Benzinga | Feb 5, 2021 09:40AM EST

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

* Palantir Technologies Inc. (NYSE: PLTR) and BP plc (NYSE: BP) extended 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.