Colorado Quantum Tech Hub getting $40.5 million infusion of federal funds

U.S Capitol building
The U.S Capitol building.

Elevate Quantum Tech Hub will receive $40.5 million in federal funds as Colorado and its partners move forward with plans to create a regional quantum tech hub.

"This decision shows that America is serious about being a global leader in quantum technology, the future of computing,” Gov. Jared Polis said in a statement Tuesday. “Colorado is the center of the quantum technology ecosystem and we are thrilled that the Biden Administration is supporting our work to develop the best minds, research, and innovation in the country.”

Elevate, a consortium of organizations across Colorado and New Mexico, was designated a regional Tech Hub by the Biden Administration last fall, enabling it to access funding from the Chips and Science law.

The group was one of 12 Tech Hubs that found out Tuesday that they will get a share of $504 million in Phase 2 funding. Other states received anywhere from $19 million to $51 million in funding.

Elevate will utilize regional expertise and assets, including federal labs, to focus on quantum information technology in applications ranging from artificial intelligence to climate technology. Its growth could also add thousands of well paying jobs in the state.

In his statement, Polis also thanked Sens. Michael Bennet and John Hickenlooper, as well as Rep. Joe Neguse, for their work to bring the funds to Colorado.

Neguse said the designation and the funding means the Rocky Mountain West has solidified its position “as leaders of the quantum revolution.”

“Today’s designation will have a tremendous impact on our state and will propel our innovation economy to the next level,” Neguse said in a statement. “We are thrilled to welcome new Phase II investments made possible by the Chips and Science Act to support the groundbreaking research and technological advancements underway in Colorado’s leading labs and federal research facilities.”

Hickenlooper also praised the announcement saying this will be the state’s “next great success story.”

“Colorado is the Silicon Valley of the quantum era, and Elevate Quantum is going to lead us there,” Hickenlooper said in a statement. “Quantum is going to revolutionize medical drug discovery, supercharge artificial intelligence, strengthen U.S. cybersecurity, and support our transition to clean energy.”

Vice President Kamala Harris said the investments are to ensure that benefits from the industries of the future leave no part of the country behind. 

“These Tech Hubs will give regions across our nation the resources and opportunities necessary to lead in the economy of tomorrow while creating good-paying jobs for American workers,” she said in a statement.

U.S. Secretary of Commerce Gina Raimnodo added the funding will help the U.S. maintain “our competitive edge by advancing America’s leadership in commercializing critical emerging tech sectors. And we’re leveraging the diverse talent and resources that currently exist across the country to achieve this goal.”

The federal funds will also unlock additional state funds through a new Colorado law passed this session, which will add another $74 million in quantum-related tax credits. That money was conditional on the state getting the federal funds. The bipartisan bill was sponsored by state Reps. Alex Valdez and Matt Soper and state Sens. Jeff Bridges and Mark Baisely.