PsiQuantum, Related eye big industrial sites for redevelopment

Two industrial sites in Chicagoland could be transformed into a hub for cutting-edge technology.

PsiQuantum, a pioneer in quantum computing, is eyeing the former U.S. Steel South Works on the city’s South Side site and the former Texaco refinery in Lockport for a quantum computing facility, potentially generating over 1,000 jobs, Crain’s reported. 

California-based PsiQuantum is part of a select group leading the development of quantum computers, a technology poised to revolutionize various fields. The company seeks a location capable of sustaining cryogenic facilities crucial for operating quantum computers. Initial estimates indicate the creation of 250 to 1,000 jobs, with prospects for expansion in the future.

The potential arrival of PsiQuantum aligns with Gov. J.B. Pritzker’s ambition to position Illinois as a hub for quantum development, adding to recent economic successes in electric vehicle and battery manufacturing. The project could breathe new life into dormant industrial sites, offering a significant economic boost to the region.

While the governor’s office and PsiQuantum remain tight-lipped on the matter, Related Midwest has emerged as a prospective developer, reportedly considering the acquisition of the 440-acre South Works site in connection with the quantum project. Talks between PsiQuantum representatives and city officials further fuel speculation about the venture, the outlet reported.

Illinois’ quantum investment, backed by $200 million funding and initiatives like the Chicago Quantum Exchange, has already attracted substantial federal research grants. The state now competes with Colorado for additional federal funding, aiming to establish itself as the nation’s quantum industry epicenter.

Quantum computing, leveraging the principles of quantum mechanics, promises breakthroughs in various domains due to its unprecedented speed and security capabilities. PsiQuantum, with substantial venture capital backing, aims to deploy commercially viable quantum computers within five years, necessitating extensive facilities and resources.

The prospective project involves colossal investments, spanning two facilities covering 500,000 square feet and demanding significant power and water resources. 

—Quinn Donoghue 

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