Oregon-based renewable energy startup Panthalassa has secured $140 million in Series B funding led by billionaire investor and Palantir co-founder Peter Thiel to accelerate the development of wave-powered offshore AI infrastructure. The company plans to use the investment to scale its Ocean-3 floating data center systems that generate electricity from ocean waves while supporting artificial intelligence computing operations.
Panthalassa’s floating platforms are designed to operate autonomously at sea using hydraulic systems that convert wave motion into electricity. The systems also benefit from natural ocean cooling, reducing the energy burden associated with traditional AI data centers. According to the company, the Ocean-3 nodes will transmit processed AI data via satellite and avoid dependence on land-based power grids.
The funding round also drew participation from prominent investors, including John Doerr, Marc Benioff’s TIME Ventures, and Max Levchin’s SciFi Ventures. Panthalassa aims to complete a manufacturing facility in Oregon before deploying pilot projects in the northern Pacific by 2027. The initiative comes amid growing global concerns over the rising electricity demands of artificial intelligence infrastructure and the search for cleaner computing solutions.
