The loan was provided to IQM by the European Investment Bank (EIB) to expanding the fabrication facility that they announced last November and to accelerate material research and development of quantum processors. The facility, located in Espoo, Finland, will be Europe’s first quantum-dedicated fabrication and help reduce Europe’s dependency on chips fabricated in Asia. IQM received additional help from EIB Advisory Services support prepare the financing application. IQM had won a contract in November 2020 to deliver a series of superconducting based quantum computers to VTT, a government owned research center in Finland and has already delivered the 5 qubit version. They are working on providing larger systems including a 54 qubit machine within the next couple of years. IQM is the largest quantum startup in Europe and has over 160 employees with offices in Paris, France, Bilbao, Spain, Munich, Germany, and Espoo, Finland. Additional information about this loan is available in a press release posted on IQM’s website here.

April 28, 2022