ITT Invests $2.5 Million in Solar Power Lake in Barge, Italy

Rhea-AI Summary

ITT has announced the construction of a solar power lake at its Barge Innovation Center in Italy, consisting of approximately 3,000 solar panels. This $2.5 million investment aims to support 30% of the facility's energy demand and is part of ITT's long-term sustainability strategy. Expected to produce 1,065,200 kWh annually, the project will reduce CO2 emissions by 372.8 tonnes per year. Completion is scheduled by the end of 2022, reflecting ITT's commitment to environmental responsibility.

Positive

• Investment of $2.5 million in solar energy reflects commitment to sustainability.
• Expected production of 1,065,200 kWh per year supports energy efficiency and reduces costs.
• Project is projected to reduce CO2 emissions by 372.8 tonnes annually.

Negative

• None.

• Solar Power Lake to be built with almost 3,000 solar panels – about the size of four Olympic swimming pools
• Will support ~30% of energy demand at ITT’s Barge Innovation Center
• $2.5 million investment is part of ITT’s long-term strategy to become more sustainable

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- April 22, 2022 -- ITT Inc. (NYSE: ITT) today announced the construction of a photovoltaic lake at its largest factory in Barge, Italy, as the company ramps up its sustainability investments to reduce its carbon footprint. Consisting of approximately 3,000 solar panels, the “lake” will be about the size of four Olympic swimming pools.

The solar investment is expected to produce 1,065,200 kWh per year, covering 30% of the energy requirements for ITT’s Motion Technology Innovation Center, where the company primarily conducts research and development activities to support brake pad technologies. The lake is expected to reduce CO2 emissions by 372.8 tonnes per year, equivalent to the CO2 emissions generated by about 42,000 gallons of gas. The project is scheduled to be completed by the end of 2022.

“I’m proud to announce this new sustainability investment on Earth Day. Our $2.5 million investment is part of ITT’s long-term strategy to become a more sustainable company and reduce our carbon footprint by allocating capital to green projects. The solar lake is one example of our continuous effort to reduce energy consumption and contribute to protecting our environment. Above all, it’s the right thing to do,” said Luca Savi, Chief Executive Officer and President of ITT.

In 2021 and 2022, ITT allocated approximately 10% of its annual capital expenditures toward initiatives that drive energy efficiency, reduce water consumption, and lessen carbon emissions in its operations. These and other initiatives have helped the company reduce its greenhouse gas emissions and the amount of waste sent to landfills.

For additional information on ITT’s environmental, social, and governance commitments, please see the ITT SustainabilITTy 2021 Supplement.

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 White Plains, N.Y., with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220422005384/en/

Media:

Kellie Harris

+1 914-641-2103

kellie.harris@itt.com

Investors:

Mark Macaluso

+1 914-641-2064

mark.macaluso@itt.com

 

Source: ITT Inc.

FAQ

What is the solar power lake project by ITT?

ITT is constructing a solar power lake at its Barge Innovation Center in Italy, consisting of about 3,000 solar panels.

How much will the solar power lake investment cost?

The solar power lake project represents a $2.5 million investment.

What percentage of energy demand will the solar power lake cover for ITT?

The solar power lake is expected to cover approximately 30% of the energy demand at ITT's Barge Innovation Center.

When is the completion date for the solar power lake project?

The solar power lake project is scheduled to be completed by the end of 2022.

How much CO2 emissions will the solar power lake reduce?

The solar power lake project is expected to reduce CO2 emissions by 372.8 tonnes per year.