Latest news with #ChrisBallance
BBC News
a day ago
- Business
- BBC News
Highland councillors oppose hydro project on Loch Ness
Councillors have objected to plans for a new hydro scheme that would draw water from Loch Ness to generate Energy's pumped storage hydro project would involve constructing a power station and tunnels at Loch Kemp near Whitebridge, about 10 miles (16km) north of Fort Scottish government, which has a say on whether it eventually goes ahead or not, has consulted Highland Council on the local authority's south planning applications voted 8-2 in favour of a motion opposing the project due to a number of concerns, including impacts on wildlife and tourism. Highland Council officials had recommended councillors raised no Energy has been approached for comment. Aird and Loch Ness councillor Chris Ballance, who put forward the motion, said ancient woodlands along the loch's shores could be adversely affected by changes in water said wildlife, such as otters, and the "special qualities" of Loch Ness could be put at Ballance also argued that a tourism impact assessment had not been carried out, and his motion also raised concerns about construction traffic on local and Strathspey councillor Bill Lobban tabled an amendment supporting the officials' recommendation. The amendment was defeated in the District Salmon Fishery Board, which opposes new pumped storage hydro on Loch Ness, welcomed the committee's Brian Shaw said: "This was absolutely the right decision. "The councillors rejected out of hand the planning officer's conclusion that this was the 'right development in the right place'." What is pumped storage hydro? Pumped storage hydro involves two bodies of water at different water flows from one to the other through tunnels, passing through a power station to generate there is low demand for electricity from consumers and/or when surplus power is available from wind farms, electricity is used to pump water from the lower level to fill a reservoir further up the water can then be released from the upper reservoir, flowing down the tunnels to drive turbines which generate hydro-electricity. This happens at times of high demand, or when there is not enough wind to power wind Kemp Storage Ltd, which is owned by Statera Energy, has proposed damming Loch Kemp, the upper reservoir of its scheme, to raise water also plans to construct an underground waterway systems and tunnels, and powerhouse on the shores of Loch Ness. The south planning applications committee granted consent for a separate electricity-related approved plans SSEN Transmission's plans to replace three 1960s-built substations at Deanie and Culligran in Glen Strathfarrar, and at Kilmorack.
Yahoo
10-06-2025
- Business
- Yahoo
IonQ to acquire Oxford Ionics for $1.08bn
IonQ, a US-based quantum computing company, has agreed to acquire UK startup Oxford Ionics in a $1.08bn deal. The acquisition, comprising approximately $1.07bn (£800m) in IonQ shares and $10m (£7m) in cash, will integrate IonQ's quantum hardware and software with Oxford Ionics' quantum chip technology. The transaction is expected to conclude in 2025, subject to receipt of regulatory approvals. The combined company plans to develop systems with 256 physical qubits at 99.99% accuracy by 2026. By 2027, they aim to exceed 10,000 physical qubits with logical accuracies of 99.99999%. By 2030, they anticipate reaching two million physical qubits, achieving logical qubit accuracies surpassing 99.9999999999%, the companies said in a joint statement. Oxford Ionics founders, Dr Chris Ballance and Dr Tom Harty, will remain with IonQ post-acquisition, continuing their work on quantum technology in the UK. The combined entity also intends to expand its workforce in Oxford to enhance the UK's leadership in quantum computing. IonQ CEO Niccolo de Masi said: 'We are pleased to welcome Oxford Ionics founders Dr Chris Ballance and Dr Tom Harty, and the rest of the Oxford Ionics team to IonQ. 'Their groundbreaking ion-trap-on-a-chip technology will accelerate IonQ's commercial quantum computer miniaturisation and global delivery. Our combined path to millions of qubits by 2030 will help ensure unit economics, scale, and power as quantum computing rapidly evolves.' This development follows IonQ's recent moves in the quantum computing and networking sector, including the purchase of Lightsynq and the prospective acquisition of Capella. In November 2024, IonQ agreed to acquire the complete operating assets of California-based Qubitekk. Through the acquisition of Qubitekk, the company adds 118 US and international patents in the areas of quantum networking hardware and quantum network security and protection. "IonQ to acquire Oxford Ionics for $1.08bn" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Daily Mail
09-06-2025
- Business
- Daily Mail
British quantum computing start-up spun out of Oxford University snapped up by US rival in £800m deal
A British quantum computing start-up spun out of Oxford University has been snapped up by a US rival. Oxford Ionics agreed to an £800million takeover by Maryland-based quantum computing firm IonQ. Set up in 2019 by Oxford University physicists Chris Ballance and Tom Harty, Oxford Ionics is trying to develop one of the most accurate quantum computing machines. The group's founders and 80 staff will join IonQ when the deal is done. Oxford Ionics investors include British hedge fund Lansdowne Partners and Hermann Hauser, the founder of Cambridge-based chip giant Arm. Ballance said: 'We're tremendously excited to work alongside the teams at IonQ.'
Yahoo
09-06-2025
- Business
- Yahoo
IonQ Buys Oxford Ionics In $1.075 Billion Deal To Supercharge Quantum Tech
IonQ (NYSE:IONQ) stock gained on Monday premarket after it announced that it has agreed to acquire Oxford Ionics for $1.075 billion, which will consist of $1.065 billion in shares of IonQ common stock and approximately $10 million in cash. The transaction will combine IonQ's quantum computing, application, and networking stack with Oxford Ionics' ion-trap technology manufactured on standard semiconductor chips. The company said in a press release that the combined technologies will likely deliver innovative, reliable quantum computers that increase in power, scale, and problem-solving combined company expects to build systems with 256 physical qubits at accuracies of 99.99% by 2026 and advance to over 10,000 physical qubits with logical accuracies of 99.99999% by 2027. The combined company anticipates extending its innovation by reaching 2 million physical qubits in its quantum computers by 2030, enabling logical qubit accuracies exceeding 99.9999999999%. According to Boston Consulting Group, the quantum computing market can generate up to $850 billion of global economic value by 2040. Both Oxford Ionics founders, Dr. Chris Ballance and Dr. Tom Harty, will likely remain with IonQ after the acquisition. The combined entity also plans to expand its workforce in Oxford to develop further the UK's position as a leader in quantum computing. The combined company expects to maintain all existing customer relationships, including government partnerships in the UK and US. It also plans to continue working with the UK National Quantum Computing Centre and the government's Quantum Missions program, driven by the Department for Science, Innovation and Technology and Innovate UK, to help develop practical quantum computing applications in manufacturing, pharmaceuticals, and defense. The acquisition of Oxford Ionics follows IonQ's recent momentum in quantum computing and networking, including the recent acquisition of Lightsynq and the pending acquisition of Capella. IonQ held $697.1 million in cash and equivalents as of March 31, 2025. The stock has surged 375% in the last 12 months. CNBC's Jim Cramer said IonQ was 'too speculative' for him in May. 'It is so high, and it's also losing so much money,' he had said. Price Action: IONQ shares are trading higher by 3.61% to $40.42 premarket at last check Monday. Read Next:Image via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article IonQ Buys Oxford Ionics In $1.075 Billion Deal To Supercharge Quantum Tech originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Time of India
09-06-2025
- Business
- Time of India
Quantum computing firm IonQ to acquire UK-based Oxford Ionics for $1 billion
IonQ will acquire British quantum computing startup Oxford Ionics for $1.075 billion, the Maryland-based quantum computing firm said on Monday. Oxford Ionics' founders Chris Ballance and Tom Harty will remain with IonQ after the acquisition is completed, the company said. In May, IonQ acquired Boston-based startup Lightsynq, which specializes in photonic interconnects and quantum memory. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
