Silverstream Technologies, has won £1 mill contract to fit its technology on a Carnival Cruises vessel.
The patented Silverstream System, a type of air lubrication system (ALS), pumps small bubbles through vents on the hull to reduce friction between the vessel and the water. The technology has been independently proven to reduce fuel consumption by 5-12%, which in turn cuts running costs.
The UK’s Department for International Trade (DIT) has been providing support and opening doors, to enable the company to experience significant international growth. This has led to contracts being signed with Carnival Cruises, Grimaldi Group and Lloyd’s Register.
Silverstream Technologies Founder & CEO, Noah Silberschmidt, said: “Shipping is one of the ‘hard to de-carbonise’ global industries, so we have spent the last few years independently testing our system to support our claims. We want to become a standard on newbuilding vessels in the industry and to be the ‘new normal’ for sustainable shipping.
“By working with the best partners to help shipping improve its efficiency standards, Silverstream wants to have a positive and progressive impact on the industry and in doing so, the wider world.
“Our trade advisor from the Department for International Trade has been instrumental in our recent success with this deal, as they know precisely the type of information that a business needs to tap into these key markets and reach these big companies,” he explained.
Silverstream has been operating at full capacity in line with UK Government guidelines throughout the Coronavirus pandemic and is finalising deals to supply an additional 15 ships in Europe and Asia by the end of this year.
Supported throughout by the DIT, this is expected to double Silverstream’s overall turnover with the increased number of installations consequently reducing tonnes of fuel burnt and carbon emissions every year.
UK Minister for Exports, Graham Stuart, commented: “Silverstream Technologies is a perfect example of how maritime businesses can reduce carbon emissions through technological innovation.
“The UK is a global leader in green transport solutions and the perfect place for companies like Silverstream to go global and contribute to our net zero 2050 ambition,” he said.
Maritime UK Chair, Harry Theochari, added: “Silverstream Technologies shows that innovative solutions are being found to help the maritime sector reach its net zero carbon emissions challenge – and then be exported around the world.
“With 90% of all global trade moving by ship, the market opportunity is vast. By developing cutting-edge green technologies, our businesses are delivering sustainable solutions and real economic and societal benefits. The UK maritime sector has committed to Net Zero by 2050 and it is vital that green, balanced growth, is placed at the heart of our recovery from Coronavirus,” he said.