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Archer obtains exclusive agreement for quantum computing technology, shares surge

Shares in the company are up 29% intraday, last trading at 8.4 cents per share.
digital computing concept
Over the next 12 months, a commercialisation plan will be executed

Archer Exploration Ltd (ASX:AXE) has executed a binding licence agreement giving it exclusive rights to develop and commercialise quantum computing technology intellectual property.

The agreement is with the University of Sydney Commercial Development and Industry Partnerships (CDIP).

The technology to be developed is a chip device capable of quantum information processing at room-temperature.

Notably, the materials that would form the critical componentry of the chip are available in the inventory of Archer’s wholly owned subsidiary Carbon Allotropes.

READ: Archer Exploration signs $1.35 million deal to sell Sugarloaf farmland

Archer’s CEO Dr Mohammad Choucair said: “We have reached a significant milestone in Archer’s history.

“We now have the means to provide shareholders exposure to the development of a high-impact, globally competitive technology in the area of quantum computing, that aligns strongly with our strategic focus area of Quantum Technology.

“We are one of very few companies in Australia that can provide that kind of exposure, so we are pleased to have executed the agreement before the end of Q2.

“It is exciting to think of the possibilities quantum computing can offer and being part of something so revolutionary.”

Ability to function at room temperature is critical

Choucair added: “Currently, the materials used in quantum computers either function at really low temperatures, or if they function at room temperatures, they are extremely difficult to integrate into modern electronics. Simply put, this limits their practicality and use.

“The IP we have licenced is a potential solution to these problems, and gives Archer a competitive advantage, that of the first mover. Importantly, the materials needed to realise the IP are available in the inventory of our wholly owned subsidiary, Carbon Allotropes.”

Successful development of the technology would represent a major global breakthrough in the quantum computing industry, estimated to reach $US29 billion by 2021.

Notably, this market is also linked to the $US500 billion semiconductor market, catalysed by technical advances that allow for practicality, accessibility, and wide-spread consumer adoption.

Moving forward with a commercialisation plan

As part of the agreement, Archer has developed a commercialisation plan.

The commercialisation plan includes a number of interdependent technical and commercial development milestones in each financial year quarter.

Archer is in the process of hiring key personnel to manage building the quantum computing processing chip.

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