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Palantir shares rise after data analytics group unveils deal with Panasonic Energy

Investing.com -- Palantir Technologies Inc (NYSE:PLTR) has announced a multi-year deal to provide its data-analytics platform to a unit of Japanese conglomerate Panasonic (TYO:6752) (OTC:PCRFY), the company said in a statement on Monday.

The Colorado-based big data group said battery-maker Panasonic Energy of North America (PENA) will use the technology to help integrate edge sensors and introduce "automated efficiencies" at its factory in Nevada. Starting in 2025, PENA will also bring the system to a new facility in Kansas.

"The agreement expands Palantir's signature platform including artificial intelligence and edge capabilities in the manufacturing space," the company noted.

The news comes after Palantir secured a contract with U.S. Special Operations Command earlier this week, enhancing its already deep ties with American government agencies. On Tuesday, the group also unveiled the launch of a manufacturing-focused version of its data analytics platform on tech giant Amazon's (NASDAQ:AMZN) cloud computing subsidiary Amazon Web Services.

Shares in Palantir jumped sharply on Wednesday.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.