Palantir Partners With Panasonic Energy To Deliver Smart Factory In Nevada; Stock Up In Premarket

(RTTNews) - Software company Palantir Technologies Inc. (PLTR) announced on Wednesday that it has entered into a multiyear partnership with lithium-ion battery maker Panasonic Energy Co., Ltd., a Panasonic Group Co., to deliver an operations smart factory for the North America facility of Panasonic Energy or PENA in Nevada.

Under the deal, Palantir's Foundry would help integrate edge sensors across factory lines, introduce automated efficiencies and enable operational users on factory floors to leverage connected operations.

The smart factory will be utilized across the entire information technology and operational organization within PENA.

The partnership, once implemented, is expected to provide PENA with the ability to quickly generate meaningful cost savings and increase return on investment.

PENA previously relied on automated and manual processes, inspecting thousands of datapoints, and using ticketing systems to offer guidance. With Foundry's systems, the facility will use AI/ML capabilities to increase uptime and decrease defects.

"Most of the manual processes of the past have been completely replaced by automated software with access to billions of data points across the entirety of the company.", Palantir said in a statement.

In premarket activity, shares of Palantir are trading at $16.05 up 3.82% or $0.59 on the Nasdaq. On Tuesday, shares of Panasonic Holdings closed at $ 11.72 up 3.08% or $0.35.