(The Center Square) – A federal taxpayer-funded grant of $41 million will trigger $77 million from Colorado and $10 million from New Mexico for a tech hub based in Denver.
The U.S. Department of Commerce’s Economic Development Administration announced on Tuesday the Elevate Quantum Tech Hub was one of 12 organizations receiving federal grants totaling $504 million.
The funding is part of a $10 billion, five-year program authorized by the CHIPS and Science Act in 2022.
Elevate Quantum, a nonprofit organization, was one of 31 groups selected last October from a field of more than 400 applicants to be designated as a regional tech hub by the Economic Development Administration last October. Tuesday’s announcement focused on selected projects for funding in the 12 hubs and award amounts will be finalized in the coming months.
The $127 million in government funds will result in more than $2 billion in private capital investments, according to Elevate Quantum. Approximately $44 million from the $77 million from Colorado is designated for a manufacturing laboratory and a research incubator.
“This award marks the first large-scale, place-based federal investment in quantum,” Zachary Yerushalmi, chief executive officer of Elevate Quantum, said in a statement announcing the funding. “We are honored to be acknowledged as a driving force in the global race for quantum innovation, and this funding marks a critical milestone in securing U.S. quantum leadership.”
The Colorado organization will seek advances in artificial intelligence, climate technology and health care, according to information provided by the Economic Development Administration. The tech hub will collaborate with regional leaders with expertise and assets, including national laboratories.
The grant will fund an open-access quantum laboratory to enable the rapid creation of prototypes and low-volume manufacturing of technologies, according to information from the Economic Development Administration.
“Access to hardware and fabrication capabilities is a major obstacle to quantum Innovation,” according to Elevate Quantum’s media release on the funding announcement. “This funding will ensure that researchers and entrepreneurs in the region will have unmatched access to world-class hardware and services.”
The federal grant will provide funding for “inclusive workforce development programming” in colleges, universities and companies with a goal of a skilled and diverse talent pool. It also will provide funds to coordinate the organization's overall strategy, stakeholder and investor engagement and executive management.
“This decision shows that America is serious about being a leader in quantum technology,” Colorado Democrat Gov. Jared Polis said in a statement. “Colorado is the center of the quantum technology ecosystem, and we are thrilled that the Biden Administration is supporting our work to produce the best minds, research and innovation in the country.”
The funding will create more than 10,000 jobs in quantum, according to Elevate Quantum. Approximately 80% of the jobs will be for non-advanced degree holders and offer a median annual salary of $125,000.
“The Mountain West is home to the largest regional coalition of quantum leaders in the world; this funding cements our status as the capital of quantum and supports us in building a thriving future for all Americans,” Yerushalmi said.
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