London-based firm Silverstream Technologies is expanding its team by over 90% to support the increasing demand and uptake of its air lubrication technology.
The company announced a flurry of new appointments to its senior leadership saying the expansion reflects the increasing demand for its technology despite the impact of the COVID-19 pandemic on the shipping market.
Senior leadership appointments include Gideon Overton as the company’s new Finance Director; Pete Dymond as Head of Contract Management; Daniel Mann as Programme Director; Simon Cuthbert as Head of Supply Chain Management; and Andrew Wall as Head of QSHE.
Silverstream has also expanded its Technical, Operations, and Administration Teams, and continues to seek new talent.
“We’ve delivered significant and exponential growth over the past two years, and it’s critical that we have the infrastructure and the right people with the right experience in place to ensure that we continue on this trajectory and meet our ambitious targets,” Noah Silberschmidt , CEO, Silverstream Technologies, said.
“Our continued expansion during COVID-19 also highlights the attitudinal change within the industry as it acknowledges the shift that is required to meet shipping’s decarbonisation targets. Viable clean technologies play a critical role in delivering this widescale change, creating a more sustainable and profitable industry.”
The Silverstream® System, a type of Air Lubrication System (ALS), pumps tiny bubbles through vents on the hull to reduce friction between the vessel and the water, helping it glide through the ocean.
The technology can reduce fuel consumption by 5-12%, which in turn cuts running costs, according to its developer.
The company has already sealed deals with industry majors Grimaldi Group, Lloyd’s Register, and more recently Shell International Trading and Shipping Company.
Two months ago the company said it was in the final stages of securing deals to supply an additional 15 ships with its micro-bubbles system that cuts fuel consumption.