The Commonwealth and Queensland governments are set to invest almost $1bn in the project
Herbert Smith Freehills (HSF) has been tapped as PsiQuantum’s lead counsel on the build of a world-first utility-scale quantum computer near Brisbane Airport.
The Commonwealth and Queensland governments have teamed with PsiQuantum to anchor the international quantum hub through a $940m (US$620m) financial package that includes equity, grants and loans.
“A utility-scale quantum computer represents an opportunity to construct a new, practical foundation of computational infrastructure and in so doing ignite the next industrial revolution. This platform will help solve today’s impossible problems and will serve as a tool to design the solutions we so desperately need to safeguard our future”, said PsiQuantum co-founder and CEO Professor Jeremy O’Brien.
HSF lead partner and global co-head of infrastructure Nick Carney described quantum computing as “one of the most exciting areas of emerging technology”, and said that the project would benefit not only PsiQuantum, but also Australian and Queensland residents.
“This targeted investment will secure access to essential quantum infrastructure and materials and will help to solve some of the biggest challenges we face like reducing the time and cost to develop new medicines, accelerating the transition to net zero and safeguarding critical infrastructure”, partner Aaron White added.
HSF’s team is handling all Australian law aspects of the deal. Carney was supported by White and fellow partners Phil McMahon, Sue Gilchrist, Erin Wakelin, Julie Jankowski and Kathryn Pacey. Also pitching in were special counsels Ian Reid and Amalia Stone; director, advisory (emerging technology), Australia and Asia Susannah Wilkinson; and senior associates Friedrich Kuepper and Shane Berkery.
