ITT’s Svanehøj Awarded Contract for Cryogenic Deepwell Pumps on First Ammonia-Fueled Bulk Carriers

July 11, 2024-- ITT Inc. (NYSE: ITT) today announced a strategic commercial agreement from its Svanehøj business, furthering the company’s leadership position in the green energy transition. Svanehøj, acquired in January 2024 by ITT, is a designer and manufacturer of specialized cryogenic deepwell and submersible pumps for the marine sector.

Svanehøj will provide deepwell ammonia fuel pumps for eight bulk carriers owned by a leading maritime shipping and logistics group as part of the contract. The pumps will deliver a highly reliable supply of fuel and are fully compatible with all liquefied gas fuels, including liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol and ammonia. This will drive long-term growth as sustainable fuels are widely adopted to reduce greenhouse gas emissions. The first two Svanehøj pumps will be delivered in 2024 with the remainder of the order fulfilled in 2025.

The bulk carriers are the first commercial vessels of this size capable of being powered by ammonia. They will be equipped with a dual fueling system: a traditional diesel oil system and a clean fuel system. Svanehøj fuel pumps will future-proof the vessels to handle ammonia and other sustainable fuels.

“Svanehøj continues to build trust with its customers through its experience in green applications, its flawless execution and rapid response times. Awards like this one provide strong recurring business and will bolster ITT’s sales for green solutions, which today represents approximately 16% of total annual revenue. Svanehøj has booked orders into 2025 and we are well-positioned for the energy transition as we gain share in this segment and expand our already large and healthy backlog,” said ITT’s President and Chief Executive Officer Luca Savi.

The company is positioned for growth from emissions reduction regulations for marine vessels as part of the International Maritime Organization’s (IMO) “Net-zero by 2025” strategy under which ship owners and operators are expected to upgrade their fleets and invest in clean fuel technologies to comply with regulatory requirements. The company is benefitting from a large backlog driven by new ship builds with fuel systems powered by clean fuels and strong aftermarket revenue visibility due to compulsory scheduled vessel maintenance.

About Svanehøj

Svanehøj is a provider of pumps and aftermarket service with leading positions in cryogenic applications for the marine sector. Its products manage critical liquids and are widely regarded as the highest quality offering across multiple verticals.

Founded in 1928, Svanehøj employs ~400 highly skilled professionals and has operations in Denmark, Singapore and France. The company generated ~$150 million in sales in 2023. Svanehøj is a part of ITT’s Industrial Process (IP) segment, a global leader in flow focused on highly engineered pumps, valves and aftermarket services. IP generated ~$1.1 billion in revenue in 2023.

About ITT

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 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.

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