ITT Inc. confirmed plans to invest in the construction of a photovoltaic lake at its largest factory based in Barge, Italy. The project is scheduled to conclude by the end of this year.
“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,” CEO and President of ITT, Luca Savi, said in a press release.
According to the press release, the initiative comes as the company accelerates its sustainability and carbon footprint reduction efforts. It will help cover approximately 3,000 solar panels, compared in a related press release to the equivalent of four Olympic swimming pools.
The solar initiative’s annual production capability is expected to be 1,065,200 kWh, covering 30% energy conditions imposed by ITT’s Motion Technology Innovation Center, where all of the company’s brake pad research and development operations are based. The lake itself is projected to reduce carbon emissions by 372.8 tonnes per year, which equates to approximately 42,000 gallons of gas.
Between last year and this year, the company has allocated 10% of its annual capital expenditures to promote less water consumption and reduced C02 emissions. The efforts have contributed significantly to the reduction of greenhouse gas emissions and the volume of waste sent to landfills.