COLLEGE PARK, Md. & SEOUL, South Korea--(BUSINESS WIRE)--IonQ (NYSE: IONQ), a leader in trapped-ion quantum computing, and Hyundai Motor Company today announced a partnership to develop new variational quantum eigensolver (VQE) algorithms to study lithium compounds and their chemical reactions involved in battery chemistry.
Quantum-powered chemistry simulation is expected to significantly enhance the quality of next-generation lithium batteries by making improvements to the devices’ charge and discharge cycles, as well as their durability, capacity and safety.
The partnership pairs IonQ’s expertise in quantum computing and Hyundai’s expertise in lithium batteries. Together, the teams are creating the most advanced battery chemistry model yet developed on quantum computers, measured by the number of qubits and quantum gates.
IonQ and Hyundai are laying the foundation to create better quality batteries by more precisely simulating and controlling their chemical reactions. This research has the potential to lead to new types of source material that save time, cost and effort in the years to come — a critical advancement as batteries are typically the most expensive component of an electric vehicle (EV).
“This creative collaboration with IonQ is expected to provide innovation in the development of basic materials in virtual space for various parts of the future mobility,” said TaeWon Lim, Executive Vice President and Head of Materials Research & Engineering Center at Hyundai Motor Group. “We’re excited to step into the upcoming quantum era and take advantage of the opportunities that await with more effective battery power.”
Today’s collaboration is a crucial component of Hyundai’s Strategy 2025 goals, which include the sale of 560,000 EVs per year and the introduction of more than 12 battery electric vehicle (BEV) models to consumers. Moreover, the partnership is also an important milestone for combating the threat of climate change as EVs play a critical role in meeting global sustainability targets.
“We at IonQ believe in our mission to solve the world’s most complex problems through the ongoing development of our quantum computers, and we see global climate change as one such problem that we can help to tackle with quantum chemistry solutions,” said Peter Chapman, President and CEO of IonQ. “Battery efficiency is one of the most promising emerging areas where quantum computing can make a difference. We are thrilled to be working with Hyundai Motor Company on this project to make EVs a primary mode of transportation across the globe.”
This partnership is the latest in IonQ’s continued efforts in the field of quantum chemistry. Previously, IonQ’s computers were used to demonstrate an end-to-end pipeline for simulating large molecules, such as those present in fertilizer creation. IonQ’s quantum computers have also been used to simulate water molecules, one of the first demonstrations of the potential for quantum computing to tackle quantum chemistry applications.
About IonQ
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful trapped-ion quantum computer, and IonQ has defined what it believes is the best path forward to scale.
IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.
About Hyundai Motor Company
Established in 1967, Hyundai Motor Company offers a range of world-class vehicles and mobility services in more than 200 countries. Hyundai Motor sold more than 4.4 million vehicles globally in 2019, and currently employs some 120,000 personnel worldwide.
The company is enhancing its product lineup with vehicles designed to help usher in a more sustainable future, while offering innovative solutions to real-world mobility challenges. Through the process Hyundai aims to facilitate ‘Progress for Humanity’ with smart mobility solutions that vitalize connections between people and provide quality time to its customers.
More information about Hyundai Motor and its products can be found at:
http://worldwide.hyundai.com or http://globalpr.hyundai.com
IonQ Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to the anticipated benefits of the partnership, including Quantum-powered chemistry simulation’s expected ability to significantly enhance the quality of next-generation lithium batteries and the potential of IonQ and Hyundai’s research to lead to new types of source material that save time, cost and effort in the years to come; IonQ’s ability to further develop and advance its quantum computers and achieve scale; IonQ’s market opportunity and anticipated growth; and the commercial benefits to customers of using quantum computing solutions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and IonQ’s products, services and solutions; the ability of IonQ to protect its intellectual property; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ’s business; IonQ’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of IonQ’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.
