By Chris Wack


Quantum Computing Inc. shares were up 9% to $2.16 after the company said it received a subcontract award to support the National Aeronautics and Space Administration in testing one of its proprietary quantum photonic systems for remote sensing applications.

The company said its wholly owned subsidiary, QI Solutions, which focuses on federal projects, will perform work under a subcontract from Science Systems Applications Inc., a scientific, engineering and information technology company.

Under the subcontract, Quantum Computing will test an existing LiDAR system designed to remotely measure the physical properties of different types of snowpacks, including the density, particle size and depth, based on a recent breakthrough theory. The measurements from these tests will be used to calculate how much water could be released when snow melts and could be used for other similar predictive analyses.

The Quantum Computing LiDAR system could be used to indicate changes in weather patterns which have a significant impact on water reserves available both for agricultural facilities and in cities, which for example are critically impacting many areas in California.

Quantum Computing shares closed Tuesday down 6%, and are down 16% in the past twelve months.


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(END) Dow Jones Newswires

February 08, 2023 11:03 ET (16:03 GMT)

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