Palantir Technologies Inc. PLTR today announced a major expansion of its partnership with South Korea's Hyundai Heavy Industries Group by bringing Palantir Foundry to additional companies within the conglomerate. Korea Shipbuilding & Offshore Engineering (KSOE) will utilize the Palantir Foundry operating system across its shipbuilding subsidiaries — Hyundai Heavy Industries Co, Hyundai Samho Heavy Industries, and Hyundai Mipo Dockyard — in order to advance the "Future of Shipyard" vision.
Teams across the shipbuilding subsidiaries will use Foundry to help them make better, data-driven decisions, focused especially on safety and operational efficiency. During the successful pilot phase, shipbuilding teams used Foundry to improve architectural design of ships, ensure quality on production lines, and bring the power of big data analysis to standard safety procedures.
This expansion, valued at $20M over 5 years, deepens Palantir's partnership with Hyundai Heavy Industries Group and helps with the digital transformation of South Korea's storied shipbuilders.
As announced in January, Foundry is already in use across Hyundai Oilbank for crude oil selection, daily refinery operations, and more. Hyundai Doosan Infracore, another HHI Group subsidiary, has been using Foundry since 2019 for process management, parts management, supply chain optimization, and more. These contracts are valued at over $25M, bringing the total of our contracts to over $45M over 5 years.
"We will change the way we work by working with Palantir Technologies," said Taejin Lee, CDO of HHI Group. "We aim to enhance the competitiveness of our group by setting up an environment where we can make data-based decisions."
Today's announcement marks a significant step towards the formation of a joint venture. In January 2022, at an executive gathering at CES in Las Vegas, the two companies signed an agreement to establish a big data platform for use across the Group and in Hyundai Heavy's core markets in both the public and private sectors.
"Hyundai Heavy is an industrial leader working at the leading edge of some of the most complex engineering challenges that we collectively face," said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc. "We could not be more enthusiastic about expanding our partnership and are actively working to extend access to our software across Hyundai Heavy's operations, as well as the country's commercial and government sectors."
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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's expectations regarding the terms and the expected benefits of the partnership. 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's control. These risks and uncertainties include Palantir's 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's platforms; the terms and conditions of any strategic agreements or relationships; and the ability of Palantir's customers to modify or terminate their contracts. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the U.S. Securities and Exchange Commission from time to time. Except as required by law, Palantir 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.
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