Silverstream Technologies signs Agreement in Principle with China Classification Society

AIP further strengthens clean technology leader’s relationships and operations in Asia

Maritime clean technology company Silverstream Technologies has signed an Agreement in Principle (AIP) with China Classification Society (CCS), a leading member of the International Association of Classification Societies (IACS), and the primary class society in China that serves the shipping, offshore and related industrial industries.

This is Silverstream’s first agreement of this nature with a classification society. The AIP confirms that CCS has reviewed and verified the Silverstream^® System’s design drawings and provides an independent class verification of its generic system design. Furthermore, the organisations will collaborate on project-specific engagements and approvals for the integration of the Silverstream^® System in ships classed by CCS.
 
The AIP further strengthens Silverstream’s ties to the Chinese shipping market. The company has an office and team in Shanghai, 20 of whom are purely dedicated to on-the-ground support for Asian installations of its technology. The Shanghai team is critical to Silverstream’s continued collaboration in China and enables the company to be at the very heart of one of the global shipping industry’s most important hubs.
 
Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “We are delighted to sign our first agreement of this style with a classification society, especially with CCS. CCS is one of the most influential class societies in the Chinese market, particularly for intranational projects between Chinese shipowners and Chinese shipyards. Through this important agreement, we look forward to further building our relationship with a key industry player, and to continuing commercial success in Asia and worldwide.”
 
Silverstream recently became one of the founding members of the Global Sustainable Transport Innovation Alliance (GSTIA), an initiative sponsored by the Chinese Ministry of Transport, designed to accelerate green industrial projects within China. Silverstream is a founding member alongside Airbus, Siemens, Maersk, Volvo, Alibaba, CMA CGM, COSCO, DHL and China Merchants Group. As decarbonisation leaders in their respective industries, the members will share knowledge and expertise to help promote green projects within China over an initial five-year period. More information on the projects will be shared via Silverstream and GSTIA channels in due course.  

The news of Silverstream’s involvement in the GSTIA follows other recent China-based announcements for the company, with a range of agreements being signed with Chinese shipyards. These include a Memorandum of Understanding (MoU) with COSCO Shipping Heavy Industry, and 10 new system orders for LNG carriers, many of which will be built at leading Chinese yards.