US-based PsiQuantum is yet to meet the terms of its $275 million debt agreement with the federal government, preventing it from drawing down on the partially-interest free loan months after the deal was signed.
The government’s separate US$125 million equity investment in the Californian-based quantum startup is also yet to convert to shares as it is conditional on the company completing a further private capital raising.
Officials from Australia’s export credit agency and Finance department officials confirmed that neither the conditions of the equity or loan components of Canberra’s $470 million investment had been met during Senate Estimates hearings late last week.
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