IonQ (IONQ) has joined forces with Hyundai Motor Company to create the largest battery chemistry model yet to run on a quantum computer. The two intend to develop algorithms capable of studying compounds and chemical reactions in battery chemicals.
IonQ is a company focused on quantum computing. Its quantum systems are currently available through the cloud and through direct API access. IONQ shares fell 3.36% to close at $11.79 on January 19.
Advancing Lithium Batteries
The push is part of the IonQ and Hyundai Motors plan that seeks to enhance lithium batteries’ performance, cost, and safety profile. The partnership will merge IonQ’s edge in quantum computing and Hyundai Motors’ vast expertise in lithium batteries.
This increased focus on quantum-powered chemistry does not come as a surprise, as it is expected to improve next-generation lithium batteries. It is also expected to enhance charge and discharge cycles for starters while also enhancing durability capacity and safety.
The two companies have already laid down the foundation to develop better quality batteries by simulating and controlling chemical reactions. The project can result in new types of source material that should lead to the advancement of lithium batteries, which should be of great interest to those involved in green energy stocks.
Last month, Goldman Sachs analyst Toshiya Hari reiterated a Hold rating on IonQ and a $22 price target, implying 86.60% upside potential to current levels. According to this analyst’s ratings, the company is poised to deliver an EPS of -$0.08 for its fourth quarter.
Consensus among analysts is a Moderate Buy, based on 1 Buy and 1 Hold. The average IonQ price target of $24 implies 103.56% upside potential to current levels.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.