Wilhelmsen Announces $500 Million Investment Targeting Renewables

Norwegian shipping group Wilhelmsen has announced a $500 million investment to accelerate the growth of its maritime services related to renewable energy and decarbonization.

The plan involves creating new business segments, one of which is called New Energy, which will be headed up by Jan Eyvin Wang, currently Wilhelmsen’s senior vice president for strategic investments.

“Our strategy is very clear, we will contribute to the energy infrastructure transition and be an active player in decarbonization,” says Thomas Wilhelmsen, group CEO at Wilhelmsen. “In addition to accelerating the transition of our existing businesses, we will invest in new businesses with the long-term aim of shifting from mainly oil and gas related activities to mainly activities related to the renewable sector. We foresee up to USD 500 million in new business investments related to the renewable segments over the next five years and expect to invest on our own, together with partners, and/or utilize the capital market.”

The company says the New Energy segment will be a continuation of several years of exploring renewable opportunities, including ongoing transformation of NorSea, the establishment of offshore wind activities through NorSea Wind, Edda Wind, and Elevon, autonomous shipping through Massterly, decarbonization solutions through RaaLabs, Ivaldi, the partnership with thyssenkrupp, and latest the hydrogen-powered vessel concept Topeka.

“In the next few decades, we will see a tremendous shift from oil and gas to renewable energy,” said Mr. Wilhelmsen. “The speed of change and investments needed, requires a dedicated focus to capitalize on the opportunities which will arise. We will obviously build on our existing competencies, in-depth knowledge of the maritime industry, and what differentiates us from many players in the market, while exploring new opportunities and new partnerships. We want to establish a strong growth platform for solutions that will contribute to decarbonize our industry.”

“We are equally committed to continue to expand our top tier position as a supplier of sustainable maritime services and products. With a global reach and access to more than 50% of the world’s merchant fleet, we are in a unique position to have a positive impact on the whole industry. This is a responsibility we take seriously, and we also foresee substantial investments in this segment to truly live up to our mission as the enabler of sustainable global trade.”

The company says a new maritime services segment, to be headed by Bjørge Grimholt, currently president of Wilhelmsen Ships Service, is expected to explore organic and horizontal growth of marine products, ship agency, and ship management over the next three to five years. Grimholt will simultaneously become member of the group management team.

The final segment will focus on strategic and financial investments and includes shareholdings in Wallenius Wilhelmsen, Treasure ASA/Hyundai Glovis, Qube and the group’s liquidity portfolio.

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