Bennet, Hickenlooper Celebrate Over $40 Million in Federal Funding to Launch Colorado’s Elevate Quantum

July 02, 2024

Denver - Colorado U.S. Senators Michael Bennet and John Hickenlooper welcomed the Department of Commerce's announcement that Colorado's Elevate Quantum has been awarded $40.5 million in federal funding to build the nation's leading quantum ecosystem.

This historic investment from the CHIPS and Science Act will provide $77 million in state funding and $1 billion in private capital to establish the Mountain West as a global leader in quantum technologies.

"Colorado is at the forefront of our country's quantum revolution," said Bennet. "We passed the bipartisan CHIPS & Science Act to revive our advanced manufacturing capacity and renew our commitment to cutting-edge research and development in areas like quantum technologies. Today's announcement underscores the global leadership of Colorado's quantum industry and the Rocky Mountain region's role in strengthening our country's advantage in next-generation technologies. This funding makes it clear that Colorado and the Rocky Mountain West are at the core of America's quantum future."

"Colorado is the Silicon Valley of the quantum era, and Elevate Quantum is going to lead us there," said Hickenlooper. "Quantum is going to revolutionize medical drug discovery, supercharge artificial intelligence, strengthen U.S. cybersecurity, and support our transition to clean energy. This is Colorado's next great success story."

In October 2023, the Department of Commerce selected Boulder's Elevate Quantum as one of only two Regional Tech Hubs in the nation awarded Designation status for advancing quantum technologies. Elevate Quantum is a coalition of over 120 organizations across the Rocky Mountain West, including private companies, startups, workforce development organizations, and universities such as University of Colorado and Colorado School of Mines. The Elevate Quantum Tech Hub is based in Boulder, and includes partnerships with organizations across Colorado, New Mexico, and Wyoming.

With a $40.5 million dollar award from the Biden Administration, Elevate Quantum is able to create 10,000+ new jobs in quantum industries, train 30,000 new workers, and support over 50 new quantum startups in the next decade. Their work will drive drug discovery, discover sources of critical minerals, provide secure encrypted communications, and enhance the capabilities of space-based navigation systems or Earth observation satellites.

In August, Bennet ledevery member of the Colorado congressional delegation in a letter to U.S. Department of Commerce Secretary Gina Raimondo that detailed the state's cutting-edge economy and longstanding support for innovation. In May, Bennet, Hickenlooper and U.S. Representative Joe Neguse publishedan op-ed in the Colorado Sun to emphasize the global importance of quantum computing and push for federal funding for Colorado's Elevate Quantum.

"I have no doubt this Tech Hub's designation and Phase 2 funding decision will be seen as a critical milestone to ensure US leadership in Quantum. Elevate Quantum could not be more honored to be selected as a driving force for this critical race, and we applaud and thank all of our partners, consortium members, and the EDA for making this happen," said Zachary Yerushalmi, CEO, Elevate Quantum."The Mountain West represents the largest regional coalition of quantum organizations in the US, and this funding cements our status as the capital of quantum that will build a thriving future for all Americans."

"This decision shows that America is serious about being a leader in quantum technology. Colorado is the center of the quantum technology ecosystem and we are thrilled that the Biden Administration is supporting our work to produce the best minds, research, and innovation in the country. Our region has always played a critical role in developing advanced technology and we're proud to be supporting these efforts through $74 million worth of tax credits. I want to thank Senators Bennet and Hickenlooper, and Congressman Neguse for their hard work in bringing these funds to Colorado. The additional federal dollars will accelerate our work and we are thrilled about what the future holds!"said Colorado Governor Jared Polis.

More information on the award is available HERE.

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