Qu&Co and the EIC Accelerator: A Grant Run by Pasqal Netherlands

Qu&Co, founded in Amsterdam in 2017, wrote quantum algorithms for companies such as Airbus, BMW Group and EDF. On 11 January 2022 it announced a merger with Pasqal, a Paris maker of neutral-atom quantum computers; the combined company continued as Pasqal, and Qu&Co's European operations became Pasqal Netherlands, Germany, UK and Spain. Qu&Co's CEO, Benno Broer, became Pasqal's chief commercial officer.

Two months later, at the March 2022 cut-off, the European Innovation Council selected Qu&Co for blended finance. The €2,496,599 grant went to Pasqal Netherlands BV for Qu&Co-Flow, a €3.6 million project from December 2022 to November 2024 to build "the world's first hybrid quantum/AI software platform for multiphysics simulations". In March 2023 the EIC Fund invested in Pasqal as part of a €100 million Series B. On 28 August 2026 Pasqal listed on Nasdaq through a SPAC transaction.

Where the Business Stands Now

Pasqal's first-half 2026 results show revenue of €4.9 million, up 14%, an operating loss of €59.2 million and a net loss of €53.2 million. It reported €70.4 million in booked and awarded business, and cash of €312.9 million after the business combination. It cites 1,024 physical qubits demonstrated, a 200-qubit system in Saudi Arabia and a 140-qubit system in Italy. In September 2026 the EIC Fund gave Pasqal an award as one of the first companies in its portfolio to reach a public listing.

The Technology: Quantum Solvers for Engineering

Qu&Co-Flow aimed at simulations that engineers run with classical software, such as batteries, fuel cells and aerodynamics, and at integrating with standard simulation tools. The final report says the team built a "quantum computing-based Partial Differential Equation (PDE) solver", demonstrated it in those three areas and added error mitigation. It lists as next steps "further research to refine algorithms, enhance error mitigation strategies" and "real-world demonstration projects".

What the EIC Project Promised, and What CORDIS Shows

The solver was built and demonstrated. The report does not say that it was integrated into standard simulation software, used by a customer or run on Pasqal hardware at a scale that beats classical methods, and it calls for real-world demonstrations still to come.

1. Quantum PDE solverDeliveredPer final report.
2. Battery, fuel cell, aero demosDeliveredPer final report.
3. Integration with standard toolsNot reportedNo mention.
4. Real-world useStill to comeNamed as a next step.

The Money

The EIC's support for Qu&Co ended up in Pasqal, a French company: the grant through its Dutch subsidiary and the EIC Fund's equity in Pasqal's 2023 Series B. The size of the EIC Fund's stake has not been published. Pasqal remains heavily loss-making, with half-year revenue about a tenth of its net loss.

What Cannot Be Checked

Why Europe Should Care

The EIC Fund now holds shares in a Nasdaq-listed European quantum company, and Pasqal credits it for its growth. The grant itself was signed by Pasqal Netherlands BV, after the merger of Qu&Co into Pasqal had been announced.

The Verdict

Pasqal and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.