On July 2, 2024, the U.S. Department of Commerce’s Economic Development Administration (EDA) announced approximately $41 million in implementation funding for the Elevate Quantum Tech Hub, a consortium led by Elevate Quantum in Colorado and New Mexico. The award was part of a broader $504 million round of Tech Hubs Program implementation grants to 12 designated hubs, according to the EDA press release.
The federal grant unlocked additional matching funds from Colorado ($77 million) and New Mexico ($10 million), bringing the total committed investment to more than $127 million. The Elevate Quantum Tech Hub was one of 31 Tech Hubs designated in October 2023 under Phase 1 of the Tech Hubs Program, authorized by the CHIPS and Science Act.
The funding supports three projects: constructing open-access quantum labs and fabrication facilities to enable rapid prototyping and low-volume manufacturing of critical quantum technologies; providing workforce development programming across colleges, universities, and companies; and coordinating the consortium’s overall strategy and stakeholder engagement. By 2030, Elevate Quantum officials projected the award would lead to over 50 quantum startups, 10,000 new jobs, and 30,000 skilled workers in the Mountain West region.
The Elevate Quantum Tech Hub consortium includes the University of Colorado Boulder, the University of New Mexico, Central New Mexico Community College, Sandia National Laboratories, and Los Alamos National Laboratory. EDA described the award as the first large-scale, place-based federal investment in quantum technology.