-- Quantinuum is a result of the combination of two global leaders in quantum 
computing: Honeywell Quantum Solutions and Cambridge Quantum

The two leading companies in the quantum computing industry have combined to 
create Quantinuum, thereby accelerating the development of quantum computing 
and innovation of quantum technologies in a platform agnostic manner to deliver 
real-world quantum-enabled solutions for some of the most intractable problems 
that classical computers have not been able to solve. 

Cambridge Quantum, the pioneer in quantum software, operating systems, and 
cybersecurity, and Honeywell Quantum Solutions, which has built the 
highest-performing quantum hardware, based on trapped-ion technologies, today 
announced they have satisfied all of the conditions required to close the 
business combination and formed the new company, now called Quantinuum. 

"Quantinuum is now the largest and most advanced integrated quantum computing 
company in the world," said Ilyas Khan, CEO of the new company and founder of 
Cambridge Quantum. "By uniting the best-in-class quantum software available 
with the highest performing hardware available, we are uniquely positioned to 
bring real, quantum computing products and solutions to large, high-growth 
markets in the near term, the medium term and the longer term as quantum 
computers scale in capacity and quality. We are science led, and enterprise 
driven, and our scale and global presence in this most critical of technologies 
will provide leadership in each of the key areas that constitute the 'must 
haves' for quantum computing to deliver real world solutions to all our 
customers and partners."

Quantinuum will globally launch a quantum cybersecurity product in December 
2021, and later in 2022, an enterprise software package that applies quantum 
computing to solve complex scientific problems in pharmaceuticals, materials 
science, specialty chemicals and agrochemicals.  It will also announce major 
upgrades to the System Model H1 hardware technologies, Powered by Honeywell, 
which has the highest measured quantum volume, as well as industry 
breakthroughs that reduce errors thereby continuing to progress credibly 
towards the development of a fault-tolerant quantum system. In this respect, 
the H-Series quantum computers continue the trend of meeting and exceeding the 
deliverables that the company has previously committed to as part of its 
hardware roadmap.

"I am thrilled to help lead our new company, which will positively change the 
world through the application of quantum computing. Our scientists continue to 
work hard to develop the best quantum software and hardware technologies 
available and I am excited to be able to offer these to customers on an 
on-going basis," said Tony Uttley, President and Chief Operating Officer of 
Quantinuum. "The next few weeks and months are going to be extremely active for 
Quantinuum as we increase the pace in deriving unique value from today's 
quantum computers especially in cybersecurity. However, in addition to 
cybersecurity, our products will include solutions for drug discovery and drug 
delivery, materials science, finance, natural language processing, as well as 
optimization, pattern recognition, and supply chain and logistics management."

Quantinuum was formed six months after Honeywell announced that Honeywell 
Quantum Solutions, its quantum computing division, would separate from the 
company and combine with Cambridge Quantum. Honeywell will initially be the 
largest shareholder of Quantinuum with an approximately 54 percent ownership 
stake in the new company. Additionally, on top of this stake, Honeywell has 
also invested nearly $300 million in the new venture, ensuring that Quantinuum 
is well capitalized at inception.  Honeywell will also be a supplier to 
Quantinuum, supporting the manufacturing process for the company's proprietary 
ion-traps. Additionally, Honeywell is a customer of Quantinuum on various 
projects across its business units.

Quantinuum has a staff of almost 400 people at inception, with offices in the 
United Kingdom, United States, Japan, and Germany.  Of those employees, 
approximately 300 are scientists working on technical teams to advance the 
hardware and develop software solutions.

Quantinuum will maintain a European headquarters in Cambridge, UK and a North 
American headquarters in Colorado, US. The company will continue to be entirely 
platform agnostic in its choice of hardware to provide total portability to its 
clients and ensure the most effective performance for the problems being 
solved. 

For more information, visit www.quantinuum.com.

This release contains certain statements that may be deemed "forward-looking 
statements" within the meaning of Section 21E of the Securities Exchange Act of 
1934. All statements, other than statements of historical fact, that address 
activities, events or developments that we or our management intends, expects, 
projects, believes or anticipates will or may occur in the future are 
forward-looking statements. Such statements are based upon certain assumptions 
and assessments made by our management in light of their experience and their 
perception of historical trends, current economic and industry conditions, 
expected future developments and other factors they believe to be appropriate. 
The forward-looking statements included in this release are also subject to a 
number of material risks and uncertainties, including but not limited to 
economic, competitive, governmental, and technological factors affecting our 
operations, markets, products, services and prices. Such forward-looking 
statements are not guarantees of future performance, and actual results, 
developments and business decisions may differ from those envisaged by such 
forward-looking statements. The Honeywell trademark is used under license from 
Honeywell International Inc. Honeywell makes no representations or warranties 
with respect to this service.

SOURCE  Quantinuum