Company Announcements

FORTESCUE FUTURE INDUSTRIES AND QLIMATE TO EXPLORE QUANTUM SOLUTIONS IN GREEN HYDROGEN

DAVOS, Switzerland, May 26, 2022 /PRNewswire/ -- Qlimate, a quantum computing net-zero initiative based in Silicon Valley dedicated to help mitigate climate change, and Fortescue Future Industries (FFI), a global leader in green energy and green industry, today announced that FFI would become a foundational member of the "Qlimate Initiative" to explore quantum computing solutions in green hydrogen.

Qlimate, backed by PsiQuantum, a company building the world's first fault-tolerant quantum computer, has secured substantial capacity on the early machines. Qlimate has a singular focus on partnering with leaders in decarbonisation to maximise climate impact and facilitating their access to the first generation of fault-tolerant quantum computers.

FFI and Qlimate entered into a membership agreement to explore quantum solutions in the field of green hydrogen. FFI Chairman Dr Andrew Forrest AO and Jeremy O'Brien, co-founder and CEO of PsiQuantum, jointly announced the ambition at the World Economic Forum in Davos.

FFI's membership in Qlimate is the first step towards a broader strategy to develop algorithms solving computational bottlenecks in modelling Proton Exchange Membrane (PEM) technology and pulse electrolysis - key enablers for more efficient green hydrogen production - with a view to building and scaling quantum computing-enabled green hydrogen ventures.

Dr Forrest said, "The Qlimate initiative with leading quantum computing company PsiQuantum is critical to lowering emissions through green energy production, and this partnership, through greater knowledge, will help to achieve that faster.

"PsiQuantum's fault-tolerant quantum computer could be a leading light in technology for green hydrogen, and FFI as a first mover in green tech will help make it happen."

Jeremy O'Brien, co-founder and CEO of PsiQuantum, said, "We are delighted that FFI shares our vision and is willing to take ambitious steps towards delivering some of the most promising decarbonization tools for potentially taking years off the path to net zero – helping the world to get back onto the target 1.5°C trajectory.

"Through this joint effort, we expect to improve the efficiency of green hydrogen electrolysis and significantly decrease production costs, helping build a viable green hydrogen economy.

"Given the transformational nature of this type of computing, not pursuing it is a bet that industry can't afford not to make."

Media contact:
Fiona Sugden, Fortescue Future Industries
E: ffimediarelations@fmgl.com.au
M: +44 7399 854 596

About Fortescue Future Industries (FFI)
Fortescue Future Industries (FFI) is a global green energy company committed to producing zero-carbon green hydrogen from 100 per cent renewable sources. 

Green hydrogen is a zero-emission fuel, that when used produces nothing but water. It is a practical and implementable solution that will help revolutionise the way we power our planet: helping to decarbonise heavy industry and create jobs globally.

FFI is leading the green industrial revolution, developing technology solutions for hard-to-decarbonise industries, while building a global portfolio of renewable green hydrogen and green ammonia projects with a goal to produce 15 million tonnes per year of green hydrogen by 2030, rising to 50 million tonnes per year in the decade thereafter.

FFI is also leading the world effort to help decarbonise hard-to-abate sectors and is responsible for the decarbonisation of one of the world's largest producers of iron ore by 2030 – our parent company Fortescue Metals Group (ASX FMG). 
ffi.com.au

About Qlimate
Qlimate is a major quantum-enabled net zero initiative that aims to support large-scale decarbonization. Qlimate is backed by PsiQuantum, which is uniquely positioned to build the first utility-scale quantum computer well within this decade. PsiQuantum will dedicate a substantial share of initial quantum computing capacity to high-impact sustainability applications, and we are building partnerships with corporates, governments and non-profits to develop and scale end-to-end the most promising decarbonization solutions that could take years off the path to net zero – and contribute towards the planet getting back on a 1.5°C pathway.

Find more on qlimate.world.

About PsiQuantum
Powered by breakthroughs in silicon photonics and fault-tolerant quantum architecture, PsiQuantum is building the first utility-scale quantum computer to solve some of the world's most important challenges. PsiQuantum's approach is based on single-photon qubits, which have significant advantages at the scale required to deliver a fault-tolerant quantum computer. With quantum chips now being manufactured in a world-leading semiconductor fab, PsiQuantum is uniquely positioned to deliver quantum capabilities that will drive advances in climate, healthcare, finance, energy, agriculture, transportation, communications, and beyond. 

For more information, visit www.psiquantum.com.