Gov. Jared Polis and the Colorado Office of Economic Development and International Trade announced that Elevate Quantum has been selected for $40.5 million in funding by the Economic Development Administration as part of its Phase 2 Tech Hub grant funding. 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.
Polis recently signed bipartisan legislation investing an additional $74 million in the quantum industry’s development, including $44 million in refundable tax credits to help fund a shared quantum research facility and $30 million for a loan loss reserve to create greater access to capital for small and medium Colorado quantum companies. Establishing Colorado as the global hub for quantum computing is projected to create more than $1 billion in economic impact statewide, and initiatives made possible by the funding are expected to create more than 10,000 jobs.
