Illinois Governor JB Pritzker, along with the Illinois Department of Commerce and Economic Opportunity (DCEO) and EeroQ, announced new investments in EeroQ’s quantum headquarters in Chicago’s Humboldt Park. EeroQ’s $1.1 million investment, supported by a Economic Development for a Growing Economy (EDGE) for Startups agreement and the Illinois Innovation Venture Fund (INVENT), aims to develop the team and tools needed to build a quantum computer.
In 2022, EeroQ announced it was moving its corporate headquarters to Chicago, partly to take advantage of the strong quantum ecosystem that already existed there through the University of Chicago, the Chicago Quantum Exchange, the Fermi and Argonne National Labs, and other nearby universities. They are developing quantum processors based upon their unique electrons on liquid helium technology for the qubits. Eeroq has now made a commitment to expand their facility which includes making $1.1 million in capital investment, the hiring of five new full-time employees, and retaining of eight additional employees.
In return, Illinois will provide the company with tax credits through its EDGE program over a ten year period. The tax credits can be used either to help reduce the company’s payroll withholding or their Illinois corporate income tax liability. (For most startups, reduction of the payroll withholding is more probable since many startups will not have significant profits in their early years.) In addition, the state’s INVENT program will make an investment in EeroQ for an undisclosed amount.
Commenting on these incentives, Governor Pritzker emphasized Illinois’ commitment to becoming a leader in the quantum industry, highlighting the potential for significant economic growth and job creation. They endeavor to have the Illinois quantum ecosystem to be at the center of the quantum industry and drive economic growth and create high-paying jobs.
A press release announcing this agreement was issued by the office of the governor and can be view here. In addition, the full agreement has been released online and can be accessed here.
September 25, 2024
