Palantir and Panasonic Energy of North America sign multi-year agreement

Rhea-AI Summary

Palantir Technologies Inc. has partnered with Panasonic Energy Co., Ltd. to deliver a 'Smart Factory' for the Panasonic Energy of North America (PENA) facility in Nevada. The partnership will utilize Palantir's Foundry platform to integrate edge sensors, introduce automated efficiencies, and enable connected operations. The 'Smart Factory' will guide operational decision-making and generate cost savings for PENA. The partnership aims to increase return on investment and improve operational excellence.

PENA selects Palantir Foundry to operationalize data and introduce automated efficiencies

DENVER, June 7, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) ("Palantir") and Panasonic Energy Co., Ltd., a Panasonic Group Company, a global leader in high-quality lithium-ion batteries, today announced a multi-year partnership to deliver an operations "Smart Factory" for the Panasonic Energy of North America ("PENA") facility in Sparks, Nevada. The company has selected Palantir's Foundry to help integrate edge sensors across factory lines, introduce automated efficiencies and enable operational users on factory floors to leverage connected operations. The agreement expands Palantir's signature platform including artificial intelligence and edge capabilities in the manufacturing space.

Driven by Foundry and informed by PENA's expertise, the "Smart Factory" will be utilized across the entirety of the information technology and operational organization within PENA. Using Foundry, the system will guide operational decision-making in their existing Nevada factory as well as the new facility in De Soto, Kansas starting in 2025. This strategic partnership is intended to provide the battery leader with the ability to quickly generate meaningful cost savings and increase return on investment once implemented.

"We engaged Palantir to assist on our journey towards a connected factory by addressing the challenges of disparate data systems and manual work arounds leading to inaccurate data analysis," said Justin Herman, Chief Information Officer of PENA. "Within Foundry, we were able to operationalize our data and, within months, reduce waste throughout our manufacturing process. Over multiple use-cases across functional groups, Foundry is assisting in driving operational excellence for PENA, empowering our people through accurate data-driven decision making and delivering significant ROI per year. And we are just getting started."

PENA previously relied on a combination of automated and manual processes, inspecting thousands of datapoints, and using ticketing systems to offer guidance on next steps. Now, with Foundry, PENA will be able to use AI/ML capabilities to increase uptime and decrease defects. Most of the manual processes of the past have been completely replaced by automated software with access to billions of data points across the entirety of the company.

"PENA is a leader in their field, and Foundry is the leading software to drive operational excellence for PENA," said Palantir CTO Shyam Sankar. "Foundry now serves as the foundation of PENA's Smart Factory initiative, and we are already seeing meaningful impact on reducing material scrap and increasing line uptime, thereby improving the quality and volume of production outputs."

About Palantir Technologies Inc.
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

About Panasonic Energy Co., Ltd.
Panasonic Energy Co., Ltd., established in April 2022 as part of the Panasonic Group's switch to an operating company system, provides innovative battery technology-based products and solutions globally. Through its automotive lithium-ion batteries, storage battery systems and dry batteries, the company brings safe, reliable, and convenient power to a broad range of business areas, from mobility and social infrastructure to medical and consumer products. Panasonic Energy is committed to contributing to a society that realizes happiness and environmental sustainability, and through its business activities the Company aims to address societal issues while taking the lead on environmental initiatives. For more details, please visit https://www.panasonic.com/global/energy/

About the Panasonic Group
Founded in 1918, and today a global leader in developing innovative technologies and solutions for wide-ranging applications in the consumer electronics, housing, automotive, industry, communications, and energy sectors worldwide, the Panasonic Group switched to an operating company system on April 1, 2022 with Panasonic Holdings Corporation serving as a holding company and eight companies positioned under its umbrella. The Group reported consolidated net sales of 8,378.9 billion yen for the year ended March 31, 2023. To learn more about the Panasonic Group, please visit: https://holdings.panasonic/global/

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 amount and 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 the 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.

Media Contact 
Lisa Gordon 
media@palantir.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/palantir-and-panasonic-energy-of-north-america-sign-multi-year-agreement-301844035.html

SOURCE PALANTIR TECHNOLOGIES INC.

FAQ

What is the partnership between Palantir and Panasonic Energy Co., Ltd. about?

The partnership aims to deliver a 'Smart Factory' for the Panasonic Energy of North America (PENA) facility in Nevada.

What is Palantir's role in the partnership?

Palantir's Foundry platform will be used to integrate edge sensors, introduce automated efficiencies, and enable connected operations.

What benefits will the partnership bring to PENA?

The partnership will generate cost savings, increase return on investment, and improve operational excellence for PENA.

What is the goal of the 'Smart Factory' initiative?

The goal is to guide operational decision-making, reduce material scrap, and increase line uptime.

What is the expected timeline for implementation?

The 'Smart Factory' will be implemented in the existing Nevada factory and the new facility in Kansas starting in 2025.

What is the significance of Palantir's Foundry platform?

Foundry serves as the foundation of PENA's Smart Factory initiative, improving the quality and volume of production outputs.