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UIL Limited's investee company, Diraq Pty Ltd, signed a Letter of Intent with the U.S. Department of Commerce for up to $38 million in proposed federal funding. UIL's investment in Diraq is held through Allectus Quantum Holdings Limited, which represented 8.4% of UIL's investment portfolio as at 30 April 2026.
| Date | 22 May 2026 |
| Time | 11:02:41 |
| Category | Corporate updates |
| ID | 4826F |
22 May 2026
UIL LIMITED
(LEI Number: 213800CTZ7TEIE7YM468)
Portfolio update - Diraq
The Board of UIL Limited ("UIL" or the "Company") is pleased to announce that its investee company Diraq Pty Ltd ("Diraq") has signed a Letter of Intent (LOI) with the U.S. Department of Commerce for up to $38 million in proposed federal funding from the CHIPS Research and Development Office. This award will support production and scaling of fault-tolerant silicon quantum computing processors via the U.S. semiconductor industry.
Diraq is pioneering the use of silicon-based quantum processors, which have the ability to contain millions of qubits on a single chip, and are fabricated with existing semiconductor manufacturing processes. This investment will accelerate Diraq's roadmap to enable an end-to-end quantum supply chain. Founded in Sydney, Australia, Diraq has U.S. offices and labs in Palo Alto and Chicago, and will soon open a significant new operation in Los Angeles. The company is growing its team and business in the United States and is actively working with domestic partners to further accelerate the U.S. quantum ecosystem
UIL's investment in Diraq is through Allectus Quantum Holdings Limited, an investment holding company for quantum technology investments with its current portfolio comprising only an investment in Diraq. As at 30 April 2026, Allectus Quantum Holdings Limited represented 8.4% of UIL's investment portfolio.
Name of contact and telephone number for enquiries:
Charles Jillings
ICM Investment Management Limited
Telephone: 01372 271486