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Next generation computer to be built in Humboldt Park, generating momentum for Chicagos INVEST South/West initiative and quantum computing hub

CHICAGO, January 06, 2022--(BUSINESS WIRE)--EeroQ, a leader in the field of quantum computing, is moving its headquarters to Chicago at The Terminal, an IBT Group development. EeroQ has signed a lease for a 9,600 square foot engineering lab and office, which will continue the strong momentum for both Chicago quantum computing and Mayor Lightfoots INVEST South/West initiative, as well as The Terminals position as a premier hub for advanced technology in Chicago.

Quantum computing (QC) offers immense potential for the creation of new pharmaceuticals and materials, financial algorithms, and more. In a QC, information is stored in qubits, which go beyond the 0s and 1s of todays computers. While this opens the doors to solving problems which are impossible for todays computers, building a large scale and reliable QC is an immense challenge which has not yet been met. EeroQ, with an engineering team led by professors from Princeton University and Michigan State University, offers a unique chip design with the potential to leapfrog to the front of the race. Todays QC players include IBM, Google, Honeywell, Amazon, and many other large enterprises. Alongside such large players, EeroQ is a founding member of the United States Quantum Industry Coalition.

"This is great news for a couple of reasons. First, EeroQs move into The Terminal in Humboldt Park is aligned with our INVEST South/West strategy, which allows us to invest in under-resourced neighborhoods across the South and West Sides by creating new jobs, businesses and access to opportunity for all residents," said Chicago Mayor Lori E. Lightfoot. "Second, Chicago is primed to become a major hub for quantum technology thanks to a number of notable investments which will have long term benefits for our entire region. Thus, in choosing to operate on Chicago's West Side, EeroQ will not only be well-positioned to capitalize on the many opportunities that quantum technology will drive, but also help to revitalize communities in need."

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"Chicago will become a leading center for quantum computing," said Nick Farina, EeroQ CEO. "Talent and local support are critical, and we have found all of that in Chicago with a world-class base of quantum computing talent and unmatched local support. We conducted a national search for a headquarters and Chicago was by far the best option for us."

EeroQ is thrilled to receive support from key stakeholders in Chicagos quantum computing revolution:

"IBT Group, Mansueto Office and the entire Terminal team are thrilled to kick off years of work with such an exciting visionary as Nick Farina and EeroQ. We appreciate their confidence in the project and our team and look forward to the Evolution of the Terminal as Chicagos premier creative work environment," said Gary Pachucki of IBT Group.

"Having EeroQ's headquarters in Chicago will pave the way for greater collaboration with our local community of scientists, engineers, and industry partners," said David Awschalom, Director of the Chicago Quantum Exchange. "EeroQ will be an asset to the region, and we look forward to welcoming them as part of Chicagos growing hub of quantum innovation and talent."

"We are thrilled with EeroQ's arrival," said Brad Henderson, CEO, P33. "As a trailblazer in the field, their presence underscores the existing strength of Chicago's quantum ecosystem and further establishes it as a center for the advancement and commercialization of quantum technologies. We look forward to working with them on the continued development of Chicago's quantum economy."

"On behalf of the business community, welcome EeroQ to Chicago," said Michael Fassnacht, President & CEO, World Business Chicago. "Here you will find an engaged, strong, and active community of innovators, disruptors, and business leaders excited to have you join us in seeing Chicago continue to expand into a global hub in quantum technology."

"Illinois has been at the forefront of computing for more than 70 years, and EeroQ is joining the next generation of Illinois computer science pioneers," said Intersect Illinois CEO Dan Seals. "We welcome EeroQ and look forward to watching the company grow as a part of Illinois thriving quantum computing ecosystem."

"This deal was incredibly complex based on EeroQs unique requirements and we are thrilled we could provide the optimal solution at The Terminal," said Emily Smith SVP Bespoke Commercial Real Estate. "This has been a significant step forward for Chicagos continued emergence on the national scale in the fields of quantum & biotech. We very much look forward to their growth and success here locally, and couldnt think of a better place for them to plant their flag."

View source version on businesswire.com: https://www.businesswire.com/news/home/20220106005374/en/

Contacts

Nicole Havemanmedia@eeroq.com +1-989-494-1202

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EeroQ Chooses the Terminal in Chicago for 9,600 Square Foot Quantum Computing Lab - Yahoo Finance