Archer Materials Ltd (ASX:AXE) more than doubled to a new 8-year high after signing an agreement with IBM to work together on the advancement of quantum computing.
This agreement will see Archer and International Business Machines Corporation (NYSE: IBM) work towards solutions for the widescale adoption of quantum computing technology.
Member of IBM Q Network[hhmc]
As part of the agreement, Archer is now a member of the IBM Q Network and associated IBM Quantum Experience for Business program.
Archer is the first Australian company developing a quantum computing processor and hardware to join the invitation-only, IBM Q Network.
Archer CEO Dr Mohammad Choucair said: “We are the first Australian company building a quantum chip to join into the global IBM Q Network as an ecosystem partner, a group of the very best organisations at the forefront of quantum computing.
“Ultimately, we want Australian businesses and consumers to be one of the first beneficiaries of this exciting technology, and now that we are collaborating with IBM, it greatly increases our chances of success.
“We look forward to working with IBM and members of the network to address the most fundamental challenges to the wide-scale adoption of quantum computing, using our potentially complementary technologies as starting points.”
Shares up 105%[hhmc]
Shares were up more than 105% to an intra-day high of 38 cents, which represents a new 8-year high.
Strong demand saw more than 31 million shares change hands and Archer's shares closed at 39.5 cents, which was more than 113% higher than the previous close.
As a member of the IBM Q Network, Archer will have access to IBM's quantum computing expertise and resources, and open-source Qiskit software and developer tools.
The Archer team, based in Sydney, will work with the IBM teams based in New York as part of the IBM Q Network.
Access to IBM Quantum Computation Center[hhmc]
IBM will also provide Archer access to the IBM Quantum Computation Center, which includes the most advanced quantum computers commercially available to explore practical applications for business.
All of Archers intellectual property rights and title to pre-existing materials are unaffected by the agreement.
Archers 12CQ chip is a disruptive quantum computing technology, and in the current stage of development, maintains a competitive advantage that is extremely difficult to erode.
The company intends to develop the 12CQ chip to be directly sold and the intellectual property rights to the chip technology licensed. These IP rights are exclusively held by Archer.
“Realisation of progress”[hhmc]
Commenting on the 12CQ progress, Dr Choucair said: “The agreement with IBM is a realisation of the substantial progress Archer has made to date.
“We are now in a better position to potentially scale our competitive advantage globally.
“The quantum computing economy is rapidly growing, complex, and has the potential to impaRead More – Source
[contf]
[contfnew]
Proactiveinvestors
[contfnewc]
[contfnewc]
