Allens has advised QIC on the joint investment of almost $1 billion by the Australian and Queensland Governments in technology company PsiQuantum to build the world's first fault-tolerant quantum computer.
The investment, to be managed by QIC on behalf of the Queensland Government, will see PsiQuantum secure its Asia-Pacific headquarters in Brisbane, supporting Australia's manufacturing and production industry and creating up to 400 new highly skilled jobs.
Allens advised on all Australian legal aspects of the transaction.
'We are honoured to have advised on this landmark investment, which has the capacity to benefit not only local manufacturing, but help drive advances in areas like new medicines, AI and the net zero transition,' Partner and Head of Project Finance, Michael Ryan, said.
'As a first-of-its-kind investment, this was a highly complex transaction that took place in largely uncharted waters. It is a great privilege to have worked alongside our client to forge new paths to unlock Australia's potential in quantum computing,' Partner, Chelsey Drake, said.
