Hyundai Heavy Industries (HHI) Group announced that it signed a memorandum of understanding with Palantir Technologies in Las Vegas on January 4 for the establishment of a big data platform and a joint venture.
The agreement signing event was held in a hybrid online and offline format one day before the world’s most influential tech event “CES 2022.” The event was attended by Kisun Chung, CEO of Hyundai Heavy Industries Holdings; Young-cheul Cho, CEO of Hyundai Doosan Infracore; Seok Cho, CEO of Hyundai Electric; as well as chief executives from Palantir Technologies.
Based on the agreement, HHI Group and Palantir Technologies will jointly build a big data platform for the Group’s key affiliates related to shipbuilding & offshore engineering, energy, and industrial machinery. HHI Group will provide the affiliates’ process expertise and sales know-how whereas Palantir Technologies will offer software and development personnel.
Once the big data platform for each affiliate is built, it is said that the two parties plan to create a joint venture that specializes in developing and selling big data platform services. Based on the accumulated achievements, the joint venture will commercialize big data solutions from platform construction to operation to generate sales targeting domestic and foreign companies.
Hyundai Heavy Industries, a shipbuilding and offshore engineering affiliate of HHI Group, states to be working on the “Future of Shipyard (FOS)” project to transform itself into a smart shipyard, the first of its kind in the world, by 2030. All processes from design to production are connected in real-time to build a shipyard that enables smart work management where Palantir Technologies’ big data platform is applied.
The big data platform will also be adopted by energy affiliates, such as Hyundai Oilbank. The energy company plans to build a platform at its plant in Daesan, South Chungcheong Province, South Korea, for five years from this year with a strategy to maximize process efficiency by integrating more than 100 production management systems into one.
Hyundai Doosan Infracore, an affiliate of industrial machinery, has stated that it has already developed “DI 360,” a big data collaboration platform, with Palantir Technologies in 2019, and is currently using it to manage its parts supply chain, handle on-site quality claim issues, and seize sales opportunities. HHI Group and Palantir Technologies are also planning to consider building a platform for other affiliates, such as Hyundai Construction Equipment.
