Archer Materials up 34% as European Patent application proceeds to substantial examination stage

Archer Materials Ltd (ASX:AXE) has been up as much as 34% with a licensed European Patent (EP) application filed under the Patent Cooperation Treaty for its 12CQ quantum computing chip materials technology proceeding to the substantial examination stage. The EP Application is set to protect and commercialise intellectual property associated to the 12CQ quantum computing chip materials technology (IP). Following steps involve procedural matters related to formal compliance and patent examination immediately prior to the patent being able to be granted for protection in Europe. New 12-month high Shares have been up as much as 34% this morning to a new 12-month high of 43.5 cents. Archer holds an exclusive licence to the IP, with patent applications in Australia, Japan, South Korea, Hong Kong, China, Europe and the US, which are all undergoing patent granting procedures, with key progress in the patent applications’ prosecution to be released to ASX. Member of IBM Q Network The company more than doubled to a new 8-year high after recently signing an agreement with IBM to work together on the advancement of quantum computing. This will see Archer and International Business Machines Corporation (NYSE:IBM) work towards solutions for the widescale adoption of quantum computing technology. As part of the agreement, Archer is now a member of the IBM Q Network and associated IBM Quantum Experience for Business program. Archer is the first Australian company developing a quantum computing processor and hardware to join the invitation-only, IBM Q Network.