Partnership with ColdQuanta, a World-Leading Cold Atom Quantum Technology Company

Sumitomo Corporation and ColdQuanta, Inc. (hereinafter, ColdQuanta) have concluded a partnership agreement in Japan. Under the agreement, Sumitomo Corporation engages with ColdQuanta to market and distribute ColdQuanta's quantum technology and solutions in the Japanese market.

Research and development of quantum technologies has accelerated globally in recent years. While there are various types of quantum modalities, such as the superconducting method and the ion trap method, ColdQuanta utilizes the cold atom method, which is based on using lasers to slow atomic motion, creating "cold atoms" that can be manipulated into quantum matter, without a large cooling system. This means that they can be used to develop quantum devices that remain small but stable and scalable.

Quantum computers have been attracting attention for their potential to solve problems that are intractable to classical computation. In addition, quantum sensors are expected to revolutionize a wide variety of fields due to their capability of achieving accuracy 100x to 1,000x higher sensitivity than conventional sensors. This allows development of higher precision inertial navigation systems, as well as high-precision positioning in environments where GPS signals are not available. The use of high-precision quantum sensors will enable more advanced and stable autonomous driving and efficient resource exploration and such.

ColdQuanta spun out from the University of Colorado in 2007, which has utilized Nobel Prize winning technologies extensively and has established a broad intellectual property portfolio. The company has also had contracts with various governmental agencies such as the U.S. Department of Defense, NASA, and the UK Ministry of Defense. In October 2022, ColdQuanta completed their Series B fundraising where Sumitomo Corporation had participated (invested through Sumitomo Corporation of Americas) as well as In-Q-Tel, BOKA Group Holdings, and more.

Sumitomo Corporation, a world-leading trading company with a broad range of business interest, launched the Quantum Transformation (QX) Project, which aims to transform society through quantum technology in March 2021. Sumitomo Corporation has been investing in quantum computer-related companies, conducting pilot experiments, and partnered with a world-leading quantum key distribution company. Sumitomo Corporation and ColdQuanta will jointly cultivate a quantum ecosystem in Japan by utilizing the full range of ColdQuanta's industry-leading cold atom products and technologies to contribute to quantum-enabled social innovation in Japan.

<Outline of ColdQuanta>

<Outline of ColdQuanta>