Eaton Corporation, an intelligent power management company, led by Black executive Craig Arnold, secured $26.6 million in investment tax credits from the U.S. Internal Revenue Service (IRS) under the Qualifying Advanced Energy Project Tax Credit (48C) program.
The award recognizes Eaton’s $200-million-plus investments in clean energy projects and workforce training across facilities in Nacogdoches and El Paso, Texas, and Waukesha, Wisconsin.
Tax credits fuel US clean energy manufacturing
The tax credits support Eaton’s U.S. manufacturing expansion and clean energy initiatives. In Texas, the company received $16.3 million for its Nacogdoches facility expansion, which will double production capacity and create over 200 skilled jobs.
El Paso’s $9 million credit will fund a footprint expansion, generating more than 600 new jobs and boosting production of essential circuit breakers and switchboards. Finally, the $1.3 million awarded to Waukesha underscores Eaton’s commitment to grid modernization and clean energy solutions.
“Eaton is accelerating and simplifying the energy transition for our customers by steadily investing in U.S. manufacturing and workforce education programs,” said Mike Yelton, president of Eaton’s Americas Region, Electrical Sector. “Our core electrical system technologies are essential for grid modernization and maximizing clean energy potential across utilities, residential, industrial, commercial buildings, and data centers.”
Revenue up 10 percent under Craig Arnold
Under Craig Arnold’s leadership, Eaton has achieved significant financial growth, reporting $23.2 billion in fiscal year 2023 revenue, a 10.34-percent year-over-year increase. Arnold further demonstrates his commitment to Eaton’s success through his ownership of 0.13 percent (514,998 shares) of the company, a stake valued at over $160 million.
Eaton’s expertise and dedication to sustainability position the company to lead the clean energy and infrastructure charge. By leveraging federal funding and tax incentives, Eaton empowers customers to navigate the clean energy transition and build a more sustainable future.
