Pritzker announces new quantum business investment
(The Center Square) – Gov. J.B. Pritzker has made quantum computing a priority for his administration and for Illinois taxpayers.
The governor joined officials from quantum manufacturer EeroQ Wednesday at the company’s headquarters on Chicago’s West Side.
“Illinois is on a mission to be at the center of this industry. We’re one of the few states in the nation to develop, actualize and invest in a plan for the quantum future,” Pritzker said.
EeroQ CEO Nick Farina said quantum computing is the world’s next great technology.
“We are building a new type of computer chip that looks very similar to your existing computer chip, that will eclipse today’s fastest supercomputers,” Farina said.
EeroQ designs processors, or qubits, for quantum computers, using technology developed at Michigan State University that involves using liquid helium as well as traditional chip-making technologies.
Farina announced EeroQ’s participation in the taxpayer-funded EDGE for Startups and INVENT programs.
Illinois EDGE for Startups offers tax credits for new hires, retained jobs and training costs, plus additional credits in underserved areas.
Illinois Innovation Venture Fund (INVENT) is funded by the U.S. Department of the Treasury’s State Small Business Credit Initiative and administered by the Illinois Department of Commerce and Economic Opportunity.
Pritzker’s budget for fiscal year 2025 allocated $500 million to fund quantum research initiatives.
In July, PsiQuantum announced that state, county and city governments offered a combined incentive package worth more than $500 million over 30 years for the company to set up at the Southeast Side campus.
Pritzker said the state’s investment in quantum computing will bring an influx of capital to Illinois.
“These programs that we have developed in Illinois are a crucial part of our economic development strategy, helping us attract and support startups that choose to locate in our state,” the governor said.
Pritzker explained why the state is offering quantum companies hundreds of millions of dollars in tax incentives.
“Quantum computing has the potential to unlock scientific and technological advances previously thought impossible,” Pritzker said.
