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Silverstream features in FT 1000 Rankings for second year running

For two consecutive years in row, Silverstream Technologies has been featured in the Financial Times’ ‘FT 1000: Europe’s Fastest Growing Companies’ list, claiming an impressive 23rd spot among Europe’s fastest-growing companies and securing the 3rd position among the UK’s powerhouse companies, with a compound annual growth rate (CAGR) of 243.50%. 

For the eight edition of its rankings, the FT has sought out the 1,000 European companies with the strongest revenue growth between 2019 and 2022. More details of the ranking will be covered in an upcoming FT special report. 

Noah Silberschmidt, CEO and Founder of Silverstream, commented: “Breaking into the top 25 of FT’s fastest-growing companies in Europe for the second year in a row is a resounding victory for the Silverstream team and our game-changing technology. It’s irrefutable proof that the Silverstream® System is not just a choice, but the choice for newbuild vessels and the go-to retrofit option, revolutionising vessel efficiency.” 

Air lubrication’s commercialisation and scaling helps to solve the fundamental challenge of vessel energy efficiency in shipping, setting the industry up for the cleaner, greener vessels that it needs to achieve the International Maritime Organization’s carbon reduction goals. As the technology evolves, it also provides ship owners and operators with a means to improve vessel efficiency in the long-term and for the full lifecycle of their ships. 

As of March 2024, there are now 196 vessels contracted to have the Silverstream® System installed across all shipping segments, with 63 systems in-service today. 37 of the current orders are for LNGCs and there are currently 13 systems already in-service on LNGCs. Our customers include Carnival, MSC, Maersk, Grimaldi, Shell, Vale, Knutsen and ADNOC L&S, amongst other major industry names. 

Silverstream named fourth fastest-growing company in Europe by the Financial Times

426% annual growth over three years also places Silverstream as the third fastest-growing UK company out of 1,000 organisations recognised
  

LONDON, 1st March 2023: Maritime clean technology leader, Silverstream Technologies, has achieved a landmark entry into the Financial Times’ FT 1000: Europe’s Fastest Growing Companies 2023 listing. The seventh edition of the ranking, which this year recognises the top 1,000 companies in Europe based on revenue growth between 2018 and 2021, places Silverstream as the fourth fastest-growing company in Europe and the third fastest-growing company in the UK. Over this period, Silverstream grew its revenue at a compound annual rate of 426%. 

Noah Silberschmidt, Founder & CEO, Silverstream Technologies, said: “This is a truly incredible achievement for Silverstream, and is something we never thought possible when we set out on this journey over a decade ago. To be recognised as one of the fastest-growing businesses in Europe – not just in shipping, but across all sectors – is very special indeed. We have had to work so hard to demonstrate the validity of our technology and to build trust within the industry. Thanks to some genuine thought leaders, some of whom placed their faith in us many years ago, we have been on a fantastic trajectory building our customer base and delivering innovation in our products.” 

“In 2023, the outlook for Silverstream and for the shipping industry is dramatically different to that of a few years ago, and we are already seeing even more interest in proven efficiency solutions like ours as the imperative for serious action on climate change is clear. We will continue steadfast in our mission to support the decarbonisation of the shipping sector, and to realise our ambition of air lubrication technology being a standard application on all newbuild vessels in the global fleet, as well being a here and now technology to help reduce global fleet emissions. I would like to thank wholeheartedly all of our colleagues, partners, customers and friends who made this amazing achievement possible.” 

The seventh FT 1000 listing covers the period when the Covid-19 pandemic was at its height, which further highlights the considerable momentum and resilience of Silverstream’s business during a period of unprecedented global market volatility and supply chain disruption. Moreover, since 2021 when the survey ended, the company has continued its exponential growth, more than doubling its sales orders and revenue in 2022 compared with the year prior. 

Silverstream also opened a new office in Shanghai in 2022 to address the rapidly growing demand for its technology, requiring a local presence in China to work closely with its expanding network of partner shipbuilders across Southeast Asia. Silverstream continues to build resilience into all areas of its business, strengthening its Board of Directors and C-Suite with a number of senior industry hires. Most recently, this saw the introduction of a Chief Data Officer (CDO) to lead the company’s data strategy as it applies advanced data analytics, AI and machine learning practices to drive further value for its customers.

 

Silverstream joins forces with industry leaders on EU-funded maritime decarbonisation project

Silverstream Technologies has announced that it is part of a consortium led by the University of Vaasa which has been granted EU funding under the Horizon 2020 research and innovation programme to accelerate shipping’s decarbonisation pathway. 

Project CHEK – deCarbonising sHipping by Enabling Key technology symbiosis on real vessel concept designs – combines the expertise of a range of market leaders, including Silverstream Technologies, Cargill Ocean Transport, MSC Cruises, Wärtsilä, Lloyd’s Register, Climeon, Deltamarin, BAR Technologies, Hasytec Electronics and World Maritime University, all with the aim of reducing shipping’s emissions through the integrated use of low-carbon energy forms and propulsion systems, combined with energy efficiency technologies.

The consortium will work together to demonstrate the impact of a holistic approach to emission reduction in the design of two concept vessels; a bulk carrier, which will utilise sails to capture wind energy, and a cruise ship powered by hydrogen fuel. Both ship designs will feature Silverstream’s air lubrication technology – the Silverstream® System – as a central part of a suite of complimentary energy efficiency technologies. The Silverstream® System has been proven to generate between 5-10% net emissions savings, depending on vessel parameters. 

By treating energy efficiency as a fundamental building block of vessel design, and combining it with the application of clean technologies and future fuels, it is estimated that the designs will achieve a 99 percent reduction in greenhouse gas emissions and a 50 percent reduced energy consumption. 

Speaking on the new consortium, Noah Silberschmidt, CEO, Silverstream Technologies, said: “Bold and progressive vessel designs that combine the most effective clean technologies with the cleanest future fuels are an obvious and necessary next step for a sector that needs to tackle decarbonisation today. This project recognises the central role that efficiency technologies will play in that decarbonisation journey. It also reflects the fact that only by uniting the best efficiency ideas and practices in integrated and intelligent designs will we achieve our goals.

“I am pleased that Silverstream can apply our years of experience of delivering and operating clean technologies to this project. We will continue to work closely with all partners in the consortium to ensure we make significant progress and fulfil our shared vision of a more sustainable shipping industry.” 

Project CHEK is scheduled to commence in spring 2021. The consortium believes that the holistic approach to emissions reduction pioneered in the two initial vessel designs can also be applied to other vessel types, such as tankers, container ships, general cargo vessels, and ferries. 

The project will also prepare for future scenarios and conduct an analysis of factors affecting the development potential for low-carbon shipping, including current and planned infrastructure.