The Archer Materials Ltd (ASX: AXE) share price is lifting off during morning trade following the company's announced partnership agreement.
At the time of writing, the advanced material company's shares are going for 90.5 cents a pop, up 6.4%.
What's driving the Archer share price higher?
Investors are pushing Archer shares higher today after the company provided a positive update.
According to its release, Archer advised it has executed a new quantum computing agreement with IBM Common Stock (NYSE: IBM).
Under the framework, both companies will work together in developing quantum computing. Archer will retain membership to the global IBM Quantum Network as well as the related IBM Quantum Start-up Program.
In addition, the collaboration also gives Archer the opportunity to advance its work under the previous agreement signed with IBM. This entailed Archer becoming a member of the invitation-only IBM Q Network and associated IBM Quantum Experience for Business program.
As a result of the agreements, Archer will have continued access to IBM's quantum computing knowledge and resources. This supports the company's efforts in building a qubit processor chip that can operate at room temperature and integrate into modern electronics.
Current quantum computing technologies are limited because they use qubit processors that can only operate at low temperatures and are difficult to integrate into today's applications.
Archer CEO, Dr Mohammad Choucair hailed the partnership with IBM, saying:
We are at an early stage in terms of the work that needs to be done with IBM, so we are looking forward to our continued collaboration.
When we see what has been achieved in the quantum ecosystem to date, we are determined to actively engaging in, and contributing to, the global IBM Quantum Network.
Archer is making crucial steps towards its goal of enabling practical quantum computing applications, and IBM is helping us get there.
The Archer share price has gained over 350% in the past 12 months and is currently sitting above 60% year-to-date.
