DENVER - Today, Governor Polis and the Colorado Office of Economic Development and International Trade (OEDIT) announced that Elevate Quantum (EQ) was selected for $40.5 million in funding by the Economic Development Administration (EDA) 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.
"This decision shows that America is serious about being a global leader in quantum technology, the future of computing. 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. Our region has always played a critical role in advanced technology and we’re proud to be supporting these efforts through a state investment of $74 million that was conditional on this federal award and will now be activated. I want to thank Senators Bennet and Hickenlooper, and Congressman Neguse for their hard work in helping bring these funds to Colorado. This federal and state investment will accelerate our work and help ensure the future of computing is developed and built right here in Colorado,” said Colorado Governor Jared Polis.
Governor 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 announced today are expected to create over 10,000 jobs. Colorado is shovel-ready for scaling from today's thousands of quantum jobs to tens of thousands in less than five years. Colorado is already home to the largest consortium of quantum organizations in the country.
Earlier this year, Governors Polis and Lujan-Grisham (NM) urged the EDA to fund the Tech Hub. With 3,000 workers already in the commercial quantum ecosystem alone – and up to 80% of jobs not requiring advanced degrees – this industry also offers good-paying jobs to real people.
“Colorado leads the world in quantum science and the concentration of quantum organizations and jobs. We are shovel-ready to scale the thousands of quantum jobs that exist today to tens of thousands, benefitting Colorado workers across the state with and without advanced degrees. Combined with state support, this EDA funding will accelerate Elevate Quantum’s work to grow the industry and advance this critical technology of tomorrow,” said Eve Lieberman, OEDIT Executive Director.