Herbert Smith Freehills (HSF) is advising PsiQuantum on its project to build the world’s first utility-scale quantum computer at a site near Brisbane Airport in Brisbane, Australia.
In partnership with the Australian Commonwealth and Queensland Governments, PsiQuantum will anchor Australia’s global quantum hub through a $940M AUD ($620M USD) financial package, comprised of equity, grants and loans.
The official announcement of the almost $1 billion Government investment will take place in Brisbane today.
HSF is the lead counsel to PsiQuantum for this transaction and is advising the company across all Australian law aspects of the project. HSF Global Co-Head of Infrastructure and partner, Nick Carney, is the lead partner with cross-practice support from Corporate, Finance, Intellectual Property, Projects, Energy & Infrastructure and Real Estate partners, Aaron White, Phil McMahon, Sue Gilchrist, Erin Wakelin, Julie Jankowski and Kathryn Pacey. Special counsels, Ian Reid and Amalia Stone, Director, Advisory (Emerging Technology), Australia and Asia Susannah Wilkinson, and senior associates Friedrich Kuepper, Shane Berkery and Saori Nakayama from these teams also supported on the transaction.
HSF partner Nicholas Carney said: “Quantum computing is one of the most exciting areas of emerging technology and it has been a privilege to work with PsiQuantum on this world-first project, which will be hugely beneficial for PsiQuantum, as well the people of Queensland and Australia.”
HSF partner Aaron White said: “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.”
PsiQuantum’s Co-founder and CEO, Prof. Jeremy O’Brien said: “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 tool to design the solutions we so desperately need to safeguard our future. We’re thrilled to partner with the Australian and Queensland governments as our team at PsiQuantum takes a massive step forward in our mission to help deliver on the promise of quantum computing,” he said.
