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The loan is part of the European Guarantee Funds venture debt product introduced to provide liquidity to small and medium-sized companies affected by the pandemic.

The announcement follows IQMs disclosure in November of the opening of its first fabrication facility in Finland. The initial tranche of the EIB funds will be used for expanding the facility, accelerating material research and developing quantum processors.

"Todays chips shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia. 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," says IQMs Chief Executive Dr Jan Goetz in a press release. "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."

This financing follows other news regarding IQMs open-source processor design software KQCircuits, the Q-Exa project for quantum acceleration for HPC centres, and the opening of the quantum fabrication facility. With this funding, IQM will have full control over quantum processor development and strengthen its European leadership.

IQM is building Finlands first commercial 54-qubit quantum computer with VTT, and an IQM-led consortium (Q-Exa) is building a quantum computer in Germany.

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, adds EIB Vice-President Thomas stros.

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IQM's Quantum fabrication facility gets 35m from the EIB - evertiq.com