Quantum Computing

Feds put $36 million on the table for quantum commercialisation program

- May 22, 2024 2 MIN READ
quantum chip
A quantum chip
Applications for a $36 million federal government program enlisting quantum have opened as part of its flagship Future Made in Australia policy.

The Critical Technologies Challenge Program (CTCP) offers funding for quantum tech companies to work with researchers and end-users to develop solutions to market-led challenges that accelerate the path to commercialisation for quantum.

The funding has two stages. Stage one offers up to $500,000 for feasibility projects. In Stage two, applicants with successful stage one feasibility projects can apply for up to an extra $5 million to develop technology demonstrator projects and proof of concept.

The CTCP is part of the National Quantum Strategy released last year, and follows on from the governments recent controversial backing of PsiQuantum, in a $940 million deal to bring the US business with Australian founders to Australia.

The budget revealed the federal contribution is around half that figure – $446.4 million with another $28 million allocated towards the administration of the funding.

The Critical Technologies Challenge Program has four challenge areas of focus.

  1. Optimise the performance, sustainability, and security of energy networks to help the transition to Net Zero.
  2. Improve medical imaging and medical sensors to support diagnosis, treatment of disease and monitoring activities inside the human body.
  3. Enhance communication with autonomous systems in varying environments.
  4. Optimise efficiency and reduce the impact of resource exploration, extraction, and mineral processing.

Tech Council of Australia (TCA) acting CEO Ryan Black said the program demonstrate the importance of quantum tech to solving complex national challenges.

“Further investment is essential to maintaining Australia’s leadership in the race to commercialising quantum technologies, which could deliver billions of dollars in economic value and thousands of jobs for Australians by 2030, while supporting our strategic and national security objectives,” he said.

The tech industry peak body is home to the Australian Quantum Alliance.

Grant applications for round one of the CTCP are open until Tuesday, July 2, at 5pm.

Details at business.gov.au/ctcp.