Palantir & bp Deepen Partnership, Accelerate Energy Transition

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) has renewed its partnership with bp (NYSE:BP) to enhance bp's efforts toward achieving net zero emissions by 2050. This multi-year, multi-million dollar deal includes an enterprise-level deployment of Palantir's software. The partnership, ongoing since 2014, has already facilitated significant advancements in bp's digital transformation, particularly in hydrocarbon workflows and operational management. bp's commitment extends to utilizing Palantir’s Foundry software to optimize renewable energy sectors, thus further driving its energy transition goals.

Positive

• Renewed partnership with bp for multi-year, multi-million dollar deal.
• Enterprise-level deployment of software to enhance bp's digital transformation.
• Significant advancements in operations management, asset allocation, and strategic planning.
• Applications for optimizing renewable energy sectors to support net zero goals.

Negative

• None.

Palantir Technologies Inc. (NYSE:PLTR) and bp (NYSE:BP) have extended their partnership to support bp as it works towards its ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. Palantir will provide its software to bp at the enterprise level, with global deployment across the organization in a multi-year, multi-million dollar deal.

Palantir and bp have partnered since 2014, and Palantir’s software has been a key accelerant in bp’s digital transformation. bp has now committed to using Palantir’s Foundry software for five more years and apply it to new areas of business to further accelerate bp’s strategic digitization objectives and help support delivery of its ambitious energy transition goals.

bp’s digital twin applications, powered by Palantir, have already delivered significant value and enhancements in hydrocarbon-based workflows. Now, there are opportunities to apply these applications to accelerate bp’s new ambition, optimizing wind farms, electric charging networks, solar generation, and supporting the achievement of other aspects of bp’s net zero aims.

The partnership has yielded concrete results in operations management, asset allocation, strategic planning, and procurement and the Palantir platform and related applications will continue to be used to deliver value in production, operations, simulation, and modeling.

“We started this company to work on the hardest problems,” said Shyam Sankar, COO of Palantir. “Helping deliver energy more safely and efficiently, in a disrupted market, while supporting the transformation of a business the size and scale of bp, is exactly what we built this platform to do.”

Palantir also continues to support bp’s efforts in risk monitoring, including workflows around infrastructure management, and information flow management during the COVID-19 pandemic.

About Palantir Technologies

Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210205005057/en/

FAQ

What is the renewed partnership between Palantir and bp?

Palantir and bp have extended their partnership with a multi-year, multi-million dollar deal to enhance bp's digital transformation and support its net zero goals.

How long has Palantir partnered with bp?

Palantir and bp have been partners since 2014.

What software will bp use from Palantir?

bp will use Palantir's Foundry software across its organization to accelerate its strategic digitization.

How will Palantir support bp's energy transition?

Palantir's software will optimize areas such as wind farms, electric charging networks, and solar generation to help bp achieve its net zero aims.

What are the expected benefits of the Palantir and bp partnership?

The partnership is expected to enhance operations management, asset allocation, and support bp’s ambitious energy transition strategies.