Silverstream Technologies signs MOU with Mitsui & Co. Europe Plc. and Orient Marine Company

Collaboration aims to promote decarbonisation within the Japanese shipbuilding market and encourage adoption of Silverstream’s air lubrication technology

LONDON, 25^th July 2022: Clean technology company Silverstream Technologies has signed a Memorandum of Understanding (MOU) with leading Japanese trading company Mitsui & Co. group (Mitsui & Co. Europe Plc. and Orient Marine Company (“Orient Marine”)), the organisations  have announced today.

The new partnership will see Silverstream, Mitsui & Co. Europe Plc. and Orient Marine – a wholly owned subsidiary of Mitsui & Co. which provides specialised services for ship-related businesses – work together. The companies will promote uptake of Silverstream’s market-leading air lubrication technology, the Silverstream^® System, toward the Japanese market and support mainly Asian shipowners’ efforts to decarbonise.

In recognition of the urgency of the climate emergency, and the necessity to decarbonise and future-proof its domestic shipping sector, Japan has set a target of net-zero greenhouse gas (GHG) emissions by 2050. Additionally, as part of its strategy to strengthen its presence in the international maritime industry, the country is encouraging its shipbuilding industry to design and supply greener vessels. As a result, there is growing recognition within Japan’s shipowning and shipbuilding segments that proven clean technologies such as air lubrication are one of the few immediately available solutions to help advance this goal.

The collaboration with Mitsui & Co. Europe Plc. and Orient Marine will also aim to strengthen Silverstream’s relationships with local Japanese owners, shipyards and design institutions, as well as advance the company’s commercial strategy in the region by securing customer leads and driving opportunity generation. Additionally, the strategic agreement will allow for intelligence and local market knowledge sharing among the three organisations.

Deepening Silverstream's ties into the unique Japanese shipping market, as a subset of the Asian market, will enable even greater momentum and uptake of air lubrication technologies as a decarbonisation solution for shipping.

Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “We are very happy to announce our strategic partnership with  Mitsui & Co. Europe Plc. and Orient Marine at what is proving to be a critical moment for Japan’s shipping industry. In an important maritime market like Japan, being able to count on a local industry-leading player who endorses our technology and shares our vision of a more sustainable and efficient industry is extremely valuable.

“We see the Japanese-owned fleet and newbuild segments as an important market for our technology in the near future, and we are optimistic thatour new partners at  Mitsui & Co. Europe Plc. and Orient Marine will help to deepen our ties to the country and its key maritime players.”

Naoki Shinohara, Executive Vice President Operating Officer, Orient Marine, said: “Through the collaboration with Silverstream, we aim to contribute to the decarbonisation of the shipping industries.”