Birkenhead, U.K., headquartered passive air lubrication system developer Armada Technologies reports that it has closed its seed funding round, raising a total of $3.2 million.
The seed funding round will see LNG carrier operator Cool Company Management Ltd. (CoolCo) part-fund Armada equipment that will be installed on its vessels.
Armada’s second-generation passive hull air lubrication system (PALS) uses a venturi system, partnered with the vessel’s forward motion, to create a bubble spread that...