They're placing it aboard the International Space Station, where it will be produced inside an "atomic refrigerator." The present owner of the title of coldest spot in the cosmos is the Boomerang Nebula, a 5,000-light year distant nebula made just like it sounds, approaching in at a freezing -272° Celsius. NASA's Cold Atom Lab will go even more far then this, compelling the temperatures down to just 1/10 billionth of a degree above absolute zero.
It's projected to launch in 2016. And, nevertheless the results are still some years away, scientists say that it could ultimately lead to the development of quantum sensors and atomic lasers.
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