The future is looking bright and green in Svanehøj

By Søren Kringelholt Nielsen, CEO, Svanehøj Group

Five years ago, we embarked on a journey to develop Svanehøj into a significant contributor to the energy transition. Last month, we announced that we will continue our journey as a part of ITT Inc., a multi-industrial company with over 10,000 employees in more than 35 countries. I am very proud that ITT has recognized Svanehøj as an outstanding addition to its Industrial Process segment. I am confident that ITT is the perfect partner for us to accelerate the continued growth and development of Svanehøj.

Our development as a company has been nothing short of remarkable. Due to a growth in revenue of 10%, 2023 will be even better than 2022, the best year in our company's nearly 100-year history. At the same time, we have achieved a record order intake of more than DKK 1,200 million.

The ITT agreement marked the end of another eventful year in Svanehøj with a business acquisition, a product launch, and the publication of our first ESG report among the absolute highlights.

In April 2023, we announced the acquisition of Complete Cryogenic Services (CCS) in Tustin, California, a company with more than 30 years of experience in the service and overhaul of submerged cargo, spray, and high-pressure pumps for cargo containment systems on LNG tankers. Our new CCS colleagues have already made their mark, contributing significantly to our efforts to become the leading service provider in the LNG segment. Their know-how will help us develop new products and services for the energy transition of shipping.

Speaking of new products… At Kormarine in October, we pre-launched our HPP Triplex Unit – a high-pressure LNG fuel pump solution for two-stroke engines designed to meet the maritime industry's demands for leak-free critical components with a long service life. In recent years, we have invested significantly in new products and services for the LNG segment, including our new submerged fuel pump, the CS Pump, launched in 2022. We have done so based on the belief that transition fuels are essential for a successful energy transition and that natural gas is by far the best option – with significant environmental benefits.

In Svanehøj, we proudly say that we have the expertise, the solutions, and the potential to contribute to the green energy transition in the hard-to-abate sectors. But while we help our customers reduce emissions, we, as a company, must also reduce our impact on the environment and become an inspiration for others to follow. Our first ESG report, published in Q2 2023, was a massive milestone, but our journey is just getting started. In the coming years, we will work purposefully to improve our business in line with ambitious ESG targets and our commitment to the green transition. Liquified gas will play a pivotal role in the sustainable energy system of the future. In Svanehøj, we strive to become a globally-leading specialist in producing and servicing equipment for handling all types of liquefied gas – natural gas, biogas, and net zero e-fuels – now and in the future.

An exciting journey lies ahead of us in Svanehøj. We have laid out an ambitious growth plan for the coming years, and ITT is a perfect match for us to execute this plan. They believe in our organization and our brand. At the same time, they bring significant expertise regarding highly engineered critical components and customized technology solutions, which will drive commercial synergies. Together, we will further speed up our contribution to the energy transition.

I wish all staff, customers, and business partners a Merry Christmas and a Happy New Year!