PITTSBURGH--(BUSINESS WIRE)--Apr 25, 2024--
Intelligent power management company Eaton was awarded more than $26.6 million in investment tax credits from the U.S. Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit (48C) funded by the Inflation Reduction Act. The company was awarded the tax credits for its manufacturing investments totaling more than $200 million to support clean energy projects and workforce training in Nacogdoches and El Paso, Texas and Waukesha, Wisconsin.
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“Eaton is accelerating and simplifying the energy transition for our customers across industries with steady investments in U.S. manufacturing and workforce education programs,” said Mike Yelton, president, Americas Region, Electrical Sector at Eaton. “Our technologies at the heart of electrical systems are essential to modernize the grid and maximize the potential of clean energy across utility, residential, industrial, commercial building and data center applications. The investments we’re making in Texas, Wisconsin and beyond will help build a stronger, more sustainable future.”
Eaton gets $16.3M tax credit for manufacturing investments in Nacogdoches, Texas
In October 2023, Eaton broke ground on a $100 million expansion of its Nacogdoches, Texas manufacturing facility. Here, the company is adding 200,000-square-feet to its existing manufacturing facility, doubling production capacity of Eaton voltage regulators and creating more than 200 skilled manufacturing jobs. Eaton is also working with Angelina College to establish a new workforce training curriculum and Stephen F. Austin State University to offer apprenticeship programs.
"I am excited to see Eaton receive this substantial award to support their commitment to advancing America's energy independence and economic prosperity,” said Congressman Pete Sessions. “This $16.3 million tax credit will not only bolster Eaton's efforts in modernizing vital energy infrastructure but also bring over 200 new jobs to Nacogdoches and the East Texas region. I am proud to support Eaton’s projects in the Texas 17th Congressional District and will always stand strong for a secure energy future in America.”
Eaton secures $9M tax credit to expand manufacturing in El Paso, Texas
In El Paso, Eaton is investing $80 million to significantly expand its manufacturing footprint to increase production of its circuit breakers, switchboards, panelboards and other assemblies. The company is opening a new facility, creating more than 600 new skilled manufacturing jobs and increasing capacity at its existing manufacturing plant. Eaton is also working closely with Western Technical College to prepare students for careers in the clean energy manufacturing industry.
"El Paso is an ideal place for manufacturing investments and companies that are leaders in innovation," said Congresswoman Veronica Escobar. "Between an attractive market and a dedicated workforce, I'm thrilled that the Department of Energy and IRS are investing in our community. With funds made possible by the Inflation Reduction Act and the continued commitment of companies like Eaton, our country's potential for clean energy only continues to grow."
Eaton gains $1.3M tax credit for investments in Waukesha, Wisconsin, manufacturing
At the company’s largest Wisconsin manufacturing facility in Waukesha, Eaton is investing $22 million in equipment to increase manufacturing capacity of three-phase transformers for utility, data center, large commercial and industrial applications. Eaton is working closely with Waukesha County Technical College (WCTC) on curriculum and has constructed a dedicated training center where students can gain direct experience producing critical grid modernization solutions.
“In Wisconsin, we make things. We make cheese, we make ships, we make paper, and now, we are making what is needed to power the clean energy future,” said Senator Tammy Baldwin (D-WI). “I was proud to vote for the Inflation Reduction Act and make investments like this that will create more family-supporting jobs and strengthen the pipeline of workers that will build the next chapter of Made in Wisconsin manufacturing.”
“Waukesha County Technical College is fortunate to have an incredibly collaborative industry partnership with Eaton that is only getting stronger,” said Rich Barnhouse, Ph.D., president of WCTC. “Eaton is a steadfast supporter of technical education, and by working in tandem, we are able to develop and implement programs and trainings that lead to workforce solutions in our region, therefore lessening the skills gap.”
Eaton's deep expertise and proven track record of successful installations uniquely positions the company to support clean energy and infrastructure projects. With its longtime and dedicated team focused on government projects, Eaton is providing customers with the knowledge, education and engineering support to navigate the intricacies of federal funding and tax incentive mechanisms. Learn more about Eaton’s solutions for federal clean energy, stimulus and infrastructure initiatives.
Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy sources, helping to solve the world’s most urgent power management challenges, and building a more sustainable society for people today and generations to come.
Eaton was founded in 1911 and has been listed on the New York Stock Exchange for more than a century. We reported revenues of $23.2 billion in 2023 and serve customers in more than 160 countries. For more information, visit Eaton.com. Follow us on LinkedIn.
Eaton secures tax credits for its U.S. manufacturing and workforce training investments in Texas and Wisconsin advancing the U.S. clean energy economy. (Photo: Business Wire)
