Palantir Technologies Inc (NYSE:PLTR) on Monday announced a partnership to help drive the green energy transition and accelerate global decarbonization.

What Happened: Palantir on Monday announced a multi-year partnership in which Tree Energy Solutions will leverage Palantir's AI software in supply chain management, simulation and scenario modeling for investment optimization, site selection, asset management, carbon emissions tracking and modeling the energy transformation pipeline.

The partnership marks a significant step in Tree Energy's digital transformation, leveraging AI and data analytics to enhance data-driven decision-making. For Palantir, it's the first partnership of its kind, building on its significant experience in the energy sector, including renewables and green energy projects globally.

"This collaboration with Palantir underscores TES's commitment to innovation, demonstrating how AI can accelerate the energy transition. By leveraging Palantir's AI expertise, we will optimize operations and track carbon emissions precisely, reinforcing TES as an innovative leader in the global green energy landscape," said Marco Alverá, co-founder and CEO of Tree Energy Solutions.

Palantir is due to report second-quarter financial results on Aug. 5. According to Benzinga Pro estimates, the company is expected to report earnings of 8 cents per share and revenue of $652.141 million.

Last quarter, Palantir turned in its sixth consecutive quarter of GAAP profitability, beating analyst estimates as revenue grew 21% year-over-year.

Wedbush analyst Dan Ives recently set a new bull-case price target of $50 on Palantir shares, noting that the Palantir story "remains very undervalued and misunderstood by the Street." Palantir shares are up approximately 58% since the start of the year.

PLTR Price Action: Palantir shares were up 1.14% at $27.49 at the time of publication, according to Benzinga Pro.

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