The new combined company will be headed by CQC’s CEO Ilyas Khan, who becomes CEO, and the company will be based in Cambridge, UK and Broomfield, Colorado, US. Honeywell Quantum Solution’s CEO Tony Uttley will be named President.
Honeywell will own 54% of the new entity, with CQC owning the remaining 46%. Honeywell will also invest between $270m and $300m in the new venture, which will be named at a later date.
Honeywell has been an investor in and commercial partner with Cambridge Quantum since 2019.
According to company spokespeople the new company will be well-positioned within the quantum computing industry offering advanced, fully integrated hardware and software solutions.
“Joining together into an exciting newly combined enterprise, HQS and CQC will become a global powerhouse that will create and commercialize quantum solutions that address some of humanity’s greatest challenges, while driving the development of what will become a $1 trillion industry,” said Ilyas Khan, founder of CQC.
