DENVER–(BUSINESS WIRE)–Sep 20, 2022–
Palantir Technologies Inc. (NYSE: PLTR) today announced a major expansion of its partnership with South Korean group Hyundai Heavy Industries by bringing Palantir Foundry to other companies in the conglomerate. Korea Shipbuilding & Offshore Engineering (KSOE) will use the Palantir Foundry operating system in its shipbuilding subsidiaries – Hyundai Heavy Industries Co, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard – to advance the “Future of Shipyard” vision.
Shipbuilding subsidiary teams will use Foundry to help them make better data-driven decisions, particularly focused on safety and operational efficiency. During the successful pilot phase, shipbuilding teams used Foundry to improve the architectural design of ships, ensure quality on production lines, and bring the power of big data analytics to standard safety procedures.
This expansion, valued at $20 million over 5 years, deepens Palantir’s partnership with Hyundai Heavy Industries Group and contributes to the digital transformation of South Korea’s renowned shipbuilders.
As announced in January, Foundry is already used by Hyundai Oilbank for crude oil selection, daily refining operations, etc. Hyundai Doosan Infracore, another subsidiary of HHI Group, has been using Foundry since 2019 for process management, parts management, supply chain optimization, and more. These contracts are valued at more than $25 million, bringing our total contracts to more than $45 million over 5 years.
“We will change the way we work by working with Palantir Technologies,” said Taejin Lee, CDO of HHI Group. “We aim to improve the competitiveness of our group by establishing an environment in which we can make decisions based on data.”
Today’s announcement marks an important step towards the formation of a joint venture. In January 2022, during an executive meeting at CES in Las Vegas, the two companies signed an agreement to establish a big data platform for use across the group and in Hyundai Heavy’s key markets in the public and private sectors.
“Hyundai Heavy is an industry leader working at the forefront of some of the most complex engineering challenges we collectively face,” said Alexander C. Karp, co-founder and CEO of Palantir Technologies Inc. “We couldn’t be more excited to expand our partnership and are actively working to expand access to our software to all Hyundai Heavy operations, as well as the commercial and government sectors nationwide.
About Palantir Technologies Inc.
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This press release contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the terms and expected benefits of the partnership. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time such statements are made and were based on current expectations and management’s beliefs and assumptions at the time regarding future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances beyond Palantir’s control. These risks and uncertainties include Palantir’s ability to meet the unique needs of its customers; the inability of its platforms to satisfy its customers or perform as desired; the frequency or severity of software and implementation errors; the reliability of Palantir’s platforms; the terms and conditions of any agreement or strategic relationship; and the ability for Palantir customers to modify or terminate their contracts. Additional information regarding these and other risks and uncertainties is included in Palantir’s filings with the United States Securities and Exchange Commission from time to time. Except as required by law, Palantir undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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CONTACT: Lisa Gordon
KEYWORD: COLORADO SOUTH KOREA UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: SOFTWARE SUPPLY CHAIN MANAGEMENT PROFESSIONAL SERVICES ELECTRONICS DESIGN AUTOMATION TECHNOLOGY SECURITY DATA ANALYSIS RETAIL ENGINEERING SHIPPING CONSULTANCY MANUFACTURING
SOURCE: Palantir Technologies Inc.
Copyright BusinessWire 2022.
PUBLISHED: 09/20/2022 17:00 / DISK: 09/20/2022 17:03
Copyright BusinessWire 2022.