Finnish quantum computer hardware manufacturer IQM Quantum Computers has taken out a $37 million loan from the European Investment Bank (EIB).

The company plans to use the funding to accelerate the development and commercialization of the quantum processors it manufactures at Europe’s first quantum-dedicated fabrication facilities in Finland. 

In November 2021, IQM announced the opening of its first fabrication facility in Finland. It will use the first tranche of funding to expand the facility, accelerate material research and develop quantum processors.

“Today’s chips shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia,” said IQM chief executive Jan Goetz. “Quantum processors give us an opportunity to learn from this and become self-reliant first, and a global provider for quantum chips in the future.

“This EIB loan supports us in building more balanced and resilient quantum development in Europe. We are already working on the most advanced quantum technology in Europe and this loan will also help us create the next-generation European quantum ecosystem.”

EIB president Werner Hoyer said “quantum computing is still at an early stage. However, it has the potential to revolutionize many sectors, from drug and vaccine development to cybersecurity. Given the scale of the potential impact, global competition in quantum computing is fierce. Ensuring that companies such as IQM are well-funded is key to positioning Europe as a technological leader worldwide.”

EIB Vice-President Thomas Östros added: “As we consider quantum computing as a sector of strategic importance, we are glad to support the Finland-based company IQM. With our financing, we not only sustain and create jobs within a highly innovative industry, but we also place ourselves squarely behind technological know-how.

“Europe has a strong tradition of quantum research, and funding IQM ensures that the results of this research will be put into practice in real-world innovations.”

IQM provides on-premises quantum computers for supercomputing data centers and research labs and offers companies access to its quantum computing facilities and expertise. The company is building Finland’s first commercial 54-qubit quantum computer with research agency VTT.

IQM also leads the Q-Exa consortium, which is building a quantum computer in Germany that will be integrated into a high-performance computing supercomputer to create an accelerator for future scientific research.

The EIB is the long-term lending institution of the European Union owned by its member states. Quantum computing is considered a sector of strategic importance for the European Union as it has the potential to revolutionize many strategic sectors.