Oak Ridge National Laboratory Invests in IonQ’s Quantum Technologies to Drive Critical U.S. Infrastructure Improvements

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Oak Ridge National Laboratory Invests in IonQ's Quantum Technologies to Drive Critical U.S. Infrastructure Improvements

April 16, 2024

COLLEGE PARK, Md.--(BUSINESS WIRE)-- IonQ (NYSE: IONQ), a leader in the quantum computing industry, announced today a collaboration with Oak Ridge National Laboratory (ORNL) to explore how quantum technology can be used to modernize the power grid. This research initiative, funded by the United States Department of Energy, underscores IonQ's continued commitment to solving the world's most complex and impactful problems using quantum computers.

The U.S. power grid is challenged by increased demand and a proliferation of energy sources, increasing the need for innovative solutions that can address both optimization and security challenges. The collaboration between IonQ and ORNL will help businesses develop practical quantum hybrid applications that leverage both classical and quantum resources.

"Modernizing the U.S. power grid is a priority; failing to do so will impact both daily American life and our national security," said IonQ Chief Revenue Officer Rima Alameddine. "We believe that quantum technologies will ultimately enhance the resilience, reliability, and security of the US power grid. By partnering with ORNL on this Department of Energy project, we are working to pioneer quantum solutions to enable stronger and more efficient power systems for future generations."

"A next-generation power grid requires new operational and planning capabilities so companies can make better decisions about infrastructure investment over several decades to meet the country's energy goals," said Suman Debnath, who is leading the project along with Warren Grice for ORNL." This collaboration will enable us to significantly accelerate grid modernization and provides an opportunity to address critical challenges in our energy infrastructure and pave the way for a more sustainable and resilient future."

"Quantum computing represents a revolutionary leap in problem-solving capabilities, and we're eager to bring these capabilities to the energy sector," said Ariel Braunstein, SVP, Product and Applications for IonQ. "Our aim is to leverage quantum technology to drive tangible advancements in grid optimization and security, and through this collaboration, we hope to uncover practical solutions that will significantly enhance our energy infrastructure."

IonQ's work is supported by the GRID-Q project, part of DOE's Grid Modernization Initiative, as well as ORNL's Quantum Computing User Program, which provides access to state-of-the-art quantum computers for testing real-world applications, like control of the power grid, that provide valuable insights into their readiness and impact.

To learn more about how you can get started on an IonQ system today, please contact us directly at: https://ionq.com/get-ready.

About IonQ

IonQ, Inc. is a leader in quantum computing that delivers high-performance systems capable of solving the world's largest and most complex commercial and research use cases. IonQ's current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The company's innovative technology and rapid growth were recognized in Fast Company's 2023 Next Big Things in Tech List and Deloitte's 2023 Technology Fast 500™ List, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at IonQ.com.

IonQ Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "will," "believe," and other similar expressions are intended to identify forward-looking statements. These statements include those related to: the ability for third parties to implement IonQ's offerings to increase their quantum computing capabilities; IonQ's quantum computing capabilities and plans; access to IonQ's quantum computers; increases in algorithmic qubit achievement; the applicability of IonQ's quantum computing offerings to specific use cases; the ability to test and execute quantum algorithms on IonQ's quantum computers; the opportunity to test and optimize novel quantum-enhanced algorithms for computational challenges on IonQ's quantum computers; the scalability and reliability of IonQ's quantum computing offerings; and the problems that can be solved by IonQ's quantum computers. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: factors outside of the Company's control that may impair the ability to improve the resilience, reliability and security of, and otherwise modernize, the U.S. power grid; potential scientific limits and barriers to improving quantum technologies; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ's business; and IonQ's ability to implement its business plans, forecasts and other expectations, identify and realize partnerships and opportunities, and to engage new and existing customers. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the "Risk Factors'' section of IonQ's most recent Quarterly Report on Form 10-Q and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.

Source: IonQ

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