A Canadian quantum computing company has just landed a new source of funding: the United States Department of Energy. But, why?
What’s happening:
- The United States Department of Energy has awarded $2M USD in new funding to quantum computing company Xanadu to develop a photonics quantum simulation platform for next generation batteries
Why it matters:
- The new funding is aiming to leverage leading edge photonic quantum computing to run battery material simulations up to 100x faster than classical computing is capable of and accelerate the design of safer batteries that have higher energy density and longer expected lifespans
Going deeper:
- Xanadu and The University of Chicago will collaborate on the new project funded by the United States Department of Energy over the next three years
- Xanadu is currently in the process of completing a business combination with SPAC Crane Harbor Acquisition Corp (NASDAQ: CHAC) to become a publicly listed company on both the Nasdaq and the Toronto Stock Exchange
