LONDON, 1 MAY 2014: DK Group, the leading maritime technology company, today announced that it has changed its corporate name, rebranding as Silverstream Technologies (Silverstream).
The company’s eco efficiency technology will be known as the Silverstream Air Lubrication Technology. The timing of the name change is in line with impending significant milestones for Silverstream as its Air Lubrication Technology moves further towards a commercial platform.
Commenting on the move, Noah Silberschmidt, CEO, Silverstream Technologies, said:
“We have pioneered the development of air lubrication for many years and much time and resource has gone into R&D and refining the system. The Silverstream Air Lubrication Technology is now a proven solutions-based product. In line with the advancements of our technology and the Company since its inception 10 years ago, we have now entered a new commercial period hence the change in name. Rebranding to Silverstream represents an exciting and definitive new era for the Company.”
The name Silverstream articulates the rigid stream of bubbles that is produced under the hull of a vessel by the technology. Silverstream’s Air Lubrication Technology reduces frictional resistance between the water and the hull’s surface, improving operational efficiency and reducing both fuel and associated emissions by between 5% and 10%. It is the only proven air lubrication technology that can be installed on newbuild vessels, as well as being retrofitted in just 14 days.
Noah Silberschmidt concluded:
“Operational shipping costs are dominated by bunker fuel, and in all likelihood will continue to rise. The shipping industry is hungry for solutions that reduce fuel and meet with current and pending regulations – both as part of newbuild programmes and for retrofitting. As a result, there are significant opportunities for clean technology manufacturers with viable and proven innovations, particularly when one technology can offer a net saving of between 5% and 10%. Over the past year, Silverstream has been working with leading industry partners, including classification societies to further refine our technology and we are looking forward to announcing what we anticipate will be the first of many landmark commercial developments in the coming weeks.”
About Silverstream Technologies
Silverstream Technologies (Silverstream) is a leading maritime technology company. Silverstream pioneered the development of the Silverstream Air Lubrication System for new and existing vessels to reduce a vessel’s fuel consumption and CO2 emissions by up to 10% – providing significant cost savings for ship owners and reducing the shipping industry’s impact on global warming.