Cleantech company Silverstream Technologies has signed a memorandum of understanding (MoU) with Japanese trading company Mitsui & Co. to promote decarbonisation within the country’s shipbuilding market and encourage the adoption of Silverstream’s air lubrication technology.
Under the Mou, Silverstream, Mitsui & Co. Europe Plc. and Orient Marine, a wholly owned subsidiary of Mitsui & Co. which provides specialised services for ship-related businesses, will collaborate to promote uptake of Silverstream’s air lubrication technology – the Silverstream System – toward the Japanese market and support Asian shipowners’ efforts to decarbonise.
The partnership 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, Silverstream said.
In recognition of 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.
Deepening Silverstream’s ties into the 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, the company claims.
Commenting on the partnership, Noah Silberschmidt , founder and CEO of Silverstream Technologies, said: “We see the Japanese-owned fleet and newbuild segments as an important market for our technology in the near future, and we are optimistic that our new partners at Mitsui & Co. Europe Plc. and Orient Marine will help to deepen our ties to the country and its key maritime players.”
In line with expanding its footprint in the Asian market, the UK cleantech company signed a strategic agreement with marine engineering and construction services provider Malaysia Marine and Heavy Engineering (MMHE) in April this year.
As part of the agreement, the two organisations will perform joint promotion of the Silverstream System and other complementary products and services, and MMHE will become an approved installation provider of the air lubrication technology.