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US Palantir invests in Hyundai Oilbank

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Hyundai Oilbank's Daesan plant in South Chungcheong Province/ Courtesy of Hyundai Oilbank
Hyundai Oilbank's Daesan plant in South Chungcheong Province/ Courtesy of Hyundai Oilbank

By Kim Hyun-bin

Hyundai Heavy Industries Holdings (HHIH) unloaded some of its stakes in Hyundai Oilbank to Palantir Technologies. The amount of stock sold to the U.S. company was valued at about $20 million, HHIH said Thursday.

HHIH's decision was aimed at winning financial support from stable strategic investors, as Hyundai Oilbank is planning to pursue an initial public offering (IPO) early next year. Hyundai Oilbank plans to apply to the Korea Exchange for a preliminary examination within this year.

Hyundai Oilbank and Palantir plan to build a long-term cooperative relationship with Palantir's investment in the HHIH affiliate.

By building a big data platform through the collaboration with Palantir, Hyundai Oilbank expects to accelerate its digital transformation in all of its business areas, including smart factories.

"Collaborating with Palantir will be a great opportunity to strengthen Hyundai Oilbank's digital capabilities. We will do our best to establish and enhance our corporate value," a Hyundai Oilbank official said.

Palantir is a big data company that supports and provides big data analysis services and platforms for major U.S. intelligence agencies, including the FBI, CIA and National Security Agency (NSA). It also has diverse customers on the commercial side, including global companies such as Airbus and BP.

Palantir has decided to invest in Hyundai Oilbank's oil refining business, as well as in the value and growth potential of its highly evaluated new businesses, such as petrochemicals and hydrogen, said the companies.

Previously, Hyundai Doosan Infracore, a subsidiary of Hyundai Heavy Industries Group's construction machinery division, had signed a strategic partnership with Palantir, the first time for a domestic company to do so, in 2019, with the goal of utilizing its big data collaboration platform to integrate, connect and analyze business data from the past 40 years.





Kim Hyun-bin hyunbin@koreatimes.co.kr


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