Eaton Awarded $26.6M in Federal Tax Credits Supporting U.S. Manufacturing and Workforce Training Programs Advancing Clean Energy Projects
25 Abril 2024 - 7:33AM
Business Wire
- Eaton manufacturing investments in Texas and Wisconsin to
create more than 800 new jobs and strengthen energy transition
workforce training
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 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)
“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.
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Kristin Somers +1.919.345.3714 Kristincsomers@eaton.com
Regina Parundik Cobblestone Communications +1.412.559.1614
Regina@cobblecreative.com
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