Australian tech company Archer Materials (ASX: AXE) has secured one of the most high-profile of partners in IBM (NYSE: IBM) to advance the development of its world-first quantum computing processor chip that can operate at room temperature.
The partnership is a game changer for Archer, which will see its Sydney-based team collaborate with the IBM Quantum Computing Centre in New York, as well as other industry experts via the IBM Q Network.
“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,” said Archer CEO, Dr Mohammad Choucair.
“The quantum computing economy is rapidly growing, complex, and has the potential to impact all sectors dependent on computational power. First-movers are therefore in the best position to seize the lion’s share of the total value generated in this multibillion-dollar industry.”
In partnering with IBM, Archer will retain the intellectual property rights protecting the 12CQ qubit processor chip, which was co-invented by Choucair, but secure significant new development resources through IBM which have the most advanced quantum computers commercially available.
Through the collaboration, Archer aims to integrate the 12CQ Chip into modern electronic devices such as smartphones which would substantially advance their computing power due to the activity of quantum computing currently only able to operate in vacuum conditions.
“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,” said Choucair.
Previously listed on the ASX as Archer Minerals, the company changed their name to Archer Materials in 2019 to reflect their focus on graphite-based quantum technology whilst still retaining mineral assets in South Australia.
Following news of their partnership with IBM, shares in AXE surged to a high of $0.38 on market open, a 105% rise on their previous day’s close of $0.185.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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