CHICAGO - On September 25, 2024, Governor JB Pritzker joined the Illinois Department of Commerce and Economic Opportunity (DCEO) and EeroQ Corporation leadership to announce new investments in the company's quantum headquarters in Chicago's Humboldt Park community. EeroQ's $1.1 million investment in capital expenditures, bolstered by an Economic Development for a Growing Economy (EDGE) for Startups agreement and Illinois Innovation Venture Fund (INVENT) investments, will enable the company to develop the team and tools needed to build a quantum computer and revolutionize various fields.

"Illinois is on a mission to be at the center of this industry. We are one of only a few states in the nation to develop, actualize, and invest in a plan for the quantum future," said Governor JB Pritzker. "We are proud that EeroQ made the decision to make Chicago their headquarters and to put this remarkable research and development facility in Chicago. And it means we will see many more billions in new investment and thousands of quality, high-paying jobs that will grow our economy and create new opportunity for Illinois' working families."

Founded in 2017, EeroQ is building a commercial-scale quantum computer using electrons floating on top of liquid helium and leveraging today's existing chip fabrication technology. This innovative strategy allows EeroQ to scale rapidly and with resource efficiency.

"This investment means more jobs and fresh opportunities right here in Chicago, while pushing the boundaries of what's possible in tech and innovation," said Lt. Governor Juliana Stratton. "I'm excited to see EeroQ not only shape the future of quantum computing, but do it from our own backyard, benefiting communities across Illinois."

Quantum computers process information at an unprecedented speed and have the potential to make breakthrough discoveries in areas such as biomedical research, financial modeling, climate change solutions, food production, mineral exploration, manufacturing methodologies, and more. EeroQ is strategically located to take advantage of Illinois' top tier infrastructure with interstate, rail and water access along with close proximity to some of the State's top quantum communities including the Illinois Quantum and Microelectronics Park (IQMP), the University of Chicago and the Chicago Quantum Exchange.

"Illinois has been an incredible place to grow our company, from the best-in-class talent pool to the visionary leadership of the state government and other organizations," said Nick Farina, co-founder and CEO of EeroQ. "Quantum computing is the world's next great technological frontier with transformative implications for nearly every aspect of our lives, and I'm so grateful for the State's continued commitment to the work we're doing at EeroQ and to the Illinois quantum ecosystem."

As part of the State's comprehensive incentive package, EeroQ received an EDGE for Startups tax credit, and has committed to making a $1.1 million investment, creating five new full-time jobs and retaining eight full-time jobs. A link to the full agreement can be found here.

"Illinois is quickly solidifying its position as a leader in quantum computing with yet another innovative quantum hardware company committing to grow in Illinois," said DCEO Director Kristin Richards. "EeroQ's pioneering technology has the potential to revolutionize the way we do business in Illinois - opening the doors to economic growth and opportunity."

The EDGE program was expanded to include startups in 2022 to spur additional investment for newer companies that are in their growth stage. In order to do this, EDGE for Start Ups provides a benefit that allows companies to reduce their payroll withholding instead of their Illinois corporate income tax liability. This enables start-up companies without corporate income tax liabilities to maximize their incentive to reinvest in their expansion project.

"I'm pleased that EeroQ will continue to grow in Humboldt Park, where their quantum facility expansion will house technology development and world-class workers that could make life-changing discoveries," said Majority Caucus Chair Senator Omar Aquino (D - Chicago). "The State of Illinois is making critical investments in the technology of the future with each quantum computing company we support with State-sponsored incentives."

Additionally, INVENT participated in EeroQ's recent funding round to help the company further scale its development of this crucial emerging technology. The State's investments in EeroQ illustrate the commitment to support critical sectors, as highlighted by the Venture Investment for Semiconductor Technology Advancement (VISTA) initiative.

INVENT is a $114 million direct equity capital program funded through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) and administered by DCEO, aligning with Illinois' economic development priorities. As part of DCEO's INVENT program, the VISTA initiative is designed to reinforce sectors and technologies aligned with the federal CHIPS and Science Act. The VISTA initiative will channel investments into businesses within these vital sectors:

Governor Pritzker has made attracting federal, state, and private investment in quantum computing technology a major priority for his administration. Billions of dollars in capital have already been committed to building up the Illinois quantum ecosystem as a result, including a state investment of $500 million in the quantum campus and $200 million in support of the Chicago Quantum Exchange, making Illinois the first state to make that large a commitment to quantum science.