Honeywell Corporation announced today that it is spinning off its Honeywell Quantum Solutions (HQS) division and HQS will merge with Cambridge Quantum Computing (CQC) to form a new independent company that hardware and software quantum solutions to customers. Honeywell Corporation will retain a majority stake in the company and will also invest in it an amount between $270 to $300 million. The new company, as yet unnamed, will still have access to certain Honeywell capabilities such as the wafer fab which builds the ion trap chips. The combined company will have a staff of over 300 and about two-thirds comprised of scientists, many with PhDs. It will also continue to work with other Honeywell division to find applications for its quantum technology inside these other divisions. Darius Adamczyk, Honeywell Chairman and CEO, will also serve as chairman of the new company, Ilyas Khan, currently the CEO and founder of CQC will be the new company’s CEO and Tony Uttley, currently the president of HQS, will serve as the new company’s president. The combination is expected to close in the third quarter of 2021, subject to regulatory approvals and customary closing conditions. Additional information is available in a new release issued by Honeywell which is available here and a blog posting here.

June 8, 2021