BTQ Technologies (BTQ) said Monday it has signed a $15 million investment and development agreement with South Korean secure element chip manufacturer ICTK.

Under the collaboration, BTQ will make a direct equity investment into ICTK, while ICTK will make an in-kind contribution through cost-sharing and preferential deployment of manufacturing capacity, BTQ said.

The companies will jointly design, validate, certify, and productize a Quantum Compute in Memory chip, the company said.

The partnership will use ICTK's customer base in Korea's telecommunications and financial sectors to promote early adoption of the chips and expand commercialization into other international markets, the company said.

BTQ shares were up over 7% in recent premarket activity.

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