Air Lubrication Firm Silverstream is Europe's Fourth-Fastest-Growing Company

The FR's Europe's Fastest Growing Companies 2023 report placed Silverstream in fourth position in Europe and third in the UK. File Image / Pixabay

New analysis from the Financial Times has named air lubrication firm Silverstream Technologies as the fourth-fastest-growing company in Europe.

Silverstream had compound annual revenue growth at an average rate of 426% between 2018 and 2021, the company said in a statement on its website on Wednesday. The FR's Europe's Fastest Growing Companies 2023 report placed Silverstream in fourth position in Europe and third in the UK.

Silversteam produces air lubrication systems that can save ships 5-10% in fuel bills by allowing the ship to ride on a bubble of air, reducing the friction between the hull and the surrounding water. The fuel saving also cuts emissions, a key consideration ahead of upcoming GHG regulations for the shipping industry.

"To be recognised as one of the fastest-growing businesses in Europe – not just in shipping, but across all sectors – is very special indeed," CEO Noah Sliberschmidt said in the statement.

"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."