fund the Tech Hub. With 3,000 workers already in the commercial quantum ecosystem, this industry offers good-paying jobs to individuals without advanced degrees.

Eve Lieberman, Executive Director of OEDIT, emphasized Colorado's leading role in quantum science and the concentration of quantum organizations and jobs. She stated that the state is ready to scale up its current quantum workforce to benefit workers across the state.

The EDA's funding, combined with state support, will accelerate EQ's work in growing the industry and advancing this critical technology of tomorrow. With Colorado's strong foundation and support from both federal and state governments, it is well-positioned to become a global leader in quantum technology.

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