CHARLOTTE, N.C., Nov. 30, 2021 /PRNewswire/ -- Honeywell
(NASDAQ: HON) announced today that Honeywell Quantum Solutions
(HQS) and Cambridge Quantum (CQ), two global leaders in quantum
computing and technology, received regulatory approval and
completed the previously announced business combination.
The new company, named Quantinuum, is now the largest and most
advanced full-stack quantum computing company. Through its
impressive scale and proven technology leadership in quantum
hardware, software and research and development, Quantinuum will
shape the future of what is projected to become a $1 trillion industry over the coming decades.
"The formation of Quantinuum marks an important milestone for
the quantum computing industry," said Darius Adamczyk, chairman and chief executive
officer of Honeywell, and chairman of Quantinuum. "Quantinuum
customers will now have access to the world's first quantum
operating system, applications, and hardware-agnostic software, all
of which will be used to address extremely challenging business
needs with which conventional computing systems struggle. The
combination of the quantum industry's top talent, growing customer
base, and most comprehensive technology will position Quantinuum
extremely well for future growth."
Quantinuum's products and solutions support cyber security and
encryption, drug discovery and delivery, material science, finance,
natural language processing and optimization across major
industrial markets. These products are delivered in an integrated
manner and are compatible with a variety of quantum hardware
processors, including the system Model H1, powered by Honeywell,
and also IBM's suite of quantum computers.
"The pace and scope of engineering advances, innovations in
algorithm discovery, and the development of early-stage quantum
software has picked up markedly in the past 12 months and is now
ahead of most projections," said Ilyas
Khan, chief executive officer of Quantinuum. "Quantinuum is
an accelerator for the quantum computing ecosystem as a whole, and
I am thrilled and honored to be able to lead the new company as we
enter a critical phase in the birth of the quantum computing
sector."
Quantinuum has recently announced groundbreaking advances in the
financial industry by enabling quantum Monte Carlo simulations; conducted the world's
largest experiment in quantum natural language processing, a key
enabler of artificial intelligence; announced commercial projects
in critical areas of drug discovery that will enhance humanity's
well-being; and provided all quantum software developers open
access to "tket," the world's most popular independent quantum
software development kit. Quantinuum's System Model H1 quantum
computer, powered by Honeywell, recently achieved a quantum volume
of 1,024, the highest measured on a commercial quantum computer to
date, with further advances to be announced in the near future.
Quantinuum has a staff of nearly 400, over 300 of whom are
engineers and scientists that include some of the world's leading
quantum computing experts. It has offices in the U.S., United Kingdom, Japan and Germany, and is an IBM Quantum Hub.
Honeywell has been an investor in and commercial partner of CQ
since 2019, and now owns a majority stake in Quantinuum.
Additionally, Honeywell and Quantinuum have entered into a
long-term agreement for Honeywell to help manufacture the critical
ion traps needed to power Quantinuum's trapped-ion quantum
hardware. Honeywell's businesses will continue to serve as a
proving ground for the new company's quantum offerings. There is no
change to Honeywell's financial outlook as a result of the
transaction.
For more information, visit www.quantinuum.com.
Honeywell (www.honeywell.com) is a Fortune 100 technology
company that delivers industry-specific solutions that include
aerospace products and services; control technologies for buildings
and industry; and performance materials globally. Our technologies
help aircraft, buildings, manufacturing plants, supply chains, and
workers become more connected to make our world smarter, safer, and
more sustainable. For more news and information on Honeywell,
please visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
economic and industry conditions, expected future developments and
other factors they believe to be appropriate. The forward-looking
statements included in this release are also subject to a number of
material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors
affecting our operations, markets, products, services and prices.
Such forward-looking statements are not guarantees of future
performance, and actual results, developments and business
decisions may differ from those envisaged by such forward-looking
statements. We identify the principal risks and uncertainties that
affect our performance in our Form 10-K and other filings with the
Securities and Exchange Commission.
Contacts:
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Media
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Investor
Relations
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Nati
Katz
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Sean
Meakim
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(704)
627-6109
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(704)
627-6200
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Netanel.Katz@honeywell.com
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Sean.Meakim@honeywell.com
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SOURCE Honeywell