The new company will offer the world's highest performing quantum computer and a full suite of quantum software, including the first and most advanced quantum operating system.
June 8, 2021
CHARLOTTE, N.C., June 8, 2021 /PRNewswire/ -- Honeywell (NASDAQ: HON) announced today that Honeywell Quantum Solutions (HQS) and Cambridge Quantum Computing (CQC), two world-leading quantum computing and quantum technology businesses, will combine to form the largest, most advanced standalone quantum computing company in the world, setting the pace for what is projected to become a $1 trillion quantum computing industry over the next three decades.
The new company will offer the world's highest performing quantum computer and a full suite of quantum software, including the first and most advanced quantum operating system. These technologies will support customer needs for improved computation in diverse areas including cyber security, drug discovery and delivery, material science, finance, and optimization across all major industrial markets. The company will also focus on the advancement of natural language processing to fully leverage the possibilities of quantum artificial intelligence.
Quantum computing will remain a key breakthrough initiative for Honeywell. After the transaction is complete, Honeywell will own a majority stake in the new company, with commensurate governance rights. In addition, Honeywell will invest between $270 million and $300 million in the new company and will have a long-term agreement to help manufacture the critical ion traps needed to power the quantum hardware. Honeywell's businesses will continue to serve as a proving ground for the new company's quantum offerings.
The combination is expected to be complete in the third quarter of 2021, subject to regulatory approvals and customary closing conditions. Honeywell Chairman and Chief Executive Officer Darius Adamczyk will serve as chairman of the new company. The new company will be led by Ilyas Khan, the CEO and founder of CQC. Tony Uttley, currently the president of HQS, will serve as the new company's president.
