Shares in Archer Exploration Ltd [ASX:AXE] are trading 13.95% higher this morning after emerging from a trading halt it entered on Monday. Shares are up 1.2 cents to $0.098.
AXE focuses on the development of advanced materials, specifically on integrating graphite and graphene in three key growth areas of reliable energy, human health and quantum technology and exploring our mineral exploration projects.
Archer completes first-stage assembly
In an announcement made this morning, Archer said they had successfully completed the first components of its nanoscale 12CQ qubit processor chip prototype at the University of Sydney.
For those who are not quantum computing experts, a qubit is the basic unit of quantum information — similar to the regular bits we are familiar with on our own devices (e.g. megabits, terabits).
The prototype forms the first part of AXE’s steps towards developing a commercially ready chip that can practically address and validate solutions to room temperature quantum computing. There are currently no commercially ready quantum chips that can operate at room temperature.
According to Archer CEO Dr Mohammad Choucair, the entire chip is about the size of the width of a few human hairs and designed to accommodate the nanosized qubits that are similar in size to the main features of classical computer chips.
The processor chip was developed at the Research and Prototype Foundry within the world-class $150 million purpose-built Sydney Nanoscience Hub facility at the University of Sydney.
It is also home to the Sydney Microsoft Quantum Laboratory, one of the largest single investments in quantum technology in Australia, and the only Microsoft experimental centre in the Southern Hemisphere.
Globally, quantum computing forms part of the mature semiconductor and electronic parts manufacturing industry. According to global consulting firm McKinsey, Australia contributed about 5% of the $2.4 billion spent on high-value quantum computing R&D.
Investment bank Goldman Sachs forecast that by 2021, quantum computing could become a US$29 billion industry. The development of quantum computers is envisioned to impact industries reliant on computational power, including finance, cryptocurrency and blockchain.
What’s next for Archer’s quantum processor?
Archer intends to continue de-risking value-added technology development of the 12CQ qubit processor chip by completing the next stages of component assembly towards a proof-of-concept prototype chip at the University of Sydney.
Though today’s announcement is a big step in the right direction of the company, Archer is still a way off from establishing a minimum viable product solution that can address industry problems of room-temperature quantum computing.
The company said it will be out to establish commercial partnerships with organisations including software developers and hardware manufacturers, that will allow the opportunity to scale the product commercially.
For Money Morning
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