Silverstream Technologies named 4th fastest-growing company in Europe in FT ranking

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Clean maritime technology provider Silverstream Technologies, a specialist in air lubrication, has achieved a landmark entry into the Financial Times’ FT 1000: Europe’s Fastest Growing Companies 2023 listing, the company has announced.

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 (pictured), 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. 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’s orderbook has grown from three installations in 2018 to over 130 orders today, and the company is targeting 500 orders by 2025. Silverstream’s customers currently include MSC, Maersk, Grimaldi, Shell, Vale, Carnival and ADNOC L&S, amongst other major industry names.

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