TORONTO and DAEJEON, South Korea, March 11, 2026 (GLOBE NEWSWIRE) -- Xanadu Quantum Technologies Inc. ("Xanadu"), a leading photonic quantum computing company, has partnered with the Electronics and Telecommunications Research Institute (ETRI), South Korea's premier government-funded research institution, on a new two-year collaborative research project. The project is supported by a major grant from the South Korean government to advance the nation's quantum ecosystem.

Building on the two organizations' successful history of collaboration in quantum machine learning, the new research partnership focuses on advancing the software infrastructure required to study and execute complex algorithms for fault-tolerant quantum computing (FTQC). The collaboration aims to equip researchers with tools to identify algorithmic bottlenecks and optimize resource usage, a critical step toward enabling distributed quantum computing.

Specifically, the project seeks to advance the resource estimation capabilities within Xanadu's PennyLane quantum programming library and its Catalyst hybrid quantum-classical compiler. These integrated tools empower researchers to predict quantum computing performance and shorten development cycles by estimating resources, such as qubit and gate counts, required for complex algorithms before they are run on hardware.

"It is vital for researchers to understand the quantum resources their algorithms require," said Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. "By developing advanced resource estimation and compiler tools in PennyLane and Catalyst, we are providing ETRI with the software capabilities needed to design next-generation algorithms that are both efficient and scalable."

"Our goal is to develop the essential system software that will power a distributed quantum future," said Dr. Yongsoo Hwang, Manager of the Quantum Computing Research Section at ETRI. "Xanadu's expertise in full-stack quantum development, FTQC algorithms, and their widely adopted software tools make them an ideal partner as we work to uncover and solve the challenges of large-scale quantum application design."

By combining Xanadu's world-class software stack with ETRI's deep research capabilities, the project is set to establish a robust foundation for scaling up quantum algorithms for FTQC that will serve as a cornerstone for both South Korea's and Canada's quantum technology sector in the years ahead.

About Xanadu

Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The Company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit xanadu.ai or follow us on X @XanaduAI.

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About ETRI

The Electronics and Telecommunications Research Institute (ETRI) is a non-profit, government-funded research organization in the Republic of Korea. Since its foundation in 1976, ETRI has been at the forefront of Korean technological excellence, contributing significantly to the development of information and communications technology (ICT) and now leading national efforts in quantum information science.

Business Combination

Xanadu recently announced a business combination agreement with Crane Harbor Acquisition Corp. ("Crane Harbor") (NASDAQ:CHAC), a publicly traded special purpose acquisition company. The combined company, Xanadu Quantum Technologies Limited ("NewCo"), is expected to be capitalized with approximately US$500 million in gross proceeds, comprising approximately US$225 million from Crane Harbor's trust account (as of September 30, 2025), assuming no redemptions by Crane Harbor's public stockholders, as well as US$275 million from a group of strategic and institutional investors participating in the transaction via a common equity committed private placement investment. NewCo is expected to be listed on the Nasdaq Stock Market and on the Toronto Stock Exchange.

About Crane Harbor Acquisition Corp.

Crane Harbor is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Additional Information About the Proposed Transaction and Where to Find It

The proposed business combination transaction will be submitted to shareholders of Crane Harbor and Xanadu for their consideration. NewCo and Crane Harbor have jointly filed a registration statement on Form F-4 (the "Registration Statement") to the U.S. Securities and Exchange Commission (the "SEC"), which was declared effective by the SEC on February 27, 2026, and which includes a definitive proxy statement/prospectus. The definitive proxy statement/prospectus and other relevant documents have been mailed to Crane Harbor shareholders as of February 4, 2026, the record date established for voting on the proposed transaction, in connection with Crane Harbor's solicitation of proxies for the vote by Crane Harbor's shareholders in connection with the proposed transaction and other matters described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Xanadu stockholders in connection with the completion of the proposed transaction. Before making any voting or investment decision, Crane Harbor's shareholders and other interested persons are advised to read the definitive proxy statement/prospectus, as well as other documents filed with the SEC by NewCo and/or Crane Harbor in connection with the proposed transaction, as these documents will contain important information about NewCo, Crane Harbor, Xanadu and the proposed transaction. Shareholders may obtain a copy of the definitive proxy statement/prospectus, as well as other documents filed by NewCo and/or Crane Harbor with the SEC, without charge, at the SEC's website located at www.sec.gov, Crane Harbor's website at www.craneharboracquisition.com or by emailing investors@xanadu.ai.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the U.S. federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include:

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Xanadu and ETRI Partner to Accelerate Fault-Tolerant Quantum Algorithm Design using PennyLane

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