Business
Pritzker Says Illinois’ Investments in Quantum Technology Could Deliver ‘History-Altering Innovations’
Gov. J.B. Pritzker speaks at a media event about quantum computing innovations on Sept. 25, 2024. (WTTW News)
At negative 450 degrees Fahrenheit, helium gas becomes a liquid, which is when Humboldt Park-based EeroQ Quantum Hardware is able to control and float single electrons over the liquid helium’s surface.
It’s the crucial technology EeroQ is using on its voyage to build a new type of computer chip for use in a large-scale quantum computer.
EeroQ CEO Nick Farina said after conducting a national search, the company chose Chicago as its headquarters.
It was the right decision, Farina said.
“There is a very, very bright future for quantum in Chicago,” Farina said.
Illinois announced Thursday that with EeroQ’s promise to invest $1.1 million and five new full-time jobs while keeping its current eight full-time positions, the corporation will receive backing from the state in the form of both an Economic Development for a Growing Economy (EDGE) for Startups tax credit and an investment from a U.S. equity capital program administered by the Illinois Innovation Venture Fund, or INVENT.
The classic EDGE program allows companies to withhold corporate income taxes, but startups often don’t have corporate income tax liabilities. The retooled version going to EeroQ is catered to helping growing companies have more money to spend on expanding by instead allowing them to reduce their payroll withholding.
The state didn't immediately respond to WTTW News’ questions about how much the incentive package is worth.
Thursday’s announcement at EeroQ’s office was another notch in the state’s belt as Gov. J.B. Pritzker seeks to make Illinois the nation’s “quantum capital.”
Illinois is spending half a billion dollars to build the Illinois Quantum and Microelectronics Park on the South Side of Chicago with California startup PsiQuantum as the anchor tenant. The Defense Advanced Research Projects Agency (DARPA) also chose to partner with Illinois on a quantum prototype testing project that will be based at the park.
“I couldn’t be happier for them (EeroQ),” said Preeti Chalsani, a physicist who in June was hired by Intersect Illinois to serve as chief quantum officer. “It means a lot to me to have them be doing this work here in Illinois.”
Intersect is a state-supported nonprofit charged with recruiting businesses to the state.
Chalsani said EeroQ will benefit from proximity to the park, which she said is designed to support and accelerate such innovative efforts.
“EeroQ’s commitment to growing in Illinois exemplifies our position as the epicenter of quantum technologies,” Chalsani said, welcoming EeroQ to its “next phase.”
Farina said EeroQ plans to take advantage of a cryogenic facility at the park.
“A company like EeroQ is a bet on the future,” Farina said. “In turn, EeroQ is making a bet on Chicago. And we are excited to deliver the world’s best quantum computer right here in Chicago.”
Quantum computers operate significantly faster, which backers promise will yield astonishing breakthroughs in medicine, finance and science.
“Getting it right means that we will be many more billions in new investment and thousands of high-paying, quality jobs that will grow our economy and create new opportunity for Illinois’ working families,” Pritzker said. “It’s also a chance to bring history-altering innovations into the world.”
Note: This article was updated to correct the temperature at which helium gas becomes a liquid.
Contact Amanda Vinicky: @AmandaVinicky | [email protected]
