A startup in Oregon wants to generate electricity from the ocean. And now, Peter Thiel is pouring millions of dollars into it.
What’s happening:
- Portland, Oregon based renewable energy and ocean technology company Panthalassa has successfully raised $140M USD in a new Series B financing round
By the numbers:
- The Series B funding round gives Panthalassa a valuation of roughly $1B USD
Why it matters:
- Panthalassa’s new Series B funding round was led by Peter Thiel’s Founders Fund
Going deeper:
- Panthalassa has developed proprietary floating platforms that are capable of generating electricity from ocean waves and producing reliable clean power that can be used for both compute and hydrogen fuel
- Multiple other notable venture capital funds and individual investors participated in Panthalassa’s Series B funding round including Chris Sacca’s Lowercarbon Capital, SciFi Ventures and legendary venture capitalist John Doerr
The intrigue:
- Panthalassa has talent that formerly was involved with Tesla (NASDAQ: TSLA), SpaceX, Blue Origin, Google (NASDAQ: GOOG), Amazon (NASDAQ: AMZN), the United States Navy and the United States Army
