(ProactiveInvestors.au) Archer Materials Ltd (ASX:AXE) more than doubled to a new 8-year high after signing an agreement with IBM to work together on the advancement of quantum computing.
This agreement will see Archer and International Business Machines Corporation (NYSE: IBM) work towards solutions for the widescale adoption of quantum computing technology.
As part of the agreement, Archer is now a member of the IBM Q Network and associated IBM Quantum Experience for Business program.
Archer is the first Australian company developing a quantum computing processor and hardware to join the invitation-only, IBM Q Network.
Archer CEO Dr Mohammad Choucair said: “We are the first Australian company building a quantum chip to join into the global IBM Q Network as an ecosystem partner, a group of the very best organisations at the forefront of quantum computing.”
“Ultimately, we want Australian businesses and consumers to be one of the first beneficiaries of this exciting technology, and now that we are collaborating with IBM, it greatly increases our chances of success.”