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BP Extends Ties With Palantir Heading Towards Zero-Emission, Clean Energy Company

· 02/05/2021 09:40
  • Palantir Technologies Inc. (NYSE: PLTR) and BP plc (NYSE: BPextended their partnership to help BP become a zero-emission and clean energy company by 2050.
  • The move is especially relevant to President Biden’s heightened focus on zero-emission and clean energy.
  • Palantir will provide BP with its software for global deployment across the organization under a multi-million dollar deal spanning several years.
  • Palantir and BP’s partnership dates back to 2014, with Palantir’s software being a vital catalyst in BP’s digital transformation.
  • BP will use Palantir’s Foundry software for five more years in newer zones towards its digitization objectives and energy transition goals.
  • BP’s digital twin applications, powered by Palantir, have led to a significant boost to the hydrocarbon-based workflows.
  • Further opportunities remain for BP’s new ambition, wind farm optimization, electric charging networks, solar generation, including its zero-emission aims.
  • The collaboration has produced tangible results in operations management, asset allocation, strategic planning, and procurement.
  • Palantir platform and associated applications will continue to be used to drive value in production, operations, simulation, and modeling.
  • Price action: PLTR shares are trading higher by 0.78% at $32.23, and BP shares are up 0.02% at $20.99 on the last check Friday.