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Hyundai Heavy Industries (HHI) Group and Palantir Technologies (NYSE: PLTR) have entered a partnership to develop a big data platform tailored for HHI's core sectors, including shipbuilding and offshore engineering. A memorandum of understanding was signed on January 4 to explore the creation of a joint venture for commercializing big data solutions. The collaboration aims to enhance operational efficiency across HHI's affiliates, focusing on real-time data connectivity. This initiative supports HHI's ambition to transform into a smart shipyard by 2030.
Positive
Formation of a partnership for a big data platform, enhancing operational efficiency.
Joint venture for commercialization of big data solutions indicates long-term growth prospects.
Integration of advanced data platforms in shipbuilding and energy sectors supports innovation.
Negative
None.
- Hyundai Heavy Industries (HHI) Group and Palantir Technologies to establish a big data platform for HHI Group’s core businesses
- Palantir Technologies and Hyundai Heavy Industries plan to form a joint venture to commercialize big data solutions
- Hyundai Heavy Industries will deploy Palantir Foundry
DENVER & SEOUL, South Korea--(BUSINESS WIRE)--
Hyundai Heavy Industries (HHI) Group and Palantir Technologies Inc. (Palantir, NYSE: PLTR), a leading builder of operating systems for the modern enterprise, will collaborate to build a big data platform for HHI’s core businesses, including shipbuilding and offshore engineering. The two parties will also consider establishing a joint venture to promote the big data platform business in the mid- to long-term.
HHI Group and Palantir signed a memorandum of understanding on January 4 for the establishment of the big data platform and a joint venture. The signing event was held in a hybrid online and offline format one day before “CES 2022” and was attended by Kisun Chung, CEO of Hyundai Heavy Industries Holdings; Young-cheul Cho, CEO of Hyundai Doosan Infracore; Seok Cho, CEO of Hyundai Electric; as well as chief executives from Palantir Technologies.
Based on the agreement, HHI Group and Palantir will jointly build a big data platform for the Group’s key affiliates related to shipbuilding & offshore engineering, energy, and industrial machinery. HHI Group will provide the affiliates’ process expertise and sales know-how whereas Palantir will offer software and development personnel.
Once the big data platform for each affiliate is built, the two parties plan to create a joint venture that specializes in developing and selling big data platform services. Based on the accumulated achievements, the joint venture will commercialize big data solutions from platform construction to operation to generate sales targeting domestic and foreign companies.
Hyundai Heavy Industries, a shipbuilding and offshore engineering affiliate of HHI Group, is working on the “Future of Shipyard (FOS)” project to transform itself into a smart shipyard, the first of its kind in the world, by 2030. All processes from design to production are connected in real time to build a shipyard that enables smart work management where Palantir’s Foundry data platform is applied.
The big data platform will also be adopted by energy affiliates, such as Hyundai Oilbank. The energy company plans to build a platform at its plant in Daesan, South Chungcheong Province, South Korea, for five years from this year with a strategy to maximize process efficiency by integrating more than 100 production management systems into one.
Hyundai Doosan Infracore, an affiliate of industrial machinery, already developed “DI 360,” a big data collaboration platform, with Palantir Technologies in 2019, and is currently using it to manage its parts supply chain, handle on-site quality claim issues, and seize sales opportunities. HHI Group and Palantir Technologies are also planning to consider building a platform for other affiliates, such as Hyundai Construction Equipment.
Kisun Chung, CEO of Hyundai Heavy Industries Holdings, said, “We expect that this partnership with Palantir Technologies will substantially improve the competitiveness of core businesses of the Group. It will be an important turning point in innovation of organizational culture that changes the way we work using data.”
“HHI Group shaped one of the most significant industries of the twentieth century and is absolutely vital to the lives we lead,” said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc. “We are deeply grateful for the opportunity to partner with a company that is not only a leader among the world’s industrial giants but one whose continued growth and success are critical to our collective welfare and security.”
About Palantir Technologies Inc.
Palantir Technologies Inc. builds and deploys operating systems for the modern enterprise. Additional information is available at https://www.palantir.com.
Who dares, wins.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir Technologies’ expectations regarding the terms and the expected benefits of the partnership and the expected benefits of Palantir Technologies’ 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 Palantir Technologies’ control. These risks and uncertainties include Palantir Technologies’ ability to meet the unique needs of its customers; the failure of its platforms to satisfy its customers or perform as desired; the frequency or severity of any software and implementation errors; the reliability of Palantir Technologies’ platforms; the terms and conditions of any commercial agreements or relationships; and the ability of Palantir Technologies’ customers to modify or terminate their contracts. Additional information regarding these and other risks and uncertainties is included in the filings Palantir Technologies makes with the U.S. Securities and Exchange Commission from time to time. Except as required by law, Palantir Technologies does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
What is the partnership between Hyundai Heavy Industries and Palantir Technologies about?
Hyundai Heavy Industries and Palantir Technologies are collaborating to create a big data platform for HHI's core businesses, including shipbuilding and offshore engineering.
When was the memorandum of understanding signed between HHI and Palantir?
The memorandum of understanding was signed on January 4.
What are the main goals of the big data platform developed by HHI and Palantir?
The main goals include enhancing operational efficiency, enabling real-time data connectivity, and supporting HHI's transformation into a smart shipyard by 2030.
What sectors will benefit from the big data solutions developed by HHI and Palantir?
The shipbuilding, offshore engineering, and energy sectors will benefit from the big data solutions.
What is the expected outcome of the joint venture between HHI and Palantir?
The joint venture aims to commercialize big data solutions, generating sales targeting both domestic and international companies.
