Marine Link
Thursday, July 18, 2024

Armada Raises $3.2 Million In Seed Funding

Maritime Activity Reports, Inc.

May 28, 2024

(Image: Armada Technologies)

(Image: Armada Technologies)

Armada Technologies announced the close of its seed funding round, raising a total of $3.2 million, including contributions from both strategic partners and traditional financial investors to advance eco-friendly maritime solutions.

Cool Company Management Ltd. (CoolCo) a strategic partner within the liquefied natural gas (LNG) space, is to part-fund Armada equipment that will be installed on its vessels with this seed round. Ecochlor, Inc. continues to provide investment and technical support to the company as its growth partner. Future Planet Capital, through its Blue Ocean Fund, and Founders Factory, through the Blue Action Accelerator, are also joining the round, with both investors focused on decarbonization within the broader maritime and ocean space. Armada is also to receive continued support from the Oxford entrepreneurial network, having Oxford Seed Fund participate in the round.

According to Armada , the funding round underlines the industry's confidence in its second generation Passive Air Lubrication System (PALS). The hull air lubrication technology uses a venturi system, partnered with the vessel’s forward motion, naturally forming an optimal bubble spread that ensures thorough lubrication of the hull without using compressors. Armada’s PALS is tailored to adapt bubble production precisely to a ship’s type and operating conditions — be it speed, depth, or weather — offering a continuous bubble layer, even with deeper draft vessels and lower speeds.

Johann van der Merwe, CFO of Armada, said, “This capital will be utilized to enhance operations, grow our team, and bolster project execution capabilities, thereby accelerating the adoption of cleaner, more efficient technologies within the maritime industry.”

Alex Routledge, CEO of Armada, said, "This funding is a strong validation of our vision, the quality of our technology and importantly, our team. With the support of our investors, we're set to increase options for owners searching for a more effective and energy-efficient technology for their ships."