Wilhelmsen to invest up to US$500 million in renewables business

Photo: Wilhelmsen

Norway’s Wilhelmsen Group will invest in new businesses with the long-term aim of shifting from mainly oil and gas related activities to activities related to the renewable sector, company CEO Thomas Wilhelmsen has confirmed.

A total of up to US$500 million in new business investments related to the renewable segments will be made over the next five years, added Mr Wilhelmsen. The new segment will be named New Energy and will be headed by Jan Eyvin Wang, currently Wilhelmsen’s senior vice president for strategic investments.

The company said the establishment on the New Energy segment is a continuation of several years of exploring renewable opportunities. This includes the establishment of offshore wind activities through NorSea Wind, Edda Wind, and Elevon, autonomous shipping actvities, decarbonisation projects, and a new concept vessel project whose aim is to develop commercial vessels that run on hydrogen.

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