Panthalassa, a clean energy startup based in Oregon, has secured $140 million in funding to advance its innovative wave energy technology. The investment round, led by entrepreneur Peter Thiel, will facilitate the completion of a pilot manufacturing facility located near Portland.
Focusing on utilizing wave power generated from large floating orbs, Panthalassa's systems also integrate onsite AI computing and communicate through low-Earth-orbit satellites. This approach aims to convert energy from some of the most productive wave regions of the planet into reliable clean power, addressing the growing demand for energy from various sectors, including data centers and electrified transportation.
Founded in 2016, the company is preparing to launch its Ocean-3 pilot series later this year, with commercial systems expected to roll out by 2027. Panthalassa has previously tested prototypes in sea trials, developing technologies that address the high costs associated with wave power infrastructure.
Thiel emphasized the significance of innovative solutions, stating that "extra-terrestrial solutions are no longer science fiction," highlighting a broader trend towards harnessing natural resources for sustainable energy production.