Palantir and Kinder Morgan Sign Multi-Year Agreement to Strengthen Pipeline Operations

Rhea-AI Summary

Palantir Technologies Inc. (NYSE: PLTR) and Kinder Morgan, Inc. (NYSE: KMI) have formed a multi-year partnership to utilize Palantir's Foundry platform in Kinder Morgan's gas storage operations. This collaboration aims to enhance efficiency and safety by providing real-time data access across various operational aspects. Foundry will integrate data from numerous sources, assisting Kinder Morgan in optimizing its operations. Palantir emphasizes that Foundry addresses complex data integration challenges, helping the energy sector maintain safety and reliability.

Positive

• Partnership with Kinder Morgan expected to enhance operational efficiency and safety.
• Foundry platform will facilitate data-driven decision-making in gas storage operations.

Negative

• Forward-looking statements highlight risks such as potential software failures and customer satisfaction issues.

DENVER--(BUSINESS WIRE)-- Palantir Technologies Inc. (NYSE: PLTR), a leading builder of operating systems for the modern enterprise, and Kinder Morgan, Inc. (NYSE: KMI), one of the largest energy infrastructure companies in North America, today announced a multi-year partnership to deploy Palantir’s data integration software platform, Foundry, in Kinder Morgan’s storage operations to drive efficiency and safety.

Kinder Morgan will deploy Foundry to optimize its U.S.- based gas storage operations. Operators and decision makers will be provided with a common operating picture of the company’s infrastructure, connecting transactional systems data streams, analysis, and operations over supply, grid integrity, customers, and pricing. With real-time access to this information, Foundry will enable Kinder Morgan to make data-driven decisions on gas storage, optimization, and maintenance scheduling.

“Safety, reliability and affordability are critical to the nation’s energy infrastructure. Utilizing Foundry will strengthen Kinder Morgan’s ability to maintain its lead in those fields,” said Shyam Sankar, Palantir’s Chief Operating Officer. “Energy companies like Kinder Morgan have vast amounts of data from disparate sources that rarely interact, and we believe Foundry is the best tool on the market to solve this complex problem.”

Palantir Foundry is a vertically integrated software platform that bridges the full spectrum of data operations- from ingestion and integration, to transformation, to reporting and the development of operational workflows and tooling through a rapid application development environment. Kinder Morgan will use Foundry to analyze millions of data points from sensors across its entire pipeline network, contracts and storage assets, electricity consumption and weather data, grid data and commodities data to provide it with an overview of business operations.

“Palantir’s Foundry was particularly useful at delivering us results on critical and complex challenges quickly,” said Mark Huse, Kinder Morgan’s CIO. “In our business we put a premium on doing things safely, to be able to also move at such speed is extremely valuable.”

Palantir has a long history of working with the industrial, infrastructure and energy sector in the United States and abroad.

About Palantir Technologies Inc.

Palantir Technologies Inc. builds and deploys operating systems for the modern enterprise. Additional information is available at www.palantir.com.

Who dares, wins.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, renewable fuels, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the terms of the contract and the expected benefits of our software platforms. 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 those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate its contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005275/en/

Lisa Gordon

media@palantir.com

Source: Palantir Technologies Inc.

FAQ

What partnership was announced between Palantir and Kinder Morgan?

Palantir and Kinder Morgan announced a multi-year partnership to deploy Palantir's Foundry platform in Kinder Morgan's gas storage operations.

How will Palantir's Foundry benefit Kinder Morgan?

Foundry will provide real-time data access, helping Kinder Morgan optimize its gas storage operations and improve decision-making.

What are the risks associated with Palantir's partnership with Kinder Morgan?

The partnership involves risks such as potential software performance issues and customer satisfaction challenges.

What is the significance of the Palantir and Kinder Morgan collaboration for investors?

The collaboration may positively impact operational efficiency, but carries inherent risks that could affect future performance.