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Colorado quantum technology center receives .5 million in federal funding

Colorado quantum technology center receives $40.5 million in federal funding

Colorado quantum technology center receives .5 million in federal funding

Elevate Quantum Tech Hub to receive $40.5 million in federal funding as Colorado and its partners move forward with plans to create a regional quantum technology hub.

“This decision demonstrates that the United States is serious about its commitment to becoming a global leader in quantum technology, the future of computing,” Gov. Jared Polis said in a statement Tuesday. “Colorado is the center of the quantum technology ecosystem, and we are thrilled that the Biden administration is supporting our work to develop the best minds, research and innovation in the country.”

Elevate, a consortium of organizations from Colorado and New Mexico, was designated a regional technology hub by the Biden administration last fall, allowing it to access funding from the Chips and Science Act.

The group was one of 12 tech hubs that learned Tuesday that they will receive a share of the $504 million in Phase 2 funding. Other states received between $19 million and $51 million in funding.

Elevate will use regional expertise and resources, including federal labs, to focus on quantum information technology in applications ranging from artificial intelligence to climate technology. Its growth could also add thousands of well-paying jobs in the state.

In his statement, Polis also thanked Senators Michael Bennet and John Hickenlooper, as well as Representative Joe Neguse, for their work in bringing the funds to Colorado.

Neguse said the appointment and funding mean Rocky Mountain West has solidified its position “as a leader in the quantum revolution.”

“Today’s designation will have a tremendous impact on our state and propel our innovation economy to the next level,” Neguse said in a statement. “We are thrilled to welcome the new Phase II investments made possible by the Chips and Science Act to support the innovative research and technological advancements taking place at Colorado’s premier federal laboratories and research facilities.”

Hickenlooper also praised the announcement, saying it will be the state’s “next big success story.”

“Colorado is the Silicon Valley of the quantum age, and Elevate Quantum will take us there,” Hickenlooper said in a statement. “Quantum technology will revolutionize drug discovery, power artificial intelligence, strengthen U.S. cybersecurity and support our clean energy transition.”

Vice President Kamala Harris said the investments are about ensuring the benefits of the industries of the future leave no part of the country behind.

“These technology hubs will provide our country’s regions with the resources and opportunities needed to lead tomorrow’s economy while creating good-paying jobs for American workers,” he said in a statement.

U.S. Commerce Secretary Gina Raimnodo added that the funding will help the United States maintain “our competitive advantage by driving U.S. leadership in commercializing critical emerging technology sectors. And we are leveraging the diverse talent and resources that currently exist across the country to achieve this goal.”

The federal funding will also unlock additional state funding through a new Colorado law passed this session, which will add another $74 million in quantum-related tax credits. That money was conditioned on the state receiving the federal funding. The bipartisan bill was sponsored by state Reps. Alex Valdez and Matt Soper and state Sens. Jeff Bridges and Mark Baisely.