Eaton Nets $26.6 Million Tax Credits for US Clean Energy Drive

Eaton Corporation, managed by Black CEO Craig Arnold, received $26.6 million in investment tax credits from the US Internal Revenue Service (IRS) through the Qualifying Advanced Energy Project Tax Credit (48C) program.

Eaton’s expenditures in clean energy initiatives and staff training across operations in Nacogdoches and El Paso, Texas, and Waukesha, Wisconsin, total more than $200 million.

The tax credits will help Eaton expand its manufacturing operations in the United States and fund renewable energy initiatives. In Texas, the firm secured $16.3 million to expand its Nacogdoches facility, which will treble production capacity and generate over 200 skilled jobs.

El Paso’s $9 million loan will fund a footprint expansion, creating over 600 new jobs and increasing production of critical circuit breakers and switchboards. Finally, the $1.3 million award to Waukesha demonstrates Eaton’s commitment to grid modernization and renewable energy solutions.

“Eaton is accelerating and simplifying the energy transition for our customers by investing steadily 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.”

Eaton has had considerable financial development under Craig Arnold’s leadership, posting $23.2 billion in revenue for fiscal year 2023, a 10.34% increase over the previous year. Arnold’s ownership of 0.13 percent (514,998 shares) of Eaton, valued at more than $160 million, illustrates his devotion to the company’s development.

Eaton’s expertise and commitment to sustainability equip the business to spearhead the clean energy and infrastructure revolution. Eaton enables clients to negotiate the clean energy transition and create a more sustainable future by using federal financing and tax incentives.

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