ITT Announces ~$25 Million Commitment to Green Energy Projects to Commemorate Earth Day 2023
STAMFORD, Conn.–(BUSINESS WIRE)–April 21, 2023– ITT Inc. (NYSE: ITT) today announced a commitment of nearly $25 million for green energy projects to commemorate Earth Day. The projects include solar panel investments and energy efficiency initiatives, as ITT continues its progress towards the greenhouse gas reduction target outlined in its latest Sustainability Report.
A major portion of the investment consists of installing roughly 20,000 solar energy panels at eight manufacturing facilities globally, which are expected to reduce ITT’s emissions by more than six thousand tons of Co2 per year once completed. ITT is targeting to reduce its greenhouse gas emissions by 10% by the end of 2026, compared to a 2021 baseline.
The installations, which have already started to generate green electricity at some sites, will be deployed across ITT’s production facilities in Europe (5), North America (2) and Asia (2), and are expected to be completed over the next 18 months. ITT will continue to examine the feasibility of additional solar investments.
In addition to these solar energy projects, ITT is investing capital into water conservation and other energy efficiency initiatives. The energy efficiency projects include LED lighting installations, improved heating and cooling systems and water requalification. In 2022, ITT’s total capital expenditures for capacity, productivity, product redesign and green projects exceeded $100 million, an 18% increase vs. 2021.
“We understand the importance of delivering on our carbon emissions reduction promise,” ITT’s Chief Financial Officer Emmanuel Caprais said. “Our teams have been hard at work to identify and implement solar projects at our production facilities that are helping us achieve our Co2 reduction target. These investments will provide enhanced energy supply security, and today’s announcement is the next step in ITT’s sustainability journey.”
Please see additional details below about ITT’s solar energy investments:
Barge, Italy: ITT’s Friction facility in Barge already boasts a solar “lake” of approximately 2,000 panels – about the size of four Olympic swimming pools. The installation, which will be connected to the grid in Q2 2023, will reduce the site’s dependence on external energy by nearly 10%. To date, ITT has invested $2.5 million in the installation. In a second project at the Barge facility, ITT is investing nearly $1.7 million to install solar panels on the production plant roof.
Termoli, Italy: A ~$6 million investment to build several solar panel installations, including a second solar “lake”. The project is underway and is expected to produce 20% of the site’s expected electricity demand by the end of 2024.
Oud-Beijerland, Netherlands: ITT’s KONI facility has invested nearly $2 million to install more than 4,000 solar panels. The installation, which started energy production in March 2023, supports more than half of the site’s energy needs.
Kanczuga, Poland: In addition to a $1.7 million investment in a new co-generation facility in early 2023, ITT’s Axtone facility will invest an additional $2 million to install 1,500 solar panels on the production facility roof. The new project will begin by 2025.
Chungbuk, South Korea: Once complete, a $1.2 million investment in solar panels at ITT’s Goulds Pumps site in South Korea will provide 100% of the facility’s electrical needs through renewable energy.
Nogales, Mexico: A ~$1 million investment to install more than 1,000 solar panels in Nogales, which started producing green electricity in February 2023 and currently supports ~8% of the site’s energy needs.
Lancaster, Pennsylvania: ITT’s Engineered Valves production facility is upgrading its roof structure in Lancaster and investing $1.3 million to install nearly 1,500 solar panels that will start producing green electricity in Q4 2023.
Wuxi, China: The project, which will be completed by the end of 2023, is a $1 million investment to install solar panels on the Friction Innovation Center, other buildings and covered parking.
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in Stamford, Connecticut, with employees in more than thirty-five countries and sales in approximately 125 countries. For more information, visit www.itt.com.
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