EeroQ, a quantum technology company, is set to embark on a $1.1 million capital investment journey at its Illinois headquarters in Chicago’s Humboldt Park. This significant move is backed by the state’s Economic Development for a Growing Economy (EDGE) program for Startups and the Illinois Innovation Venture Fund (INVENT), with a focus on developing the necessary team and tools to spearhead quantum computing innovation.
The decision to expand its facility comes after EeroQ’s relocation to Chicago in 2022, a strategic move to leverage the thriving quantum ecosystem in the region. With quantum processors at the forefront of their technology, driven by unique electrons on liquid helium for qubits, EeroQ looks towards a brighter future by committing to enhancing its infrastructure, adding new talent, and retaining existing employees.
In recognition of this investment, Illinois will provide tax credits through the EDGE program over a ten-year period. These credits can be utilized to offset payroll withholding or corporate income tax liability, aligning with EeroQ’s growth trajectory and financial stability. Additionally, support from the state’s INVENT program further solidifies EeroQ’s position in the quantum industry and signifies Illinois’ dedication to fostering innovation and job creation.
Governor JB Pritzker underlines Illinois’ ambition to lead in the quantum sector, emphasizing the immense economic prospects and job opportunities that lie ahead. The state aims to position its quantum ecosystem at the forefront of industry advancements, driving economic prosperity and high-paying employment opportunities.
For more details on this exciting development, you can access the official press release here and delve into the complete agreement here.
Published: September 25, 2024