Quantum Computing Shares Rise 9% After Subcontract Award
09 February 2023 - 03:18AM
Dow Jones News
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
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
Quantum Computing shares closed Tuesday down 6%, and are down
16% in the past twelve months.
Write to Chris Wack at email@example.com
(END) Dow Jones Newswires
February 08, 2023 11:03 ET (16:03 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.