close
close
Elevate Quantum Receives .5 Million to Expand Quantum Ecosystem in Colorado and Mountain West | Colorado School of Mines

Elevate Quantum Receives $40.5 Million to Expand Quantum Ecosystem in Colorado and Mountain West | Colorado School of Mines

Elevate Quantum Receives .5 Million to Expand Quantum Ecosystem in Colorado and Mountain West | Colorado School of Mines

Elevate Quantum, a U.S. Department of Commerce Economic Development Administration (EDA)-designated technology hub, today announced it has received $40.5 million in federal funding, triggering $84 million in state matching support and $1 billion in private capital to help realize its ambitious plans to make the Mountain West (and its partner, Colorado School of Mines) the global leader in quantum innovation.

In 2023, the U.S. Department of Commerce designated Elevate Quantum Colorado as one of 31 inaugural tech hubs in regions across the country that showed rapid growth potential in key technology sectors. This designation was part of the new Tech Hubs program, developed under the CHIPS and Science Act, to invest directly in high-potential U.S. regions to power globally competitive innovation hubs. Today, the Mountain West consortium consists of 120 organizations, including Mines.

“We are excited and looking forward to this once-in-a-lifetime opportunity to work with and support our regional university and industry partners to advance the quantum technologies, businesses and workforce that Colorado and the nation need,” he said. Dr. Paul C. Johnson, President of the Colorado School of Mines“After launching one of the first quantum engineering degree programs at Mines, we have seen how this subject and our region have attracted bright and creative students, faculty, innovators, as well as entrepreneurs and startups, and we look forward to working with all partners to ensure this technology hub is successful and accelerates the growth of quantum-related companies and the workforce they will need.”

Today, about 3,000 Colorado workers work in the quantum industry, supporting the growth of more than 30 companies leading advances in quantum technology. This makes Colorado the largest cluster of quantum companies in the country. Over the next decade, the number of quantum-related jobs is projected to grow by tens of thousands. These new jobs are more like the aviation industry (50 to 80 percent of which do not require advanced degrees) than a PhD research lab.

In 2020, Mines launched one of the nation’s first quantum engineering programs to help address critical workforce shortages, and currently offers graduate certificates and master’s degrees in quantum engineering, as well as an undergraduate major.

“You don’t need a PhD to make an impact in quantum engineering – you need quantum literacy, and this program is designed to get students and working professionals up to speed on key concepts needed by industry today,” said Eliot Kapit, associate professor of physics at Mines.

The federal funding, coupled with Colorado’s recently approved $74 million Quantum Tax Credit and significant quantum investments from New Mexico, will enable Elevate Quantum to meet its key goals, including launching more than 50 quantum startups, training 30,000 workers, and establishing a world-leading quantum lab to provide state-of-the-art hardware and expertise to the startups.