Palantir (NYSE:PLTR) stock is taking off on Tuesday after announcing a deal with PG&E (NYSE:PCG).
The deal will have Palantir providing PG&E with technology that will allow it to streamline its data management. This should allow the company to better monitor its electrical grid, which will in turn lead to improved reliability and safety. That should allow the company to lower its wildfire risks.
Palantir doesn’t reveal the exact financial details of the deal in its news release. However, it does note that the deal is multi-million in nature and is set to last for multiple years as well.
Palantir notes that PG&E has already seen some benefits from the early installation of the tech. It also points out that further expansion will allow for better monitoring of data. That includes assisting with asset risk and outage investigation. The goal is to have the tech offer information from all of the company’s operations to improve its capabilities.
Olivier Farache, Head of Utility Sector and Senior Advisor to Palantir’s CEO, said this about the news boosting PLTR stock up today.
“Our engagement with California’s largest investor-owned utility underlines our commitment to increasing safety and reliability for customers and communities across the region. It shows our Foundry software can power data-driven decisions that aim to improve service delivery.”
PLTR stock was up 4.4% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
