ITT Inc. (NYSE: ITT) announced today a significant commercial agreement through its Svanehøj business, marking a strategic advancement in the company’s role within the green energy transition. Svanehøj, acquired by ITT in January 2024, specializes in designing and manufacturing cryogenic deepwell and submersible pumps for the marine sector.
Under this agreement, Svanehøj will supply deepwell ammonia fuel pumps for eight bulk carriers owned by a prominent maritime shipping and logistics group. These pumps are crucial for ensuring a reliable fuel supply and are fully compatible with various liquefied gas fuels, including LNG, LPG, methanol, and ammonia. This initiative supports long-term growth as sustainable fuels gain traction in efforts to reduce greenhouse gas emissions. The initial delivery of two Svanehøj pumps is scheduled for 2024, with the remaining units to follow in 2025.
These bulk carriers represent a significant milestone as the first commercial vessels of their scale capable of using ammonia as fuel. They will be equipped with a dual fueling system comprising a traditional diesel oil setup alongside a clean fuel system. Svanehøj’s pumps will ensure these vessels are future-proofed to handle ammonia and other sustainable fuel options.
“Svanehøj continues to earn customer confidence through its expertise in green applications, flawless execution, and rapid response capabilities. Contracts such as this one contribute robust recurring business and will strengthen ITT’s sales in green solutions, which currently account for approximately 16% of total annual revenue. Svanehøj has secured orders through 2025, positioning us well in the energy transition as we expand our market share in this segment and build upon our substantial and healthy backlog,” commented Luca Savi, President and CEO of ITT.
The company is well-positioned to capitalize on the growth opportunities driven by emissions reduction regulations for marine vessels, aligned with the International Maritime Organization’s (IMO) “Net-zero by 2025” strategy. This regulatory framework encourages ship owners and operators to upgrade fleets and invest in clean fuel technologies to meet compliance standards. ITT benefits from a robust backlog fueled by new ship constructions incorporating clean fuel systems, along with strong visibility in aftermarket revenues due to mandatory vessel maintenance schedules.
About Svanehøj
Established in 1928, Svanehøj is a leading provider of pumps and aftermarket services, particularly recognized for its expertise in cryogenic applications within the marine sector. The company’s products are trusted to handle critical liquids and are renowned for their high quality across multiple industries.
Svanehøj employs approximately 400 highly skilled professionals and operates globally with locations in Denmark, Singapore, and France. In 2023, the company reported sales of approximately $150 million. Svanehøj operates within ITT’s Industrial Process (IP) segment, a global leader in flow solutions focusing on engineered pumps, valves, and aftermarket services. The IP segment achieved revenues of approximately $1.1 billion in 2023.
