Company applauds National Quantum Initiative legislation that includes all quantum computing systems and focuses on near-term application development
PALO ALTO, Calif. and BURNABY, B.C.-- November 6, 2023 -- D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers, today announced its support for legislation intended to expand the National Quantum Initiative (NQI). The newly introduced language pushes for additional commercialization efforts, support for industry engagement within U.S. quantum programs, a dedicated near-term quantum application development program, and an overarching inclusion of all quantum computing systems and quantum-hybrid technologies.
D-Wave CEO Dr. Alan Baratz met with Members of Congress in September to urge them to support reauthorization of the National Quantum Initiative and ensure that it was expanded to encompass all quantum computing technologies (annealing, gate model, and quantum-hybrid). With the passage of this legislation, the U.S. government could accelerate development of near-term quantum applications that provide solutions to complex public-sector problems, including optimizing global supply chains, electrical grid resilience, drug discovery, infrastructure, and sustainability.
Near-term quantum has been used by SavantX at the Port of Los Angeles to optimize the operations of a cargo pier to address global supply strains facing our nation, while in Japan applications have been built to address carbon emission reduction and optimization of emergency response. This legislation will rebalance the U.S. quantum programs to include important application development that is occurring daily via annealing quantum computing systems and quantum-hybrid technologies.
“We commend the House Science Committee for introducing NQI legislation that is inclusive of all quantum technologies, including quantum annealing and quantum-hybrid technologies,” said D-Wave CEO Dr. Alan Baratz. “Reauthorizing and expanding the NQI will strengthen U.S. quantum programs and move the U.S. closer to global leaders like Japan, the U.K., Australia, and Germany, which are already heavily investing in near and long-term quantum technology and supporting commercialization efforts. Congress must act quickly to ensure that U.S. programs remain competitive to global counterparts.”
"As pioneers in this emerging market, we are proud to be at the forefront of quantum computing technology, driving innovation and pushing the boundaries of what is possible,” said Ed Heinbockel, president and CEO SavantX. “Our work on application development to solve real-world problems is a testament to the power of this technology and is better than what classical computers can do alone. This legislation’s focus on near-term applications and commercialization will be important to push the use of the technology to solve critical public sector problems.”
Enacted in 2018, the NQI is watershed legislation that serves as the public sector roadmap for establishing the path forward for the U.S. quantum industry and helps determine how the federal government can use quantum technology to provide solutions to societal challenges impacting individuals, communities, and the economy. The Act expired on September 30, 2023.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations, including Volkswagen, Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. Forward-looking statements in this press release include, but are not limited to, statements regarding the potential results of passing the NQI. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including general economic conditions and other risks; our ability to expand our customer base and the customer adoption of our solutions; risks within D-Wave’s industry, including anticipated trends, growth rates, and challenges for companies engaged in the business of quantum computing and the markets in which they operate; the outcome of any legal proceedings that may be instituted against us; risks related to the performance of our business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and/or timing thereof; the performance of our products; the effects of competition on our business; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we may never achieve or sustain profitability; the risk that we are unable to secure or protect our intellectual property; volatility in the price of our securities; the risk that our securities will not maintain the listing on the NYSE; and the numerous other factors set forth in D-Wave’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022 and other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.