Table of Contents
Key Points
- Eaton secures $20 million contract to power Albany’s semiconductor innovation hub, advancing U.S. tech leadership.
- NY CREATES initiative backed by $52 billion CHIPS Act to boost semiconductor research, development, and workforce.
- Eaton expands its global footprint, driving sustainable energy solutions and strategic AI partnerships for future growth.
Eaton Corp., a leader in intelligent power management, led by Black executive Craig Arnold, has secured a $20 million contract to supply critical infrastructure for the NanoFab Reflection facility, a state-of-the-art semiconductor research hub at the Albany NanoTech Complex.
Led by NY CREATES (New York Center for Research, Economic Advancement, Technology, Engineering, and Science), the project underscores the U.S. push for semiconductor innovation backed by the $52 billion CHIPS and Science Act.
Partnerships drive semiconductor innovation forward
The 50,000-square-foot cleanroom facility, set for completion by 2026, will significantly enhance NY CREATES’ capabilities in semiconductor research, development, and commercialization.
This initiative, supported by New York State and key industry partners including IBM, Applied Materials, Tokyo Electron, ASML, and Lam Research, will also feature the CHIPS for America EUV Accelerator, a flagship National Semiconductor Technology Center that will drive nanotechnology research and provide student internships to foster the next generation of engineers.
“We are entering a new era of semiconductor production, and reliable power systems are at the heart of this transformation,” said John Rhodes, president of Eaton’s Electrical Assemblies and Residential Solutions for the Americas. “Our advanced power management solutions will ensure that NY CREATES meets the highest standards of efficiency, reliability, and safety.”
Strategic partnerships and workforce development
Eaton’s role includes the supply of low- and medium-voltage switchgear, providing centralized control and protection for sensitive electronic systems.
Additionally, Eaton’s Brightlayer energy monitoring platform will be deployed to enhance energy efficiency and minimize downtime, further elevating the facility’s performance.
The Albany NanoTech Complex is set to become a premier hub for integrated R&D, prototyping, and workforce training, aligning with broader efforts to revitalize U.S. semiconductor manufacturing.
Eaton’s financial performance and global expansion
Founded in 1911, Eaton has consistently led the charge in power management innovation, generating $23.2 billion in revenue in 2023. The company serves customers in more than 175 countries across diverse markets, including data centers, utilities, industrial applications, aerospace, and mobility.
Under the leadership of Craig Arnold, CEO of Eaton since 2016, the company has experienced consistent growth, with net sales increasing 8.18 percent to $18.6 billion in the first three quarters of 2023. Arnold, who owns a 0.14 percent stake in Eaton, valued at over $252 million, continues to steer the company towards its ambitious goals in sustainable energy solutions.
Eaton recently expanded its global footprint, opening a new office in Cairo, capitalizing on Egypt’s economic growth and furthering its regional presence in the MENA market. Moreover, Eaton is deepening its strategic partnership with Palantir Technologies to integrate AI-driven solutions across operations, enhancing its predictive capabilities and operational efficiency.
