Palantir Partners With Bapco Upstream To Support Bahrain's Energy Sector

Palantir Technologies Inc. PLTR inked a pact with Bapco Upstream, a 100% owned subsidiary of Bapco Energies.

The multi-year partnership aims to deploy Palantir’s software to support Bapco Upstream’s ability to power Bahrain’s next generation of energy.

Palantir highlighted strong demand for its AI platforms when it reported earnings earlier this week.

Palantir’s said fourth-quarter revenue increased 20% year-over-year to $608 million, which beat the consensus estimate of $602.41 million, according to Benzinga Pro. The company’s earnings numbers were in line with analyst estimates.

Several analysts released positive updates following the report, which appears to be driving continued momentum in the stock.

In the latest three-year deal, Palantir’s Foundry Platform and Artificial Intelligence Platform (AIP) will aid Bapco Upstream in enhancing the nation’s energy infrastructure connectivity.

As pledged by HRH Prince Salman bin Hamad Al Khalifa at COP26, Bahrain aims to cut emissions by 30% by 2035 through decarbonization and efficiency measures, while doubling renewable energy deployment to achieve Net-Zero by 2060.

“We are honored to be selected by Bapco Energies to bring our platforms and expertise in the sector to Bahrain, particularly as they pursue their ambition to provide secure energy and advance on the energy transition,” said Matt Babin, Global Head of Energy at Palantir.

Price Action: PLTR shares are trading higher by 0.72% to $23.77 premarket on the last check Thursday.

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