Panthalassa

Lone Gull Holdings, Ltd. is the legal entity behind Panthalassa, a Portland, Oregon company building autonomous floating platforms that convert deep-ocean wave motion into electricity. Each node is a solid-state steel structure — a roughly 50-meter spherical top over a 60-to-70-meter submerged neck — that uses wave-driven vertical motion to force seawater into a pressurized internal reservoir and through a single turbine, with no seafloor tethering and few moving parts. The generated power is used on site rather than transmitted to shore, either to run AI compute platforms cooled by surrounding seawater and connected via LEO satellite, or to produce green hydrogen and other clean fuels carried back by autonomous vessels. Founded in 2016 as a public benefit corporation, it has tested Ocean-1, Ocean-2 and Wavehopper prototypes, generating up to 50 kW in 2025 Puget Sound trials, and raised a $140M Series B led by Peter Thiel in May 2026.

The device is essentially a steel shell that moves water through a turbine, so it is built by mass manufacturing rather than bespoke marine construction — roughly $1,500 per kilowatt of capacity, at a claimed ~90% capacity factor against 30-40% for offshore wind and 25% for solar, and it sidesteps grid interconnection entirely by siting the load on the generator.